68Liability to pay income tax equivalent

68 Liability to pay income tax equivalent

[Section 68 Substituted by No. 65 of 2001, s. 6, Applied:01 Jul 2001]

(1)  [Section 68 Subsection (1) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] Each Government Business Enterprise and each subsidiary of a Government Business Enterprise is liable to pay into the Public Account an income tax equivalent in respect of each financial year.

(2)  Despite subsection (1) , a Government Business Enterprise or subsidiary is not liable to pay an income tax equivalent to the extent to which it is liable to pay income tax under the Commonwealth Tax Act.