Australian Capital Territory
City Renewal Authority and Suburban Land Agency (City Renewal Authority Payment of Funds to Territory) Direction 2018 (No 2)
Notifiable instrument NI2018–396
made under the  
City Renewal Authority and Suburban Land Agency Act 2017, S 26, (Authority payment of funds to Territory) 

1	Name of instrument
This instrument is the City Renewal Authority and Suburban Land Agency (City Renewal Authority Payment of Funds to Territory) Direction 2018 (No 2). 
2	Commencement 
This instrument commences on the day after its notification day.
3	Revocation 
	I revoke instrument NI2018-354 City Renewal Authority and Suburban Land Agency (City Renewal Authority Payment of Funds to Territory) Direction 2018.
4	City Renewal Authority – Payment of Funds to Territory
	I direct the Authority set out in the schedule to make payments of funds to the Territory for the financial year 2017-18. 

Andrew Barr 
Treasurer
24 July 2018

SCHEDULE

City Renewal Authority – Payment of Funds to the Territory

Dividend Policy for 2017-18 

1.	Application
a.	This direction applies to the City Renewal Authority to pay funds to the Territory for the financial year 2017-18.

2.	Payment amount
a.	The City Renewal Authority is to pay to the Territory a dividend of 100 per cent of its net profit after tax (dividend payout ratio).
b.	This amount excludes gifted assets.

3.	Payment amount – lower dividend payout ratio
a.	The Treasurer will consider a lower dividend payout ratio if the Authority Board provides a written request for the proposed lower dividend payout for the 2017-18 financial year. 
b.	In considering the written justification, the Treasurer must have regard to s 26(3) of the City Renewal Authority and Suburban Land Agency Act 2017 (ACT).
c.	The Treasurer will provide notification to the Authority Board if approval is given to lower the dividend payout ratio for the 2017-18 financial year.
d.	In the event of the Treasurer’s approval, the dividend payout ratio of 100 percent in item 2 of this schedule will be modified by the lower dividend payout ratio as approved by the Treasurer. 

4.	Dividend payment 
a.	Payment of the dividend occurs in two instalments:
i.	The first instalment, comprising of 80 per cent of the estimated outcome for the financial year 2017-18 is payable by 31 July 2018; and
ii.	The second instalment of the balance of the actual net profit after tax for that year is due by 31 October 2018, following the completion of the financial statements. 
b.	The Treasurer may approve the payment of the dividend to occur on terms other than the above, on the condition that the Authority Board provide a written request for the proposed alternative payment.