New South Wales Consolidated Acts

ELECTRICITY NETWORK ASSETS (AUTHORISED TRANSACTIONS) ACT 2015 - SECT 43

43 State taxes

(1) In this section--

"relevant matter" means any of the following--

(a) any transaction arrangement,

(b) a vesting of assets, rights or liabilities by operation of Schedule 5 (Vesting of assets, rights and liabilities) and anything certified by the Treasurer as having been done in consequence of such a vesting (for example, the transfer or registration of an interest in land),

(c) the issue, disposal or purchase of shares or other securities or interest in or issued by an entity for the purposes of an authorised transaction,

(d) any matter connected with the corporate conversion of an electricity network SOC or transaction SOC for the purposes of an authorised transaction,

(e) any transaction, agreement or other arrangement (a
"post-completion arrangement" ) occurring within 2 years after completion of an authorised transaction and certified by the Treasurer to have been entered into in connection with the transfer of electricity network assets to the private sector pursuant to the authorised transaction,

(f) such other matters for the purposes of an authorised transaction as may be prescribed by the regulations.

"State tax" means application, transfer or registration fees, duty under the Duties Act 1997 or any other tax, duty, fee or charge imposed by any Act or law of the State.

(2) State tax is not payable by a public sector agency in relation to a relevant matter.

(3) The Treasurer may by order in writing direct that subsection (2) does not apply to a public sector agency either generally or in respect of a particular relevant matter or class of relevant matters.

(4) State tax is not payable by a person or body (other than a public sector agency) in relation to a relevant matter to such extent (if any) as the Treasurer may direct by order in writing, either generally or in a particular case.

(5) The Treasurer may by order in writing limit the application of this section in respect of a particular post-completion arrangement by imposing conditions on the application of this section to the arrangement.

(6) An order may be made by the Treasurer under this section before or after the liability to pay the State tax concerned accrues.

(7) The Treasurer must give a copy of an order under this section to the Chief Commissioner of State Revenue.