(1) The regulations made under the previous Act, remain in force until revoked by regulations made under this Act.
(2) The repeal of the previous Act does not affect any liability to tax or any obligation arising in respect of any year of income or assessment prior to the commencement of this Act for which purpose the previous Act and subsidiary legislation, subject to subsections (3) and (4) continue in force.
(3) Where any objection or appeal is made or is still undetermined in relation to any matter arising under the previous Act, the provisions of Part 11 apply.
(4) In relation to the recovery of any tax, penalty or interest becoming due and payable under the previous Act the provisions of sections 121 to 130 apply.