Insolvency (Tax Priorities) Legislation Amendment Act 1993 (32 of 1993)

Schedule   AMENDMENTS OF ACTS CONSEQUENT ON THIS ACT

Bankruptcy Act 1966

1   Subsection 109 (1)

Omit everything before "applying" (first occurring), substitute "Subject to this Act, the trustee must, before".

After subsection 109 (1):

Insert:

"(1A) Subsection (1) has effect subject to:

(a) section 50 of the Child Support (Registration and Collection) Act 1988; and

(b) section 221P, subsections 221YHJ (3), (4) and (5) and 221YHZD (3), (4) and (5) and section 221YU of the Income Tax Assessment Act 1936.

Note: The provisions of the Income Tax Assessment Act 1936 referred to do not apply to liabilities arising after 30 June 1993.".

Paragraph 122 (4) (b):

Omit the paragraph, substitute:

"(b) a payment of tax, or of any other amount payable to the Commonwealth, or to the Commissioner of Taxation, under or because of an Act of which the Commissioner has the general administration, is taken to be made for valuable consideration and in the ordinary course of business; and".

Subsection 122 (7):

Omit the subsection, substitute:

"(7) In this section:

'tax' means tax (however described) payable under a law of the Commonwealth or of a State or Territory, and includes, for example, a levy, a charge, and municipal or other rates.".

Subsection 123 (5):

Omit the subsection.