Document ID: chunk:federal_register_of_legislation:C2004A00656:clause:1_27
Version: federal_register_of_legislation:C2004A00656
Segment Type: clause
Provision Reference: sch 1 cl 27
Character Range: 12930–14470

27  Application of amendments

General

(1) The amendments made by this Act (except for those mentioned in the following subitems) apply, in relation to a PDF, from the beginning of the PDF's 1999‑2000 income year (the transition time).

(2) In subitem (1):
income year has the same meaning as in the Income Tax Assessment Act 1997.

Registration decisions

(3) The amendment made by item 5 applies to a decision about registration that the Board makes after the transition time, even if the application for registration was made before that time.

Notification of initial investments

(4) The amendments made by items 14 and 26 apply to investments made after this item commences.

Interposed entities

(5) The amendment made by item 15 applies to investments made after 4 August 1999.

(6) However, the Board may determine that that amendment does not apply to a particular investment if the Board is satisfied that the relevant PDF, or the interposed entity that is to make the investment, was already under a legal obligation to make the investment at the end of 4 August 1999.

Annual returns

(7) The amendments made by items 21 and 22 apply to annual returns for the 1999‑2000 financial year and all later financial years.

Revocation power

(8) The amendments made by items 23, 24 and 25 apply to contraventions of this Act, or of a condition of a PDF's registration, that happen after this item commences.

[Minister's second reading speech made in—
House of Representatives on 8 December 1999
Senate on 13 April 2000]

(226/99)