Document ID: chunk:federal_register_of_legislation:C2016C00828:section:22:p1
Version: federal_register_of_legislation:C2016C00828
Segment Type: section
Provision Reference: s 22 (pt 1/2)
Character Range: 21515–24157

22  Application of the Income Tax Assessment Acts
 (1) Where a succession day is fixed for a receiving bank and the relevant transferring bank, this section applies to the business of that transferring bank that becomes, on that day, the transferred business of the receiving bank.
 (2) It is the intention of the Parliament:
 (a) that, on and after the succession day for a receiving bank and the relevant transferring bank, the receiving bank should, for all purposes of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997, be placed in the same position in relation to the business to which this section applies as the transferring bank would have been apart from the operation or effect of this Act and of any complementary legislation and from anything done for a purpose connected with, or arising out of, that operation or effect; and
 (b) that the operation or effect of this Act and of any complementary legislation and anything done for a purpose connected with, or arising out of, that operation or effect in relation to the business to which this section applies should, for all purposes of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997, be revenue neutral, that is to say that no assessable income, deduction, capital gain or capital loss should be derived, or incurred, or should accrue, by or to the transferring bank or the receiving bank in relation to that business merely because of the operation or effect of this Act and of any complementary legislation or of anything done for a purpose connected with, or arising out of, that operation or effect.
 (3) Where a succession day is fixed for a receiving bank and the relevant transferring bank, then, for the purposes of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997, nothing in this Act affects the continuity of any partnership in which a transferring bank was a partner immediately before the succession day.
 (4) Where a succession day is fixed for a receiving bank and the relevant transferring bank, then, for the purposes of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997:
 (a) all assessable income derived or taken to be derived by the transferring bank; and
 (b) all allowable deductions and capital losses incurred or taken to be incurred by the transferring bank; and
 (c) all other consequences (including the balances of tax losses that are carried forward) for the transferring bank;
are taken to have been derived or incurred by, or to have occurred in relation to, the receiving bank and not the transferring bank.
 (5) Where a succession day is fixed