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New South Wales
State Revenue and Other Legislation
Amendment (Budget) Bill 2008
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Acts 2
4 Repeal of Act 2
Schedule 1 Amendment of Duties Act 1997 No 123 3
Schedule 2 Amendment of Payroll Tax Act 2007 No 21 7
Schedule 3 Amendment of Public Finance and Audit Act 1983 No 152 15
Schedule 4 Amendment of Public Sector Employment and
Management Act 2002 No 43 22
b08-051-40.d14
New South Wales
State Revenue and Other Legislation
Amendment (Budget) Bill 2008
No , 2008
A Bill for
An Act to make miscellaneous amendments to State revenue and other legislation in
connection with the Budget for the year 2008-2009.
Clause 1 State Revenue and Other Legislation Amendment (Budget) Bill 2008
The Legislature of New South Wales enacts: 1
1 Name of Act 2
This Act is the State Revenue and Other Legislation Amendment 3
(Budget) Act 2008. 4
2 Commencement 5
(1) This Act commences on the date of assent to this Act, except as 6
provided by subsection (2). 7
(2) The following provisions commence, or are taken to have commenced, 8
on the dates indicated: 9
(a) Schedule 1 [7] and [8] and Schedule 2--1 July 2008, 10
(b) Schedule 3--3 June 2008. 11
3 Amendment of Acts 12
The Acts specified in Schedules 1-4 are amended as set out in those 13
Schedules. 14
4 Repeal of Act 15
(1) This Act is repealed on the day following the day on which all of the 16
provisions of this Act have commenced. 17
(2) The repeal of this Act does not, because of the operation of section 30 18
of the Interpretation Act 1987, affect any amendment made by this Act. 19
Page 2
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Duties Act 1997 No 123 Schedule 1
Schedule 1 Amendment of Duties Act 1997 No 123 1
(Section 3) 2
[1] Section 11 What is "dutiable property"? 3
Omit "1 July 2012" from the note at the end of the section. 4
Insert instead "1 January 2011". 5
[2] Sections 26, 26A and 28 6
Omit "1 July 2012" wherever occurring. Insert instead "1 January 2011". 7
[3] Section 34 Abolition of duty on all transfers of marketable securities and 8
commercial fishery shares--effective 1 January 2009 9
Insert "and commercial fishery shares" after "marketable securities" in section 10
34 (1). 11
[4] Section 34 (2) 12
Insert "or commercial fishery shares" after "marketable securities". 13
[5] Section 34 (3) 14
Insert after section 34 (2): 15
(3) In this section: 16
commercial fishery share means a share in a share management 17
fishery (within the meaning of the Fisheries Management Act 18
1994). 19
[6] Sections 35, 36 and 37 and notes to section 65 (6) and (7) 20
Omit "1 July 2012" wherever occurring. Insert instead "1 January 2011". 21
[7] Section 66 Exemptions--marketable securities 22
Insert after section 66 (10): 23
(11) "Top hatting" arrangements 24
No duty is chargeable under this Chapter on a transfer, or an 25
agreement for the sale or transfer, of marketable securities, or a 26
vesting of marketable securities by or as a consequence of an 27
order of a court, if the Chief Commissioner is satisfied that the 28
transfer or vesting is made to give effect to a scheme that would 29
qualify as a roll-over under Subdivision 124-Q of the Income Tax 30
Assessment Act 1997 of the Commonwealth. 31
Page 3
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 1 Amendment of Duties Act 1997 No 123
[8] Section 163ZEA 1
Insert after section 163ZE: 2
163ZEA Exemption for "top hatting" arrangements 3
(1) An acquisition by a person of an interest in a landholder is an 4
exempt transaction if the Chief Commissioner is satisfied that: 5
(a) the acquisition is made for the purpose of giving effect to 6
a scheme that would qualify as a roll-over under 7
Subdivision 124-Q of the Income Tax Assessment Act 1997 8
of the Commonwealth, and 9
(b) when the scheme is completed, the interposed trust will be 10
a listed trust, widely held trust or a land rich landholder, 11
and 12
(c) the acquisition is not part of a scheme a purpose of which 13
is to minimise duty otherwise payable under this Act. 14
Note. A roll-over involves a scheme for interposing a unit trust scheme 15
(whether a new or existing unit trust scheme) between persons who 16
have an ownership interest in 2 or more unit trust schemes, or in one or 17
