Payment to be made to Consolidated Account
31 Payment to be made to Consolidated Account
If the results achieved by a transferee company from its operations over a designated period give rise to a presumptive liability for income tax, the company must, within 6 months from the end of the designated period, pay to the Treasurer, for the credit of the Consolidated Account a sum equal to the amount of the presumptive liability.
The Treasurer may require a transferee company to make other payments in respect of a designated period in lieu of taxes under the law of the State or the Commonwealth from which the company was exempt during the designated period because of the Crown's ownership or control.
In this section—
designated period is a period of 12 months or less falling before the date of the company's divestiture—
extending from the date of the company's incorporation to the following 30 June or the date of the company's divestiture (whichever is first);
extending from 1 July in one year to 30 June in the next;
extending from 30 June to the date of the company's divestiture;
presumptive liability to income tax in relation to a transferee company, means a liability for income tax that would have existed under the Income Tax Assessment Act 1936 (Cwth) if—
the company were liable to income tax under that Act; and
the designated period were a year of income within the meaning of that Act.
This section does not apply to income derived by a transferee company after the company's date of divestiture.
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