Document ID: chunk:federal_register_of_legislation:C2024A00065:clause:1_87
Version: federal_register_of_legislation:C2024A00065
Segment Type: clause
Provision Reference: sch 1 cl 87
Character Range: 84664–85626

87  Transitional—volunteering entities
(1) This section applies to a constitutionally covered entity if an election for the entity to be a reporting entity under subsection 7(1A) of the old Act was in effect immediately before the transition day.
(2) Subject to subitem (3), the entity is not a volunteering entity for the purposes of the new Act.
(3) If, at the start of the transition day, the entity would not be covered by subsection 7(2) of the new Act (if the new Act had commenced at that time), then, at and after the start of the first provisional reporting period of the entity that begins on or after the transition day, the Regulator is taken to have determined under subsection 10B(1) of the new Act that the entity is a reporting entity.
(4) To avoid doubt, the Regulator may deal with a determination that the Regulator is taken to have made under subitem (3) as if the Regulator had made the determination under subsection 10B(1) of the new Act.