House of Representatives

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon Peter Costello, MP)

Introduction

Clause 1: Short title

3.1 This Act may be cited as the Financial Sector Legislation Amendment (Restructures) Act 2007 .

Clause 2: Commencement

3.2 This Act commences on the day on which it receives the Royal Assent.

Clause 3: Schedules

3.3 Schedule 1 and 3 (excluding consequential amendments to the Income Tax Assessment Act 1997 in Schedule 3) will commence on the day on which this Act receives the Royal Assent. Schedule 2 and consequential amendments to the Income Tax Assessment Act 1997 in Schedule 3 will commence on 1 July 2007.