Judiciary Amendment Act 2015 (64 of 2015)

Schedule 3   Transitional arrangements

Part 3   Transfer of assets and liabilities

Division 1   Transfer from AGS to the Commonwealth

5   AGS assets and liabilities

(1) At the commencement time, the assets and liabilities of the former AGS cease to be assets and liabilities of the former AGS and become assets and liabilities of the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to those assets and liabilities.

(2) To avoid doubt, for the purposes of an income tax law (within the meaning of the Income Tax Assessment Act 1997), the operation of subitem (1) does not result in any of the following:

(a) an amount being included in the assessable income of the former AGS for the income year in which the commencement time occurs;

(b) an increase of an amount included in that assessable income.