Territory-owned Corporations Act 1990

Tax is not payable by a territory-owned corporation or a subsidiary in relation to—

an exempt activity; or

an instrument or document prepared, made, executed or lodged to give effect to, or in connection with, an exempt activity; or

a transaction entered into for the purpose of an exempt activity.

If an activity, instrument, document or transaction is within a paragraph of subsection (1), the Treasurer must certify in writing that the activity, instrument, document or transaction is one to which subsection (1) applies.

A certificate under this section is evidence of the matters stated in the certificate.

This section does not apply to a territory-owned corporation prescribed for the Taxation (Government Business Enterprises) Act 2003, section 9 or to a subsidiary of such a corporation.

In this section:

the incorporation of a relevant company; or

the acquisition of shares in a relevant company; or

the issue or transfer of shares in a relevant company; or

the transfer of assets from the Territory or a territory authority to a relevant company; or

the assumption of responsibility by a relevant company for a liability of the Territory or a territory authority; or

an activity or thing necessary to give effect to, or incidental to, another exempt activity.

a territory-owned corporation; or

a subsidiary; or

a company that the Portfolio Minister certifies in writing that it is intended will become a territory-owned corporation or subsidiary.