ACT Numbered Regulations - Explanatory Statements

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TAXATION (GOVERNMENT BUSINESS ENTERPRISES) AMENDMENT REGULATIONS 2004 (NO 1) (NO 1 OF 2004)

2004

THE LEGISLATIVE ASSEMBLY FOR THE
AUSTRALIAN CAPITAL TERRITORY

TAXATION (GOVERNMENT BUSINESS ENTERPRISES) AMENDMENT REGULATIONS 2004 (No 1)

Subordinate Law SL2004 - 1

EXPLANATORY STATEMENT

Circulated by the authority of the Treasurer

TAXATION (GOVERNMENT BUSINESS ENTERPRISES) AMENDMENT REGULATIONS 2004 (No 1)

PURPOSE

The purpose of the Taxation (Government Business Enterprises) Amendment Regulations 2004 (No 1) is to omit ACTEW Investments Pty Limited from Regulations 3 and 4. ACTEW Investments Pty Limited has ceased operations and deregistered from the Australian Securities and Investments Commission.

The Taxation (Government Business Enterprises) Regulations 2003 prescribe those Territory entities which are to be subject to the national tax equivalent regime and those Territory entities which are to be subject to Territory taxes and charges. The Regulations specify that territory entities are to be subject collectively to all ACT Territory taxes rather than rely on specific revenue legislation or the enabling legislation of a particular entity. The regulations thus provide certainty and transparency for determining the liability of Territory entities to be subject to the national tax equivalent regime and/or Territory taxes and charges.

DETAILS OF THE REGULATIONS

Section 1 states the name of the regulations as Taxation (Government Business Enterprises) Amendment Regulations 2004 (No 1).

Section 2 provides that the regulations are to commence on the day after their notification.

Section 3 provides that these regulations amend the Taxation (Government Business Enterprises) Regulations 2003.

Section 4, Regulation 3 omit ACTEW Investments Pty Limited from the list of entities subject to the national tax equivalent regime.

Section 5, Regulation 4 omit ACTEW Investments Pty Limited from the list of entities subject to Territory taxes and charges.