Commonwealth Numbered Acts

PIPELINE AUTHORITY AMENDMENT ACT 1992 No. 188, 1992 - SECT 20

20. After section 33 of the Principal Act the following sections are inserted:
Liability of subsidiary to taxation

"33A.(1) Subject to Division 5 of Part VA, a subsidiary company is subject to
taxation under the laws of the Commonwealth and a State or Territory.

"(2) A subsidiary company is not a public authority for the purposes of
paragraph 23(d) of the Income Tax Assessment Act 1936. Revaluation of assets

"33B. The Authority must, at least every 3 years, revalue its assets in
accordance with normal commercial practice.".