Page 1342 - Week 04 - Thursday, 8 May 2014
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The remainder of TAMS’ survey respondents are randomly selected by the survey company from the White Pages.
(5) a) No.
b) No.
Motor vehicles—compensation funds
(Question No 260)
Mr Smyth asked the Treasurer, upon notice, on 20 March 2014:
(1) Does the Territory require motor vehicle dealers and repairers to contribute to compensation funds.
(2) What are the formal names of these funds.
(3) Where are these funds noted in the Budget Papers.
(4) Who administers these funds.
(5) Where are the funds kept.
(6) What is the value of these funds.
(7) Have there been any claims against these funds; if so, can the Minister list all claims since the establishment of these funds.
(8) Have there been any name changes to these funds.
Mr Corbell: The answer to the member’s question is as follows:
(1) The Territory requires motor vehicle dealers to contribute to a compensation fund under subsection 91(2) of the Sale of Motor Vehicles Act 1977. The Fair Trading (Motor Vehicle Repair Industry) Act 2010 does not require licensed motor vehicle repairers to contribute to a compensation fund in the Territory.
(2) The formal name of this fund is the Motor Vehicle Dealers Compensation Fund and the contribution is $477.00 for each 12 months per place of business (apportioned on a monthly or part thereof basis if less than twelve months), with a minimum fee of $61.00 (GST is not applicable).
(3) The Motor Vehicle Dealers Compensation Fund was created by Part 9 of the Sale of Motor Vehicles Act 1977. The trust fund is managed by the Justice and Community Safety Directorate (JACS) and these funds are not part of the Budget process.
(4) The Fund is administered by the Office of Regulatory Services.
(5) The majority of the Motor Vehicle Dealers Compensation Fund is invested with Public Trustee ACT and a small cash component is held with Westpac Banking Corporation - the whole of government banking services provider.
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