STATE OWNED CORPORATIONS ACT 1989 - SECT 20T
Tax-equivalents
STATE OWNED CORPORATIONS ACT 1989 - SECT 20T
Tax-equivalents
20T Tax-equivalents
(1) A statutory SOC must from time to time pay to the Treasurer for payment
into the Consolidated Fund such amounts as the Tax Assessor determines to be
equivalent to the amounts that would be payable by the SOC if it were liable
to pay taxes under the law of the Commonwealth.
(2) The SOC is not required
to make payments under this section to the extent that 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 SOC were liable to pay corresponding taxes under the law of
the Commonwealth.
(4) The SOC and the Treasurer 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
Treasurer and the SOC are required to make all the necessary payments and
refunds to give effect to the determination.
(6A) If a refund is required,
the Treasurer, or an authorised person, may direct payment out of the
Consolidated Fund of the amount required to be refunded. The Consolidated Fund
is appropriated to the necessary extent to enable payment of such refunds.
(7) The Premier may nominate any person or persons to be the Tax Assessor for
any one or more statutory SOCs, and may revoke any such nomination.
(8) This
section applies to the subsidiaries of a statutory SOC in the same way as it
applies to the SOC, and (where relevant) applies to the SOC and its
subsidiaries as a group.
(9) Amounts required to be paid under this section
are called tax-equivalents.
(10) In this section--
"authorised person" means the Chief Commissioner of State Revenue, or a person
employed in the Department of Finance, Services and Innovation authorised by
the Chief Commissioner of State Revenue to exercise the functions of an
authorised person under this section.
"Tax Assessor" , in relation to a statutory SOC, means the person nominated
for the time being under subsection (7) as the Tax Assessor for the SOC.