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A NEW TAX SYSTEM (COMMONWEALTH-STATE FINANCIAL ARRANGEMENTS) ACT 1999 - SECT 14
Franchise fees windfall tax reimbursement payments
Each State is to be paid by way of financial assistance, for a GST year, a
franchise fees windfall tax reimbursement payment equal to the sum of the
amounts determined by the Commissioner of Taxation, before 22 June in the GST
year, to be:
- (a)
- the total of the amounts of tax collected by the State under the
Franchise Fees Windfall Tax (Collection) Act 1997 that are remitted to the
Commissioner of Taxation before 1 June in the GST year; and
- (b)
- the total of the amounts of tax to be collected by the State under that
Act that is likely to be remitted to the Commissioner of Taxation during the
month of June in the GST year.
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