75Waiver of income tax equivalent

75 Waiver of income tax equivalent

(1)  A Portfolio Minister may request the Treasurer to waive the payment by a Government Business Enterprise or subsidiary of the whole or any part of a payment due under this Part.

(2)  On receiving a request, the Treasurer may –

(a) refuse to grant the request; or

(b) waive that payment or part of that payment.

(3)  Where the Treasurer has waived the whole or part of a payment, the Treasurer must determine any conditions to which that waiver is subject.

(4)  [Section 75 Subsection (4) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] Without limiting the conditions which the Treasurer may determine under subsection (3) , the Treasurer may determine that a waiver is subject to the Government Business Enterprise or subsidiary paying into the Public Account, at the times and in the manner determined by the Treasurer, an alternative return specified by the Treasurer.

(5)  [Section 75 Subsection (5) inserted by No. 65 of 2001, s. 7, Applied:01 Jul 2001] Where the Treasurer has waived the whole or any part of a payment, the Treasurer must notify the following person of that waiver:

(a) in the case of a prescribed Government Business Enterprise or a prescribed subsidiary, the person administering the scheme relating to the payment of income tax equivalents established by an agreement under section 69 ;

(b) in the case of a non-prescribed Government Business Enterprise or a non-prescribed subsidiary and where the Treasurer has entered into an agreement under section 74A , the person who under that agreement is performing and exercising the Treasurer's functions and powers under Division 3A .