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5 Exempting provision involving regulations

(1) This section applies to a Commonwealth authority if: (a) its establishing Act contains a provision: (i) to the effect that, except under a law specified in regulations made under the Act, the authority is not subject to taxation under a law of a State or Territory; or (ii) to the effect that, except under a law specified in regulations made under the Act, the authority is not subject to taxation under a law of the Commonwealth or of a State or Territory; or (iii) to the effect that, except under a law specified in regulations made under the Act, and except for taxation of a specified kind, the authority is not subject to taxation under a law of a State or Territory; or (iv) to the effect that, except under a law specified in regulations made under the Act, and except for taxation of a specified kind, the authority is not subject to taxation under a law of the Commonwealth or of a State or Territory; and (b) immediately before the commencement of this Act, regulations were in operation specifying a pay‑roll tax law of the Commonwealth or of a State or Territory. (2) The provision has effect as if the Payroll Tax Act 1987 of the Australian Capital Territory were also specified in regulations made under the Act.