sec.32PLiability for Commonwealth tax equivalents

sec.32P Liability for Commonwealth tax equivalents

The Treasurer may issue a manual (the tax equivalents manual ) about deciding the tax equivalents to be paid by MEDQ and its subsidiaries. Without limiting subsection (1) , the tax equivalents manual may provide for— 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; and the lodging of returns by MEDQ and its subsidiaries; and assessing returns; and the functions and powers of the tax assessor appointed under subsection (3) ; and objections and appeals against assessments and rulings. The Treasurer may appoint a person to be the tax assessor under the tax equivalents manual. MEDQ and its subsidiaries must, as required under the tax equivalents manual, pay tax equivalents to the Treasurer for payment into the consolidated fund. 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 made. In this section— Commonwealth tax means tax imposed under a Commonwealth Act. tax equivalents means amounts paid by MEDQ or its subsidiaries to the Treasurer, for payment into the consolidated fund, as the value of benefits derived by MEDQ or its subsidiaries because MEDQ is not liable to pay Commonwealth tax that would be payable by MEDQ if MEDQ were not a government entity. s 32P ins 2024 No. 32 s 18 (sec.32P-ssec.1) The Treasurer may issue a manual (the tax equivalents manual ) about deciding the tax equivalents to be paid by MEDQ and its subsidiaries. (sec.32P-ssec.2) Without limiting subsection (1) , the tax equivalents manual may provide for— 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; and the lodging of returns by MEDQ and its subsidiaries; and assessing returns; and the functions and powers of the tax assessor appointed under subsection (3) ; and objections and appeals against assessments and rulings. (sec.32P-ssec.3) The Treasurer may appoint a person to be the tax assessor under the tax equivalents manual. (sec.32P-ssec.4) MEDQ and its subsidiaries must, as required under the tax equivalents manual, pay tax equivalents to the Treasurer for payment into the consolidated fund. (sec.32P-ssec.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 made. (sec.32P-ssec.6) In this section— Commonwealth tax means tax imposed under a Commonwealth Act. tax equivalents means amounts paid by MEDQ or its subsidiaries to the Treasurer, for payment into the consolidated fund, as the value of benefits derived by MEDQ or its subsidiaries because MEDQ is not liable to pay Commonwealth tax that would be payable by MEDQ if MEDQ were not a government entity.