36Relevant tax-equivalent regimes

36 Relevant tax-equivalent regimes

36 Relevant tax-equivalent regimes

(1) For the Act, section 5.3(5), definition of relevant tax-equivalent regime, the following arrangements are prescribed—

(a) the national tax-equivalent regime,

(b) the State tax-equivalent regime.

(2) In this section—

Intergovernmental Agreement means the Intergovernmental Agreement on Federal Financial Relations entered into by the parties to the Council of Australian Governments, as in force from time to time.

national tax-equivalent regime means the arrangements between the Commonwealth and the States and Territories relating to income tax-equivalent payments to be made by government businesses under a National Tax-Equivalent Regime, as referred to in Schedule B of the Intergovernmental Agreement and given effect to from time to time by a memorandum of understanding between the Commonwealth, the Commissioner of Taxation of the Commonwealth and the States and Territories.

State tax-equivalent regime means the arrangements approved from time to time by the Treasurer relating to income tax-equivalent payments to be made by government businesses that are not subject to the national tax-equivalent regime.