Government Business Enterprises Act 1995 (Tas)

Government Business Enterprises Act 1995

An Act to make provision in respect of the establishment, commercial operation and accountability of Government Business Enterprises, the relationship between Government Business Enterprises and the Government and the payment of financial returns to the State by Government Business Enterprises and for related purposes [Royal Assent 1 September 1995]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - Preliminary

1. Short title This Act may be cited as the Government Business Enterprises Act 1995 .

2. Commencement This Act – (a) commences on 1 July 1995 if it receives the Royal Assent on or before that day; or (b) is taken to have commenced on 1 July 1995 if it receives the Royal Assent after that day.

3. Interpretation (1) In this Act, unless the contrary intention appears – accounting records includes – (a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry; and (b) such working papers and other documents as are necessary to explain the methods and calculations by which a Government Business Enterprise's financial statements are made up; Agency has the same meaning as in the State Service Act 2000 ; amend includes – (a) omit matter; and (b) insert or add matter; and (c) omit matter and substitute other matter; annual report means an annual report prepared under section 55 ; associated entity has the meaning given by section 3A ; audit committee means the audit committee established under section 16 (1) (a) ; Australian Accounting Standards means Statements of Accounting Standards issued jointly by the National Councils of the Australian Society of Certified Practising Accountants and The Institute of Chartered Accountants in Australia or their successors; beneficial interest includes a potential interest in property subject to a discretionary trust; Board means – (a) the Board of Directors of a Government Business Enterprise specified in Part 1 of Schedule 1 appointed under section 11 (2) ; or (b) the Board of Directors, within the meaning of section 11 (5) , of a Government Business Enterprise specified in Part 2 of Schedule 1 ; borrowing means any borrowing, loan, temporary accommodation, advance or other form of raising funds in relation to which the principal is repayable; chairperson means – (a) the chairperson of a Board of a Government Business Enterprise specified in Part 1 of Schedule 1 appointed under section 11 (2) ; or (b) the person appointed or otherwise established by or under the Portfolio Act as, or to act in the office of, chairperson of a Board of a Government Business Enterprise specified in Part 2 of Schedule 1 ; charge includes tariff, fee and premium; chief executive officer means the chief executive officer of a Government Business Enterprise appointed under section 18 (2) or as specified in section 18 (7) ; committee means the audit committee or another committee established under section 16 ; Commonwealth Tax Act means the Income Tax Assessment Act 1936 of the Commonwealth together with the Income Tax Assessment Act 1997 of the Commonwealth and any other enactments of the Commonwealth relating to income tax; community service obligation has the same meaning as in Part 9 ; comply with includes does not contravene; contract includes an agreement, arrangement, loan or other transaction; contravene includes fail to comply with; conversion day means – (a) in the case of a statutory authority specified in Schedule 1 as in force on 1 July 1995, that day; or (b) in any other case, the day on which a State service authority or independent employing authority becomes a Government Business Enterprise; corporate plan means the corporate plan approved under section 39 ; costing basis means the basis for determining the costs or estimated costs of community service obligations agreed under section 62 ; debenture has the same meaning as in the Corporations Act; director means – (a) the chairperson; and (b) in the case of a Government Business Enterprise specified in Part 1 of Schedule 1 , a person appointed as a director (other than as chairperson) under section 11 (2) ; and (c) in the case of a Government Business Enterprise specified in Part 2 of Schedule 1 , a person appointed or otherwise established by or under the Portfolio Act as, or to act in the office of, a member of the Government Business Enterprise or its governing authority (other than as chairperson); dividend means – (a) a dividend specified in a recommendation approved under section 84 (1) (a) ; or (b) a dividend which a Government Business Enterprise is directed to pay under section 84 (1) (c) ; or (c) a dividend specified in a notice referred to in section 84 (4) ; employee means a person – (a) employed by a Government Business Enterprise under section 21 (1) ; or (b) appointed or employed for the purposes of a Government Business Enterprise, as specified in section 21 (3) ; enactment means an Act, order or other instrument of a legislative character; financial accommodation means– (a) a loan; or (b) issuing, endorsing or otherwise dealing in promissory notes; or (c) drawing, accepting, endorsing or otherwise dealing in bills of exchange; or (d) issuing, purchasing or otherwise dealing in securities; or (e) granting or taking a lease for financing but not for operating purposes; or (f) any other transaction or arrangement that the Treasurer's Instructions specify to be financial accommodation for the purposes of this Act; financial arrangement means any one or more of the following when entered into and performed in accordance with the Treasurer's Instructions: (a) a currency swap; (b) an interest rate swap; (c) a forward exchange rate agreement; (d) a forward interest rate agreement; (e) a futures contract, or futures option, within the meaning of the Corporations Act; (f) a currency option; (g) an interest rate option; (h) any other transaction or arrangement that the Treasurer's Instructions specify to be a financial arrangement for the purposes of this Act; financial statements means – (a) the financial statements prepared in respect of a Government Business Enterprise under section 52 ; and (b) the consolidated financial statements prepared in respect of a Government Business Enterprise and all of its subsidiaries under that section; financial year, in relation to a Government Business Enterprise or its subsidiary, means – (a) if the Portfolio Act or another Act specifies a period of 12 months in respect of which the Government Business Enterprise or subsidiary is required to maintain financial records, that period; or (b) if such a period is not