New South Wales Consolidated Acts New South Wales Consolidated Acts(cf State Owned Corporations Act 1989 , section 20T)
(1) The Corporation must from time to time pay to the constituent councils such amounts as the Tax Assessor determines to be equivalent to the amounts that would be payable by the Corporation if it were liable to pay taxes under the law of the Commonwealth.
(2) The Corporation is not required to make payments under this section to the extent to which it is or becomes liable to pay any such taxes.
(3) Payments are to be made under this section on such terms as the Tax Assessor determines to be equivalent to the terms on which the amounts would be payable (including terms as to instalments and times of payment) if the Corporation were liable to pay corresponding taxes under the law of the Commonwealth.
(4) The Corporation and the constituent councils may enter into agreements regarding the amounts to be paid under this section or the terms on which they are to be paid, and any such agreements have effect despite anything in subsections (1) and (3).
(5) The determinations of the Tax Assessor under this section are to be made in such a way as to give effect to any such agreements.
(6) Any such determination of the Tax Assessor is final, and the constituent councils and the Corporation are required to make all the necessary payments and refunds to give effect to the determination.
(7) The Minister may nominate any person or persons to be the Tax Assessor for the Corporation, and may revoke any such nomination.
(8) This section applies to the subsidiaries of the Corporation in the same way as it applies to the Corporation, and (where relevant) applies to the Corporation and its subsidiaries as a group.
(9) Amounts required to be paid under this section are called tax-equivalents.
(10) In this section, "Tax Assessor", in relation to the Corporation, means the person nominated for the time being under subsection (7) as the Tax Assessor for the Corporation.