more companies and one or more unit trust schemes, and the unit trust 18
schemes or companies in which they have an ownership interest. The 19
interests of the unit holders or shareholders are stapled together to form 20
stapled securities and the interposed unit trust becomes the owner of all 21
the stapled interests. 22
(2) An acquisition by a person for the purposes of a scheme referred 23
to in Subdivision 124-Q of the Income Tax Assessment Act 1997 24
of the Commonwealth ceases to be an exempt transaction if: 25
(a) the interposed trust is not a listed trust, widely held trust or 26
land rich landholder when the scheme is completed, or 27
(b) the interposed trust ceases to be a listed trust, widely held 28
trust or a land rich landholder at any time within 12 months 29
after the scheme is completed. 30
(3) If an acquisition ceases to be an exempt transaction: 31
(a) duty is chargeable under this Chapter in respect of the 32
acquisition as if the acquisition had never been an exempt 33
acquisition, and 34
(b) the person who made the acquisition must lodge an 35
acquisition statement (within the meaning of section 36
163H) or a revised acquisition statement with the Chief 37
Commissioner to reflect the fact that the acquisition has 38
ceased to be an exempt transaction, and 39
Page 4
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Duties Act 1997 No 123 Schedule 1
(c) a tax default does not occur for the purposes of the 1
Taxation Administration Act 1996 if the duty (if any) 2
chargeable under this Chapter as a result of the acquisition 3
ceasing to be an exempt transaction is paid within 4
3 months after the acquisition ceases to be an exempt 5
transaction. 6
(4) In this section: 7
interposed trust, in relation to a scheme, has the same meaning 8
as it has in section 124-1045 of the Income Tax Assessment Act 9
1997 of the Commonwealth. 10
[9] Section 274 Transfer of certain business property between family 11
members 12
Omit "statutory licences and permissions is abolished on 1 July 2012" from 13
the note to section 274 (2). 14
Insert instead "shares in a share management fishery is abolished on 1 January 15
2009". 16
[10] Schedule 1 Savings, transitional and other provisions 17
Insert at the end of clause 1 (1): 18
State Revenue and Other Legislation Amendment (Budget) Act 19
2008 20
[11] Schedule 1 21
Insert at the end of Schedule 1 (with appropriate Part and clause numbering): 22
Part Provisions consequent on enactment of 23
State Revenue and Other Legislation 24
Amendment (Budget) Act 2008 25
Application of "top hatting" exemptions 26
(1) The amendment made to section 66 by the State Revenue and 27
Other Legislation Amendment (Budget) Act 2008 applies in 28
respect of the following: 29
(a) an agreement for the sale or transfer of marketable 30
securities first executed on or after 1 July 2008, 31
(b) a transfer of marketable securities that occurs on or after 32
1 July 2008 (except where made in conformity with an 33
agreement for sale or transfer entered into before 1 July 34
2008), 35
Page 5
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 1 Amendment of Duties Act 1997 No 123
(c) the vesting of marketable securities by or as a consequence 1
of an order of a court, if the order is made on or after 1 July 2
2008. 3
(2) Section 163ZEA, as inserted by the State Revenue and Other 4
Legislation Amendment (Budget) Act 2008, applies in respect of 5
an acquisition made on or after 1 July 2008. 6
Page 6
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Payroll Tax Act 2007 No 21 Schedule 2
Schedule 2 Amendment of Payroll Tax Act 2007 1
No 21 2
(Section 3) 3
[1] Section 86 Registration 4
Omit section 86 (1). Insert instead: 5
(1) An employer who is not already registered must apply for 6
registration as an employer under this Act if: 7
(a) during a month in a financial year the employer pays or is 8
liable to pay, anywhere, wages of more than the weekly 9
threshold amount per week that are wholly or partly 10
taxable wages, or 11
(b) the employer is a member of a group the members of 12
which together during a month in a financial year pay or 13
are liable to pay, anywhere, wages of more than the weekly 14
threshold amount per week that are wholly or partly 15
taxable wages, 16
with the weekly threshold amount calculated in accordance with 17
