Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p4
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 4/21)
Character Range: 49193–51971

44. Section 37c of the Principal Act is amended:

     (a) by omitting from subsection (1) ", or makes" and substituting "or acquired, or makes or acquires";

  Commencement: Day of Royal Assent

     (b) by adding at the end of subsection (1) ", or acquired by the person";

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  (c) by inserting in subsection (2) "or acquires," after "makes,";

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  (d) by inserting in paragraph (2) (b) ", or acquired, by the person" after "made";

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  (e) by adding at the end of subsection (2) ", or acquired by the person";

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(f) by inserting in subsection (3) "or acquired," after "made,";

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  (g) by inserting in paragraph (3) (b) ", or acquired, by the person" after "made";

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  (h) by omitting from subsection (3) "becomes entitled to receive" (first occurring) and substituting "realises the investment and receives";

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(j) by inserting after subsection (3) the following subsections:

   "(3a) For the purposes of subsection (3), a person realises an investment if, and only if:

       (a) all or part of the amount of the investment is withdrawn; or

       (b) all or part of the return on the investment is paid to another person; or

    (c) the investment matures; or

       (d) the investment is assigned by the person to another person; or

       (e) the investment is disposed of by the person otherwise than in the way referred to in paragraph (d).

   "(3b) For the purposes of subsection (3), where a person assigns or otherwise disposes of an investment, the person is taken to receive by way of a return on the investment the amount of the return at the date of the disposal.

   "(3c) For the purposes of subsection (3), where a person realises an investment in circumstances where the return on the investment is paid to another person, the return is taken to be received by the person realising the investment.

   "(3d) For the purposes of subsection (3), where a person's investment matures, the person is taken to receive by way of return on the investment the amount of the return at the date of the maturity.";

Commencement: Day of Royal Assent

   (k) by omitting from subsection (4) "section 37b" and substituting "subsection 35 (1)";

Commencement: 19 December 1989

     (m) by omitting subsection (5) and substituting the following subsection:

     "(5) A person receives an amount for the purposes of subsection (3) if the person receives an amount under an arrangement of the kind referred to in the definition of 'accruing return investment' in subsection 35 (1) to the extent that subsection (1) or (2) does