For the purposes of subsection 26 (3) of the Act, subsection 26 (1) of the Act does not apply in relation to taxation under a law specified in Schedule 1.

Note
Subsection 26 (1) of the Act limits the extent to which the PSS Board and Fund are subject to taxation under:
(a) a law of the Commonwealth, other than the Superannuation Contributions Tax (Assessment and Collection) Act 1997 , the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 ; or
(b) a law of a State or Territory.
Under subsection 26 (3) of the Act, regulations may provide that subsection 26 (1) does not apply in relation to taxation under a specified law.