Attachment D
2014                                                                  

THE LEGISLATIVE ASSEMBLY FOR 
THE AUSTRALIAN CAPITAL TERRITORY

TERRITORY-OWNED CORPORATIONS AMENDMENT BILL 
2014

EXPLANATORY STATEMENT

Presented by
Mr Andrew Barr MLA
Treasurer
March 2014

Territory-owned Corporations Amendment Bill 2014

OUTLINE
The Bill provides for the removal of ACTTAB Limited from Schedule 1 and the complete removal of Schedule 5 of the Territory-owned Corporations Act 1990.
The objective of the Bill is to exclude ACTTAB Limited from the application of the Territory‑owned Corporations Act 1990 in order to facilitate the sale of 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 ACTTAB Limited.

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. 

Section 3	Legislation amended
		States the name of the Act to be amended.

Section 4	Application of Act
		Removes the application of the Act to ACTTAB. 

Section 5	Territory-owned corporations Schedule 1, item 2
		Deletes ACTTAB Limited from Schedule 1 of the Act.
		
Section 6	Modifications in relation to ACTTAB Limited Schedule 5
Deletes Schedule 5 of the Act

Section 7	Taxation (Government Business Enterprises) Regulation 2003, sections 3 and 4 
	This is a consequential amendment that removes ACTTAB Limited from sections 3 and 4 of the Taxation (Government Business Enterprises) Regulation 2003.