Document ID: chunk:federal_register_of_legislation:C2010C00686:section:5:p1
Version: federal_register_of_legislation:C2010C00686
Segment Type: section
Provision Reference: s 5 (pt 1/2)
Character Range: 14419–17061

5  No tax consequences result from AGL's corporate conversion etc.

 (1) The object of this section is to ensure that no taxation consequences (other than those arising under subsections (9) and (10)) arise in relation to any person as a result of:
 (a) AGL's corporate conversion; or
 (b) AGL's registration; or
 (c) the operation of any provision of the Conversion Act; or
 (d) any action taken under any provision of the Conversion Act.

 (2) In resolving any ambiguity as to the meaning of this section, an interpretation that is consistent with the object of this section is to be preferred to an interpretation that is not consistent with that object.

 (3) This section only has effect for the purposes of any Commonwealth laws relating to taxation, including, but not limited to:
 (a) the income tax law; and
 (b) the GST law; and
 (c) the fringe benefits tax law; and
 (d) the A New Tax System (Australian Business Number) Act 1999; and
 (e) the Taxation Administration Act 1953; and
 (f) the International Tax Agreements Act 1953; and
 (g) the Taxation (Interest on Overpayments and Early Payments) Act 1983; and
 (h) the Superannuation Guarantee (Administration) Act 1992; and
 (i) the Superannuation Guarantee Charge Act 1992.

 (4) AGL, corporatised AGL and registered AGL are taken to be, and to have always been, the same company and the same entity.

 (5) Subsections (6) to (8) do not limit, by implication, any other effects of this section.

 (6) No taxation consequences (other than those arising under subsections (9) and (10)) are taken to have arisen in relation to any person as a result of:
 (a) AGL's corporate conversion; or
 (b) AGL's registration; or
 (c) the operation of any provision of the Conversion Act; or
 (d) any action taken under any provision of the Conversion Act.

 (7) The legal and beneficial ownership of:
 (a) shares in AGL; and
 (b) interests in shares in AGL;
are taken not to have altered as a result of AGL's corporate conversion or AGL's registration. However, this subsection does not imply that those shares are not shares in corporatised AGL or registered AGL.

 (8) Anything done by or to:
 (a) AGL's Secretary; or
 (b) the estate of AGL's Secretary; or
 (c) a replacement trustee in respect of the trust created by subclause 4(1)(c) of Schedule 3 to the Conversion Act;
as a result of the operation of clause 4 of Schedule 3 to the Conversion Act is taken to have been done by or to corporatised AGL or registered AGL, as the case may be.

 (9) Despite any other provision of this section:
 (a) the item 9 of Schedule 2 to the Taxation Laws Amendment (Company Law Review) Act 1998 that