Australian Capital Territory Bills Explanatory Statements

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TERRITORY-OWNED CORPORATIONS AMENDMENT BILL 2006

2006

THE LEGISLATIVE ASSEMBLY FOR THE
AUSTRALIAN CAPITAL TERRITORY

TERRITORY-OWNED CORPORATIONS AMENDMENT BILL 2006

EXPLANATORY STATEMENT

Presented by

Mr Jon Stanhope MLA
Treasurer

Territory-owned Corporations Amendment Bill 2006

OUTLINE

The Bill provides for the removal of Rhodium Asset Solutions Limited from Schedule 1 of the Territory-owned Corporations Act 1990.

The objective of the Bill is to remove Rhodium Asset Solutions Limited from the application of the Territory-owned Corporations Act 1990 in order to facilitate the sale of the shares in the company.

The Bill also contains consequential amendments to the Taxation (Government Business Enterprises) Regulation 2003.

Financial Implications

The Bill itself does not contain any significant financial implications. However, the Territory will receive certain financial benefits from the subsequent sale of the shares.

Details of the Bill

Section 1 Name of Act
States the name of the Act.

Section 2 Commencement

Sets the date of commencement of the Act on a date to be fixed by the Minister. Otherwise the Act will commence 12 months after the date of notification.

Section 3 Legislation amended

States the name of the Act to be amended.

Section 4 Territory-owned corporations Schedule 1, item 3

Deletes Rhodium Asset Solutions Limited from Schedule 1 of the Act to be amended.

Section 5 Taxation(Government Business Enterprises) Regulation 2003, sections 3 and 4

This is a consequential amendment that removes Rhodium Asset Solutions Limited from sections 3 and 4 of the Taxation (Government Business Enterprises) Regulation 2003.

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