Document ID: chunk:federal_register_of_legislation:C2015A00065:clause:2_3
Version: federal_register_of_legislation:C2015A00065
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 29187–29996

3  Vesting of liabilities

Liabilities of ComSuper
(1) Subitem (2) applies to the liabilities of ComSuper (whether the liabilities arose in Australia or elsewhere) immediately before commencement.
(2) At commencement, the liabilities cease to be liabilities of ComSuper and become liabilities of CSC without any conveyance, transfer or assignment. CSC becomes the successor in law in relation to the liabilities.

Exception
(3) Subitem (2) does not apply to a liability if:
 (a) the liability is GST that was payable on a taxable supply (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999); and
 (b) the consideration for the taxable supply was a payment in relation to the cost of the administration of an Act administered by CSC that was credited to the ComSuper Special Account.