Legislative Assembly for the ACT: 2014 Week 2 Hansard (20 March) . . Page.. 612..
implementation of a fairer, simpler and more efficient tax system. These measures are fair to local businesses but will still protect the territory's revenue base during the abolition of conveyance duty.
The provisions in this bill allow longstanding businesses to thrive in the territory, while still providing a comprehensive anti-avoidance mechanism to capture leases that are in fact de facto transfers of commercial property. I commend the Duties (Commercial Leases) Amendment Bill 2014 to the Assembly.
Debate (on motion by Mr Smyth) adjourned to the next sitting.
Territory-owned Corporations Amendment Bill 2014
Mr Barr, pursuant to notice, presented the bill, its explanatory statement and a Human Rights Act compatibility statement.
Title read by Clerk.
MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Sport and Recreation, Minister for Tourism and Events and Minister for Community Services) (11.38): I move:
That this bill be agreed to in principle.
Today I am tabling the Territory-owned Corporations Amendment Bill 2014 that provides for ACTTAB Ltd to be excluded from the application of the Territory-owned Corporations Act 1990, commonly referred to as the TOC Act. This bill will enable ACTTAB to be sold as previously agreed by a resolution passed in this Assembly on 28 November 2013.
The proposed amendments are relatively straightforward. The consequence of these changes is simply to either remove any references to ACTTAB in the TOC Act or certain provisions that specifically relate to ACTTAB. The bill also allows the Treasurer to notify the effective date. Until then, the TOC Act will continue to apply to ACTTAB.
The commencement date for the legislative changes will depend on the nature of the sale transaction. In the event that there is to be an exchange of shares, then the commencement date will be determined upon completion of the sale agreement. On the other hand, if there is an exchange of assets, then the commencement date will be determined when the company is in a position to be wound up. The timing for this to occur will depend upon resolving any residual assets and liabilities still belonging to ACTTAB. Additionally, the bill provides for consequential amendments to the Taxation (Government Business Enterprises) Regulations 2003 which ensure that ACTTAB is no longer subject to this particular legislation as it ceases to be a government business enterprise.
An open call for expressions of interests in purchasing ACTTAB was recently advertised in the Financial Review and the Weekend Australian. The short-listing of
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