the following formula (disregarding any amount in cents): 18
TA
------- × 7
-
N
where: 19
N is the number of days in the financial year. 20
TA is the threshold amount for the financial year as provided by 21
Schedule 1. 22
[2] Schedule 1 Calculation of payroll tax liability for financial year 23
commencing 1 July 2007 and subsequent financial years 24
Omit the definition of R in clause 1. Insert instead: 25
R is: 26
(a) 6% until 1 January 2009, and 27
(b) 5.75% on and from 1 January 2009 until the end of 28
31 December 2009, and 29
(c) 5.65% on and from 1 January 2010 until the end of 30
31 December 2010, and 31
(d) 5.5% on and from 1 January 2011. 32
Page 7
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 2 Amendment of Payroll Tax Act 2007 No 21
[3] Schedule 1, clause 1 1
Omit the definition of TA or threshold amount. Insert instead: 2
TA or threshold amount is: 3
(a) $600,000 for a financial year before the financial year 4
commencing on 1 July 2008, or 5
(b) for the financial year commencing on 1 July 2008 and 6
subsequent financial years--the threshold amount for that 7
financial year determined in accordance with clause 1A. 8
[4] Schedule 1, clause 1A 9
Insert after clause 1: 10
1A Indexation of threshold amount commencing in 2008 11
(1) This clause applies to the determination of the threshold amount 12
for the financial year commencing on 1 July 2008 and subsequent 13
financial years. 14
(2) The threshold amount for a financial year is to be determined by 15
multiplying $600,000 by A / B , where: 16
A is the Sydney CPI number for March in the financial year 17
before the financial year for which the threshold amount is to be 18
determined, and 19
B is the Sydney CPI number for March 2006, and 20
A/B is calculated to 3 decimal places. 21
(3) If the threshold amount for a financial year determined in 22
accordance with subclause (2) would be an amount that is less 23
than the threshold amount for the previous financial year, the 24
threshold amount for the financial year is to be determined to be 25
the same as the threshold amount for that previous financial year. 26
(4) If the threshold amount determined under this clause for a 27
financial year is not a multiple of $1,000, the amount is to be 28
rounded to the nearest $1,000 (with an amount of $500 to be 29
rounded down). 30
(5) The Chief Commissioner is to publish a notice in the Gazette 31
before the start of each financial year (starting with the financial 32
year commencing on 1 July 2009) specifying the threshold 33
amount determined under this clause for the financial year. 34
Note. The threshold amount for the 2008 financial year determined 35
under this clause is $623,000. 36
Page 8
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Payroll Tax Act 2007 No 21 Schedule 2
(6) In this clause: 1
Sydney CPI number means the Consumer Price Index (All 2
Groups Index) for Sydney issued by the Australian Statistician. 3
[5] Schedule 2 NSW specific provisions 4
Insert after clause 3: 5
3A Special provision for financial years 2008-2010 6
For payroll tax payable in relation to a financial year 7
commencing on 1 July 2008, 2009 or 2010: 8
(a) the amount of payroll tax that an employer is required to 9
pay is to be ascertained in accordance with Schedule 2A 10
rather than Schedule 1, and 11
(b) clauses 2 and 3 do not apply to the calculation of that 12
payroll tax, and 13
(c) a reference in section 82 (Determination of correct amount 14
of payroll tax) to Schedule 1 is to be read as a reference to 15
Schedule 2A. 16
[6] Schedule 2A 17
Insert after Schedule 2: 18
Schedule 2A Special provisions for financial 19
years 2008-2010 20
(Schedule 2, clause 3A) 21
Part 1 Introduction 22
1 Application of Schedule 23
This Schedule applies for the purpose of ascertaining the payroll 24
tax payable by an employer in relation to a financial year 25
commencing on 1 July 2008, 2009 or 2010. 26
2 Determination of amount of payroll tax 27
(1) The amount that an employer is liable to pay as payroll tax for 28
any period is to be determined in accordance with this Schedule. 29
(2) The amount of payroll tax that an employer is required to pay in 30
relation to a return of wages in respect of a period is the amount 31
determined for that period in accordance with this Schedule. 32
Page 9
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 2 Amendment of Payroll Tax Act 2007 No 21
