Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (74 of 2007)

Schedule 1   Amendments

Part 2   CAMAC

Australian Securities and Investments Commission Act 2001

46   Sections 159 to 168

Repeal the sections, substitute:

Division 3 - Liability to taxation

159 Liability to taxation

(1) CAMAC is not subject to taxation under the laws of the Commonwealth or of a State or Territory.

(2) The regulations may provide that subsection (1) does not apply in relation to a specified law.

Note: Despite subsection (1), CAMAC may be subject to taxation under certain laws. See, for example, section 177-5 of the A New Tax System (Goods and Services Tax) Act 1999.

Division 4 - Reporting requirements

162 Annual report

Annual report to be given to Minister

(1) The Convenor must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on CAMAC’s operations during that financial year.

Note: Section 34C of the Acts Interpretation Act 1901 contains provisions relating to annual reports.

Contents of annual report

(2) A report under subsection (1) must include the following:

(a) the financial statements required by section 49 of the Financial Management and Accountability Act 1997; and

(b) an audit report on those statements under section 57 of the Financial Management and Accountability Act 1997.

Annual report to be tabled in Parliament

(3) The Minister must cause a copy of each annual report to be tabled in each House within 15 sitting days of that House after the day on which the Minister receives the report.