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Legislative Assembly for the ACT: 1997 Week 6 Hansard (19 June) . . Page.. 1912 ..

Mr Speaker, an ACT tax equivalent regime was needed to apply the principles of the Income and the Sales Tax Assessment Acts, the rulings of the Australian Taxation Commissioner and to establish a framework for interpreting the application of Commonwealth tax legislation to ACT government businesses.

The Territory Owned Corporations Act, as introduced in 1990, requires government owned corporations such as ACTEW and Totalcare Industries to pay tax equivalents. However the Act does not provide adequate guidelines as to how such tax is to be assessed and paid. This Bill addresses these deficiencies by introducing provisions that deal with issues such as the provision of separate income tax and sales tax equivalents, the timing of payments, the issue of amended assessments, penalties and objection and appeal rights.

Mr Speaker, the Bill also incorporates Treasurer's Instructions which have been developed in

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