Document ID: chunk:federal_register_of_legislation:C2024C00824:section:63a
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 63A
Character Range: 79614–80530

63A  Tax‑equivalent payments
 (1) EFIC must pay to the Commonwealth a tax‑equivalent payment in respect of each financial year.
 (2) The amount of the tax‑equivalent payment to be made in respect of a financial year is to be determined in writing by the Minister, having regard to the purpose of ensuring that EFIC does not enjoy a net competitive advantage, because of the operation of section 63, over other persons or bodies who provide insurance or financial services or products that EFIC may provide.
 (3) The amount determined under subsection (2) in respect of a financial year must not be greater than the amount, or the sum of the amounts, of tax that EFIC would, but for section 63, have been liable to pay in respect of that year.
 (4) EFIC must pay to the Commonwealth the amount determined under subsection (2) in respect of a financial year in accordance with the written directions of the Minister.