Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (3), EFIC is not subject to taxation under any law of the Commonwealth or of a State or Territory.
(2) The exemption conferred by subsection (1) does not extend to a company, partnership, joint venture or other business association in the formation of which EFIC was involved merely because of that involvement.
(3) The regulations may provide that subsection (1) does not apply in relation to a specified law of the Commonwealth or of a State or Territory or to a specified class of such laws.
(4) If regulations made for the purpose of subsection (3) provide that subsection (1) does not apply in relation to laws of the Commonwealth that impose income tax, EFIC is to be taken not to be a public authority for the purposes of section 50 - 25 of the Income Tax Assessment Act 1997 .