South Australian Consolidated Acts South Australian Consolidated Acts28—Amount payable by State-owned company in lieu of tax
(1) If the results
achieved by a State-owned company from its operations over a designated period
give rise to a presumptive liability for income tax, the company must, at such
time as the Treasurer stipulates, pay to the Treasurer, for the credit of the
Consolidated Account, a sum equal to the amount of the presumptive liability.
(2) The Treasurer may
require a State-owned company to make other payments in respect of a
designated period in lieu of taxes under the law of the State or the
Commonwealth from which the company was exempt during the designated period
because of the company's relationship to the Crown.
(3) In this
section—
"date of divestiture" means—
(a) in
the case of a State-owned company that is not a subsidiary of another
State-owned company—
(i)
if the shares of the State-owned company are sold by or
at the direction of the Minister—the date the sale is completed; or
(ii)
if the shares of the State-owned company are offered for
public subscription—the date shares are first allotted to subscribers
who respond to the public offer; or
(b) in
the case of a State-owned company that is a subsidiary of another
State-owned company—
(i)
if the subsidiary's shares are sold by or at the
direction of the Minister before the date of divestiture for that other
State-owned company—the date the sale is completed; or
(ii)
if not—the date of divestiture for that other
State-owned company;
"designated period" is a period of 12 months or less falling before the
date of divestiture of the company—
(a)
extending from the date of the company's incorporation to the following 30
June or the date of divestiture of the company (whichever is first);
(b)
extending from 1 July in one year to 30 June in the next;
(c)
extending from 30 June to the date of divestiture of the company;
"presumptive liability to income tax", in relation to a State-owned company,
means a liability for income tax that would have existed under the Income Tax
Assessment Act 1936 , or the Income Tax Assessment Act 1997 , of the
Commonwealth (as amended from time to time) if—
(a) the
company were liable to income tax under that Act; and
(b) the
designated period were a year of income within the meaning of that Act.