(1)  Each Relevant Corporation is liable to pay an aggregate income tax equivalent in respect of each financial year determined pursuant to the application of this section to councils in the amount and in the manner determined under section 35 .

(2)  Despite subsection (1) , a Relevant Corporation is not liable to pay an income tax equivalent to the extent to which it is liable to pay income tax under the Commonwealth Tax Act.

(3)  Division 3 of Part 10 of the Government Business Enterprises Act 1995 and, unless the Relevant Corporation has received a notice from the Treasurer to the contrary, each GBE Treasurer's Instruction given in relation to any matter the subject of that Division applies by virtue of this Act to the liabilities and payments that arise under subsection (1) as if –

(a) the Relevant Corporation or subsidiary of a Corporation were a prescribed Government Business Enterprise as defined in section 67 of the Government Business Enterprises Act 1995 ; and

(b) a reference to section 68 of the Government Business Enterprises Act 1995 were a reference to subsection (1) ; and

(c) each reference to the Consolidated Fund were a reference to a council.