Document ID: chunk:federal_register_of_legislation:C2004A01093:clause:1_49a
Version: federal_register_of_legislation:C2004A01093
Segment Type: clause
Provision Reference: sch 1 cl 49A
Character Range: 1338–2531

49A  GST‑free supplies

 (1) To the extent that any of the following constitutes a taxable supply, or a supply that would be input taxed, under the A New Tax System (Goods and Services Tax) Act 1999, it is instead GST‑free:
 (a) the initial issue of shares in the Snowy Hydro Company to the Commonwealth, New South Wales and Victoria;
 (b) supplies made on or before the corporatisation date as a result of, or as a result of action taken under, any of the following provisions:
 (i) Division 1 or Division 3 of Part 3, Part 4, section 56 or section 60 of this Act;
 (ii) section 11, 12, 13, 15, 16 or 53 of the New South Wales Corporatisation Act;
 (iii) section 11, 12, 13, 15, 16 or 28 of the Victorian Corporatisation Act.

 (2) Nothing in subsection (1) results in a progressive or periodic component of a supply being GST‑free.

Note: Progressive or periodic components of supplies will continue to be dealt with under the relevant provisions (including section 156‑5) of the A New Tax System (Goods and Services Tax) Act 1999 as if subsection (1) did not apply.

 [Minister's second reading speech made in—
House of Representatives on 11 December 2003
Senate on 3 March 2003]

(264/02)