New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 5.3

5.3 Payment of tax-equivalents to Treasurer

(1) The Treasurer may--

(a) direct a GSF agency (or part of a GSF agency) to pay amounts to the Treasurer under a relevant tax-equivalent regime (or to cease to make a payment), or

(b) grant an exemption to a GSF agency (or part of a GSF agency) from payment of any amount under this section in respect of any period.

(2) An amount that a GSF agency is required to pay to the Treasurer under this section is a
"tax-equivalent" .

(3) A direction may--

(a) make provision for the assessment of the amount payable as a tax-equivalent (including the appointment or selection of assessors and the manner of assessment and the entry into agreements concerning payments of tax-equivalents), and

(b) specify the timing and manner for payments, and

(c) impose any other terms and conditions (including concerning the preparation and provision of accounting or other statements) that the Treasurer considers should be imposed, and

(d) be contained in the Treasurer's directions or in a separate written direction given to the GSF agency concerned.

(4) A GSF agency to which a direction applies must comply with the direction.

(5) In this section--

"relevant tax-equivalent regime" means arrangements for income tax-equivalent payments (whether for the purposes of New South Wales or any national scheme) of a kind prescribed by the regulations.

Note : This section is a paramount provision of this Act. Section 1.8 requires a person or other entity to whom a paramount provision applies to comply with the provision (including any regulations made for the purposes of that provision) even if it may result in a non-criminal contravention of other legislation. It also provides that compliance does not result in any civil liability and displaces the operation of the Corporations Act 2001 of the Commonwealth to enable compliance.