Document ID: chunk:federal_register_of_legislation:C2004A01959:section:4
Version: federal_register_of_legislation:C2004A01959
Segment Type: section
Provision Reference: s 4
Character Range: 1656–3200

4  Exemption from taxation of certain documents and payments
           (1) Where, by the terms and conditions upon which a prescribed borrowing has been made, the Commonwealth has given an undertaking, however expressed, to the effect that a document relating to the borrowing will be exempt from, free of, or not subject to taxes imposed in Australia, the document is not subject to any tax or duty under any law.
           (2) Where, by the terms and conditions upon which a prescribed borrowing has been made, the Commonwealth has given an undertaking, however expressed, to the effect that an amount payable by or on behalf of the Commonwealth in respect of the borrowing, whether by way of principal, interest, commitment fee or otherwise, will be exempt from, free of, or not subject to, taxes imposed in Australia, except where the person beneficially entitled to the amount is a person included in a particular class of persons consisting of or including all residents of Australia, the amount:
           (a) is not subject to any tax or duty under any law; and
           (b) shall be disregarded for all purposes in determining the liability of any person to pay tax or duty under any law or in determining the amount of any such liability,
         *     unless, at the time of the act, transaction or event that, according to the provisions of the law imposing the tax or duty, gave rise to liability to the tax or duty, the person beneficially entitled to the amount was a person included in that particular class of persons.