3 Determination of payroll tax for full financial year 1
The amount that an employer is liable to pay as payroll tax for a 2
financial year is to be determined as the sum of the amount that 3
the employer is liable to pay as payroll tax for the first half of the 4
financial year and the amount that the employer is liable to pay as 5
payroll tax for the second half of the financial year, with those 6
amounts determined in accordance with this Schedule. 7
Note. This method of adding the payroll tax payable for 2 half-years 8
accommodates the change of tax rates that occurs on 1 January of 2009, 9
2010 and 2011 (which is half way through each of the relevant financial 10
years). 11
4 Definitions 12
In this Schedule: 13
annual threshold amount means the threshold amount under 14
Schedule 1 for the financial year of which the relevant period 15
forms part. 16
financial year means a financial year commencing on 1 July 17
2008, 2009 or 2010. 18
half-year means the first or second half of a financial year (with 19
the first half comprising the months July to December and the 20
second half comprising the months January to June). 21
N is the number of days in the relevant period. 22
R has the same value as in Schedule 1 in respect of the relevant 23
period. 24
relevant period means the period to which the calculation of the 25
relevant payroll tax relates. 26
TA or threshold amount for a relevant period is the amount 27
calculated by multiplying the annual threshold amount by 28
N / 365 .
Note. Clauses 9 and 14 provide that when wages for half a financial year 29
are less than the threshold amount for that half-year, the unused portion 30
of that threshold amount is to be allocated to the other half of the 31
financial year. 32
Part 2 Employers who are not members of a 33
group 34
5 Application of Part 35
This Part applies only to an employer who is not a member of a 36
group. 37
Page 10
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Payroll Tax Act 2007 No 21 Schedule 2
6 Definitions 1
In this Part: 2
C is the number of days in the relevant period in respect of which 3
the employer paid or was liable to pay taxable wages or interstate 4
wages (otherwise than as a member of a group). 5
IW represents the total interstate wages paid or payable by the 6
employer concerned (otherwise than as a member of a group) 7
during the relevant period. 8
TW represents the total taxable wages paid or payable by the 9
employer concerned (otherwise than as a member of a group) 10
during the relevant period. 11
7 Payroll of employer not more than threshold 12
An employer is not liable to pay payroll tax for a relevant period 13
if the total taxable wages and interstate wages paid or payable by 14
the employer (otherwise than as a member of a group) during that 15
period is not more than the employer's threshold amount for that 16
period, being the amount calculated in accordance with the 17
following formula: 18
C
TA × ---
-
N
8 Payroll of employer over threshold 19
If the total taxable wages and interstate wages paid or payable by 20
an employer (otherwise than as a member of a group) during the 21
relevant period is more than the employer's threshold amount for 22
that period, the employer is liable to pay as payroll tax for that 23
period the amount of dollars calculated in accordance with the 24
following formula: 25
TW C
TW - ----------------------- × TA × ---
- - ×R
TW + IW N
9 Increase in half-year threshold for threshold credit from other 26
half-year 27
(1) If the total taxable wages and interstate wages paid or payable by 28
an employer during a half-year otherwise than as a member of a 29
group (the half-year total) is less than the threshold amount for 30
that half-year (the half-year TA), the difference between the 31
half-year total and the half-year TA is to be added to the threshold 32
amount for the other half-year of the financial year concerned to 33
arrive at an adjusted TA for that other half-year. 34
Page 11
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 2 Amendment of Payroll Tax Act 2007 No 21
(2) When there is an adjusted TA for the second half of a financial 1
year, the threshold amount for any relevant period in that second 2
half is the amount determined by multiplying the adjusted TA by 3
N / 181 .
