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

Schedule 1   Tax treatment of payments under financial claims scheme

Taxation Administration Act 1953

35   Application of Division 21 in Schedule 1 to the Taxation Administration Act 1953

(1) Division 21 in Schedule 1 to the Taxation Administration Act 1953 applies in relation to things done before, on or after the commencement of the Division to meet entitlements arising after 17 October 2008 under the following provisions:

(a) Division 2AA of Part II of the Banking Act 1959;

(b) Part VC of the Insurance Act 1973.

Note: Division 2AA of Part II of the Banking Act 1959 and Part VC of the Insurance Act 1973 commenced on 18 October 2008.

(2) However, this item does not:

(a) require APRA to do anything APRA would have been required by Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 to do before the commencement of this item had Division 21 in that Schedule commenced on 18 October 2008; or

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