15Tax-equivalents

#### 15 Tax-equivalents 15 Tax-equivalents > > (1) A company SOC must from time to time pay to the Treasurer for payment into the Consolidated Fund such amounts as the Tax Assessor determines to be equivalent to the amounts that would be payable by the SOC if it were liable to pay taxes under the law of the Commonwealth. > > > (2) The SOC is not required to make payments under this section to the extent that it is or becomes liable to pay any such taxes. > > > (3) Payments are to be made under this section on such terms as the Tax Assessor determines to be equivalent to the terms on which the amounts would be payable (including terms as to instalments and times of payment) if the SOC were liable to pay corresponding taxes under the law of the Commonwealth. > > > (4) The SOC and the Treasurer may enter into agreements regarding the amounts to be paid under this section or the terms on which they are to be paid, and any such agreements have effect despite anything in subsections (1) and (3). > > > (5) The determinations of the Tax Assessor under this section are to be made in such a way as to give effect to any such agreements. > > > (6) Any such determination of the Tax Assessor is final, and the Treasurer and the SOC are required to make all the necessary payments and refunds to give effect to the determination. > > > (6A) If a refund is required, the Treasurer, or an authorised person, may direct payment out of the Consolidated Fund of the amount required to be refunded. The Consolidated Fund is appropriated to the necessary extent to enable payment of such refunds. > > > (7) The Premier may nominate any person or persons to be the Tax Assessor for any one or more company SOCs, and may revoke any such nomination. > > > (8) This section applies to the subsidiaries of a company SOC in the same way as it applies to the SOC, and (where relevant) applies to the SOC and its subsidiaries as a group. > > > (9) Amounts required to be paid under this section are called tax-equivalents. > > > (10) In this section— > > > > authorised person means the Chief Commissioner of State Revenue, or an officer of Treasury authorised by the Chief Commissioner of State Revenue to exercise the functions of an authorised person under this section. > > > > Tax Assessor, in relation to a company SOC, means the person nominated for the time being under subsection (7) as the Tax Assessor for the SOC. > > **s 15:** Am 1995 No 32, Sch 1 \[11\]; 2005 No 51, Sch 6 \[1\] \[2\].