Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .

Legislative Assembly for the ACT: 2004 Week 05 Hansard (Friday, 14 May 2004) . . Page.. 2115 ..

the Territory from being included as expenditure for the purposes of the Treasurer's Advance provisions. This will prevent misinterpretation of section 18, similar to the Housing situation that was the subject of the previous Auditor-General’s criticism, from occurring in the future.

Mr Speaker, this Bill further strengthens the level of accountability to the Legislative Assembly by amending section 18 so as to improve the timeliness for reporting Treasurer’s Advance approvals.

Currently the Act requires the Treasurer to present a copy of the authorisation for the Treasurer’s Advance together with a statement of reasons for the approval to the Legislative Assembly, as soon as practicable after the end of the financial year. The Bill proposes the timeliness be improved by requiring the information to be presented to the Legislative Assembly within 3 sitting days after the Treasurer’s Advance has been authorised.

The Bill also proposes that this information be presented cumulatively and that a summary of total expenditures be tabled within three sitting days after 30 June each year.

Mr Speaker, this is consistent with recommendation 2(e) in the PAC Report. However, the Government amendments propose to table the summary information within three sitting days after 30 June each year as opposed to the PAC’s recommendation of tabling this summary at 30 June each year. This will allow all Treasurer’s Advance authorisations, including those issued on 30 June, to be incorporated in the summary.

In conclusion Mr Speaker, the amendments proposed in this Bill are aimed at clarifying the Treasurer’s Advance provisions within the Act and promoting efficient financial management practices. I trust that Members will support this Bill.

Mr Speaker, I commend this Bill to the Assembly.

Attachment 6

Document incorporated by the Treasurer, Minister for Economic Development, Business and Tourism and Minister for Sport, Racing and Gaming

Mr Speaker, the Revenue Legislation Amendment Bill 2004 (the Bill) is an omnibus Bill. It amends the Taxation Administration Act 1999 (Taxation Administration Act) in relation to a director or former director’s liability for its corporations tax liabilities. It also amends the Payroll Tax Act 1987 (Payroll Tax Act) to introduce joint and several liability provisions for members of a group. Mr Speaker, these provisions will apply to any liability that exists when the Bill commences.

These amendments are a consequence of the Final Report of the Royal Commission into the Building and Construction Industry (the Cole Royal Commission). Mr Speaker, the Cole Royal Commission recommended that all States and Territories adopt provisions similar to NSW where they impose liability on directors or former directors, and group members, to help reduce fraudulent conduct and the evasion of taxation responsibilities. While the Cole Royal Commission only dealt with the building and construction industry, the NSW provisions it recommends relate equally to all corporations regardless of their industry.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .