69Agreements in respect of payment of income tax equivalent by prescribed Government Business Enterprise and prescribed subsidiary

69 Agreements in respect of payment of income tax equivalent by prescribed Government Business Enterprise and prescribed subsidiary

[Section 69 Substituted by No. 65 of 2001, s. 6, Applied:01 Jul 2001]

(1)  The Treasurer, on behalf of the State, may enter into an agreement in respect of the calculation, determination and payment of, and all other matters relevant to, the income tax equivalents which prescribed Government Business Enterprises and prescribed subsidiaries are liable to pay under section 68 .

(2)  The Treasurer, on behalf of the State, may enter into an agreement amending or revoking an agreement entered into under subsection (1) .

(3)  An agreement entered into under subsection (1) or (2) may take effect on the first day of the financial year in which it is made or a later day.

(4)  The NTER Agreement is taken to be an agreement entered into under subsection (1) and is taken to have taken effect on 1 July 2001.

(5)  Any act or omission done under, or for the purposes of giving effect to, the NTER Agreement before the Government Business Enterprises Amendment Act 2001 receives the Royal Assent is not invalid or ineffective merely because it was done before that Act receives the Royal Assent.