71Payment of income tax equivalent

71 Payment of income tax equivalent

[Section 71 Repealed by No. 84 of 1999, s. 13, Applied:01 Jul 2000]

(1)  Subject to this Act and the Treasurer's Instructions, the Commonwealth Tax Act applies in respect of the calculation, determination and payment of, and all other matters relevant to, an income tax equivalent which a non-prescribed Government Business Enterprise or a non-prescribed subsidiary is liable to pay as if –

(a) the Treasurer or his or her delegate were the Commonwealth Commissioner of Taxation; and

(b) the Government Business Enterprise or subsidiary were a corporation incorporated under the Corporations Act that is required to comply with the Commonwealth Tax Act; and

(c) the income tax equivalent were the amount of income tax that would be payable by such a corporation under the Commonwealth Tax Act.

(2)  The Treasurer, in addition to any other rulings that he or she could make by virtue of the application of subsection (1) , may, in respect of an income tax equivalent or for the purpose of determining whether an income tax equivalent is payable, specify whether an aspect of the Commonwealth Tax Act can be applied in relation to the calculation, determination and payment of an income tax equivalent payable by a particular non-prescribed Government Business Enterprise, a particular non-prescribed subsidiary or non-prescribed Government Business Enterprises and non-prescribed subsidiaries generally and, if it can be applied, how it is to be applied.