Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p11
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 25449–28077

Corporation may appoint to the Service a person who has not passed a prescribed entrance examination but who holds, or has qualified for—
    (a) a degree that is conferred by an Australian university; or
    (b) a degree, diploma, certificate or other qualification in relation to which there is in force an approval under sub-section (1).".

22. Section 117 of the Principal Act is repealed and the following section is substituted:

Guarantee by Commonwealth
"117. By force of this section, the Commonwealth guarantees the due payment by a body to which this Part applies of all moneys that are, or may at any time become, payable by the body to a person other than the Commonwealth.".

23. (1) Section 119 of the Principal Act is repealed and the following section is substituted:

Taxation
"119. (1) A body to which this Part applies is not liable to taxation under any law of a State or of a Territory to which the Commonwealth is not subject.
"(2) A body to which this Part applies is not a public authority for the purposes of paragraph 23 (d) of the Income Tax Assessment Act 1936".
(2) Income derived before 1 July 1984 by the Corporation, by the Savings Bank or by the Development Bank is not liable to income tax under a law of the Commonwealth.

Audit
24. Section 120 of the Principal Act is amended by omitting sub-section (6) and substituting the following sub-section:
"(6) In sub-section (5), 'prescribed person' means the Managing Director, the Deputy Managing Director, any other member of the Board or an officer.".

Further amendments
25. The Principal Act is amended as set out in Schedule 1.

Person holding an office of General Manager
26. Where, immediately before the commencement of section 13, 18 or 20, a person was the holder of the office of General Manager of the Trading Bank, General Manager of the Savings Bank or General Manager of the Development Bank, as the case may be, section 112 of the Commonwealth Banks Act 1959 applies in relation to the person after that commencement as if that office were a statutory office and the person had, at that commencement, by reason of the person's resignation from that office, ceased to be the holder of that office.

PART III—AMENDMENTS OF INCOME TAX ASSESSMENT ACT 1936

Principal Act
27. The Income Tax Assessment Act 19362 is in this Part referred to as the Principal Act.

Repeal of section 24a
28. Section 24a of the Principal Act is repealed.

29. After section 160aba of the Principal Act the following section is inserted:

Rebate in respect of certain payments by the Commonwealth Savings Bank of Australia
"160abb. (1) Where, pursuant to a