(1) The Treasurer may issue a manual (the
"tax equivalents manual" ) about deciding the amounts (
"tax equivalents" ) that must be taken into account by a category 1 water
authority in applying full cost pricing to its operations as the value of
benefits derived by the authority if there is no liability to pay a government
tax that would be payable by the authority if it were not a statutory
authority.
(2) Without limiting subsection (1) , the tax equivalents manual
may provide for the following—
(a) rulings by the tax assessor appointed
under subsection (3) on issues about tax equivalents, including the
application of rulings under a Commonwealth Act about Commonwealth tax;
(b)
lodging returns and giving information;
(c) assessing returns;
(d) the tax
assessor’s functions and powers;
(e) objections and appeals against
assessments and rulings.
(3) The Treasurer may appoint a person to be the tax
assessor under the tax equivalents manual.
(4) A category 1 water authority
must, as required under the tax equivalents manual, pay tax equivalents to the
Minister for payment to the consolidated fund.
(5) The Treasurer must table a
copy of the tax equivalents manual, and each amendment of the manual, in the
Legislative Assembly within 14 sitting days after the manual is issued or the
amendment is made.