38Taxation

38 Taxation

(1) The Corporation shall pay all rates, taxes and charges under any law of the Commonwealth, a State or a Territory. (2) The Corporation is not a public authority for the purposes of paragraph (d) of section 23 of the Income Tax Assessment Act 1936. (3) Securities issued by the Corporation are not public securities or Commonwealth securities for the purposes of the Income Tax Assessment Act 1936. (4) The provisions of the Income Tax Assessment Act 1936 that relate to depreciation apply in relation to the Corporation as if: (a) the Corporation had, at all times, been liable to pay taxes on income under the laws of the Commonwealth and depreciation had been allowed in assessments accordingly; (b) the Corporation had not, in relation to the first year of income in respect of which it was so liable, exercised the option referred to in paragraph (b) of subsection (1) of section 56 of that Act; and (c) in the case of a unit of property owned by the Corporation that became so owned before 1 July 1976, the Commissioner had, for the purposes of the calculation of the first depreciation that would have been allowed in respect of that unit after the Corporation had been so liable to pay taxes on income, made such estimate of the effective life of the unit as, in the opinion of the Commissioner, would have been the appropriate estimate; except that, for the purpose of calculating, in respect of any property of the Corporation, the sum referred to in subsection (2) of section 59 of that Act, the Corporation shall not be treated as having been allowed any amount as depreciation that has not in fact been allowed.