Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 1   Tax treatment of payments under financial claims scheme

Income Tax Assessment Act 1997

22   Application

(1) Section 306-25 of the Income Tax Assessment Act 1997 applies in relation to entitlements arising under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 after 17 October 2008.

Note: Division 2AA of Part II of the Banking Act 1959 commenced on 18 October 2008.

(2) However, this item does not:

(a) require a person to do anything the person would have been required by Division 390 in Schedule 1 to the Taxation Administration Act 1953 to do before the commencement of this item had section 306-25 of the Income Tax Assessment Act 1997 commenced on 18 October 2008; or

(b) make a person liable to a criminal or administrative penalty for an omission occurring before the commencement of this item.


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