Commonwealth Numbered Acts

AUSTRALIAN SHIPPING COMMISSION ACT 1974 No. 83 of 1974 - SECT 19

19. Sections 34, 35 and 36 of the Principal Act are repealed and the following
sections substituted:- Proper accounts to be kept.

"34. The Commission shall cause to be kept proper accounts and records of the
transactions and affairs of the Commission in accordance with the accounting
principles generally applied in commercial practice and shall do all things
necessary to ensure that all payments out of its moneys are correctly made and
properly authorized and that adequate control is maintained over the assets
of, or in the custody of, the Commission and over the incurring of liabilities
by the Commission. Audit.

"35. (1) The Auditor-General shall inspect and audit the accounts and records
of financial transactions of the Commission and records relating to assets of,
or in the custody of, the Commission and shall forthwith draw the attention of
the Minister to any irregularity disclosed by the inspection and audit that
is, in the opinion of the Auditor-General, of sufficient importance to justify
his so doing.



"(2) The Auditor-General may, at his discretion, dispense with all or any part
of the detailed inspection and audit of any accounts or records referred to in
sub-section (1).



"(3) The Auditor-General shall, at least once in each financial year, report
to the Minister the results of the inspection and audit carried out under
sub-section (1).



"(4) The Auditor-General or a person authorized by him is entitled at all
reasonable times to full and free access to all accounts, records, documents
and papers of the Commission relating directly or indirectly to the receipt or
payment of moneys by the Commission or to the acquisition, receipt, custody or
disposal of assets by the Commission.



"(5) The Auditor-General or a person authorized by him may make copies of, or
take extracts from, any such accounts, records, documents or papers.



"(6) The Auditor-General or a person authorized by him may require any person
to furnish him with such information in the possession of the person or to
which the person has access as the Auditor-General or authorized person
considers necessary for the purposes of the functions of the Auditor-General
under this Act, and the person shall comply with the requirement.



"(7) A person who contravenes sub-section (6) is guilty of an offence
punishable, upon conviction, by a fine not exceeding $200. Taxation.

"36. (1) The Commission is subject to taxation under the laws of Australia.



"(2) Subject to sub-section (3), the Commission is not subject to taxation
under any law of a State or Territory, other than Papua New Guinea.



"(3) The regulations may provide that sub-section (2) does not apply in
relation to taxation under a specified law of a State or Territory.



"(4) The Commission is not a public authority for the purposes of paragraph
(d) of section 23 of the Income Tax Assessment Act 1936-1974.



"(5) The Commission is not a public transport authority for the purposes of
item 77 in the First Schedule to the Sales Tax (Exemptions and
Classifications) Act 1935-1973.".