South Australian Current Acts South Australian Current Acts (1) The Treasurer may
require the Authority to make payments under this section of amounts that the
Treasurer determines from time to time to be equivalent in effect to income
tax and other taxes or imposts that the Authority does not pay to the
Commonwealth but would be liable to pay under the law of the Commonwealth if
it were constituted and organised in such manner as the Treasurer determines
to be appropriate for the purposes of this section as a public company.
(2) Amounts determined
to be payable under this section must be paid to a deposit account established
with the Treasurer under section 21 of the Public Finance and
Audit Act 1987 entitled the "Local Government Taxation Equivalents Fund"
at times, and in a manner, determined by the Treasurer.
(3) Interest, at the
standard commercial rate for accounts established under section 21 of the
Public Finance and Audit Act 1987 , will be payable on amounts held under
subsection (2) and no fees or imposts will apply with respect to the
maintenance or operation of the account.
(4) Amounts held under
subsection (2), together with interest accrued under subsection (3),
will be applied for local government development purposes recommended by the
LGA and agreed to by the Minister in accordance with principles agreed between
the Minister and the LGA.