specified by the Portfolio Act or another Act and the Treasurer approves a period of 12 months in respect of which the Government Business Enterprise or subsidiary is required to maintain financial records, that period; or (c) in every other case, a period of 12 months ending on 30 June in any year; function includes duty; Government Business Enterprise means a statutory authority specified in Schedule 1 ; Government department means an organ of the executive government of Tasmania including, in particular, a Government department within the meaning of the State Service Act 2000 ; guarantee fee means the fee payable under section 78 ; income tax equivalent means the income tax equivalent a Government Business Enterprise or subsidiary is liable to pay under section 68 ; indemnify includes indemnify indirectly through one or more interposed entities; independent employing authority means a statutory authority that – (a) is to become a Government Business Enterprise on the conversion day; and (b) immediately before that day, has the power to employ as members of its staff persons who are not State service employees; initial chief executive officer means a person who becomes a chief executive officer on the conversion day under section 91 ; initial director means a person who becomes a director on the conversion day under section 92 ; initial employee means a person who – (a) is taken to have been employed under section 21 (1) by a Government Business Enterprise by the operation of section 90 (1) ; or (b) is taken to have been employed pursuant to section 21 (3) by the operation of section 90 (2) ; interim dividend means – (a) an interim dividend specified in a recommendation approved under section 85 (3) (a) ; or (b) an interim dividend which a Government Business Enterprise is directed to pay under section 85 (3) (c) ; or (c) an interim dividend specified in a notice referred to in section 85 (6) ; interim report means – (a) a quarterly report under section 57 ; and (b) information provided to a Minister under section 58 ; investigator means a person authorised under section 102 (1) or (2) to undertake an investigation of a Government Business Enterprise or subsidiary; lease means – (a) any lease, licence, charter or hiring arrangement of any real or personal property; or (b) any arrangement under which a right to use, operate, manage or provide services in respect of any real or personal property is granted by the owner to another person; loss means the loss or deficit shown in the financial statements in respect of a financial year after – (a) any extraordinary items have been taken into account; and (b) provision has been made for any income tax equivalent payable; main undertaking means an undertaking or asset specified in a corporate plan to be a main undertaking; material personal interest has the meaning given by section 3B ; ministerial charter means the charter provided to a Government Business Enterprise under section 36 ; money includes negotiable instruments or securities of any kind for the payment of money; officer means – (a) a director; and (b) a chief executive officer; and (c) a person who is concerned with, or takes part in, the management of a Government Business Enterprise; partner means the person with whom a person is in a personal relationship, within the meaning of the Relationships Act 2003 ; pay includes pay indirectly through one or more interposed persons; Portfolio Act, in relation to a Government Business Enterprise, means the enactment by or under which that Government Business Enterprise is established together with any other enactment, other than this Act, which is expressed as being required to be incorporated and read as one with that enactment; Portfolio Minister means – (a) in relation to a Government Business Enterprise constituted by or under an enactment or part of an enactment, the Minister to whom the administration of that enactment or part is assigned; and (b) in relation to a Government Business Enterprise not constituted by or under an enactment, the Minister to whom the administration of the Government Business Enterprise is assigned; prescribed interest has the same meaning as in the Corporations Law ; prescribed rate means the rate determined from time to time by the Treasurer; regulations means regulations made and in force under this Act; relative means – (a) the spouse or partner of a person; and (b) the parent or remoter linear ancestor of a person; and (c) the child or remoter issue of a person; and (d) the brother or sister of a person; ruling means – (a) a ruling made by the Treasurer in the exercise of his or her powers obtained by the application of section 67 (2) or (3) ; and (b) a ruling made by the Treasurer under section 71 ; security includes inscribed stock, bonds, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property or not; sinking fund advances means loans and advances – (a) that were made before 1 May 1995 by the Treasurer to a State service authority or independent employing authority; and (b) in respect of which sinking fund contributions were payable to the National Debt Commission as in existence before that day; special dividend means a special dividend a Government Business Enterprise is directed to pay under section 86 ; State charge means any rate, tax, duty or other impost imposed by or under any enactment of the State; State service authority means a statutory authority that – (a) is to become a Government Business Enterprise on the conversion day; and (b) immediately before that day, has as members of its staff persons who are State service employees; statement of corporate intent has the meaning given by section 41 ; statutory authority means an incorporated or unincorporated body which is established, constituted or continued by or under an Act or under the royal prerogative, being a body which, or of which the governing authority, wholly or partly comprises a person or persons appointed by the Governor, a Minister of the Crown or another statutory authority, including a Government Business Enterprise; subsidiary has the meaning given by section 4 ; Treasurer's Instructions means instructions issued under section 114 . (2) The Treasurer may, by notice published in the Gazette, determine the prescribed rate for the purposes of this Act. (3) Subject to this Act, any request, direction, declaration, determination, approval, requirement, information, recommendation, deferral, waiver, notice, notification, advice, application, agreement, amendment, revocation or substitution made, given or done under this Act is to be made, given or done in writing.