(3) When there is an adjusted TA for the first half of a financial year, 4
that adjusted TA is the threshold amount that is to be used to 5
determine the amount that the employer is liable to pay as payroll 6
tax for that first half (as part of the determination of the amount 7
of payroll tax payable for the full financial year) but is not to be 8
used to redetermine the amount of payroll tax for any relevant 9
period that is part of that first half. 10
Part 3 Groups with a designated group employer 11
10 Application of Part 12
This Part applies only to an employer who is a member of a group 13
for which there is a designated group employer. 14
11 Definitions 15
In this Part: 16
C is the number of days in the relevant period in respect of which 17
at least one member of the group paid or was liable to pay (as a 18
member of the group) taxable wages or interstate wages. 19
GIW represents the total interstate wages paid or payable by the 20
group concerned during the relevant period. 21
GTW represents the total taxable wages paid or payable by the 22
group concerned during the relevant period. 23
TW represents the total taxable wages paid or payable by the 24
employer concerned (as a member of the group) during the 25
relevant period. 26
12 Payroll of group not more than threshold 27
None of the members of a group is liable to pay payroll tax for 28
the relevant period if the total taxable wages and interstate wages 29
paid or payable by the group during that period is not more than 30
the group threshold amount for that period, being the amount 31
calculated in accordance with the following formula: 32
C
TA × ---
-
N
Page 12
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Payroll Tax Act 2007 No 21 Schedule 2
13 Payroll of group over threshold 1
(1) If the total taxable wages and interstate wages paid or payable by 2
a group during the relevant period is more than the group 3
threshold amount for that period, payroll tax is payable as 4
provided by subclauses (2) and (3). 5
(2) The designated group employer for the group is liable to pay as 6
payroll tax for the relevant period the amount of dollars 7
calculated in accordance with the following formula: 8
GTW C
TW - -------------------------------- × TA × ---
- - ×R
GTW + GIW N
(3) Each member of the group (other than that designated group 9
employer) is liable to pay as payroll tax for the relevant period the 10
amount of dollars calculated in accordance with the following 11
formula: 12
TW × R
14 Increase in second-half TA for first-half credit 13
(1) If the total taxable wages and interstate wages paid or payable by 14
a group during a half-year (the half-year total) is less than the 15
threshold amount for that half-year (the half-year TA), the 16
difference between the half-year total and the half-year TA is to 17
be added to the threshold amount for the other half-year of the 18
financial year concerned to arrive at an adjusted TA for that other 19
half-year. 20
(2) When there is an adjusted TA for the second half of a financial 21
year, the threshold amount for any relevant period in that second 22
half is the amount determined by multiplying the adjusted TA by 23
N / 181 .
(3) When there is an adjusted TA for the first half of a financial year, 24
that adjusted TA is the threshold amount that is to be used to 25
determine the amount that the employer is liable to pay as payroll 26
tax for that first half (as part of the determination of the amount 27
of payroll tax payable for the full financial year) but is not to be 28
used to redetermine the amount of payroll tax for any relevant 29
period that is part of that first half. 30
Page 13
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 2 Amendment of Payroll Tax Act 2007 No 21
Part 4 Groups with no designated group 1
employer 2
15 Application of Part 3
This Part applies only to an employer who is a member of a group 4
for which there is no designated group employer. 5
16 Definitions 6
In this Part: 7
TW represents the total taxable wages paid or payable by the 8
employer concerned (as a member of the group) during the 9
relevant period. 10
17 Calculation of payroll tax 11
Each member of the group is liable to pay as payroll tax for the 12
relevant period the amount of dollars calculated in accordance 13
with the following formula: 14
TW × R
[7] Schedule 3 Savings, transitional and other provisions 15
Insert at the end of clause 1 (1): 16
State Revenue and Other Legislation Amendment (Budget) Act 17
2008 18
Page 14
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Public Finance and Audit Act 1983 No 152 Schedule 3
Schedule 3 Amendment of Public Finance and Audit 1
Act 1983 No 152 2
(Section 3) 3
[1] Section 4 Definitions 4
Omit the definitions of financial report, general government sector and the 5
Total State Sector Accounts from section 4 (1). 6
Insert the following in alphabetical order: 7
consolidated financial statements means the consolidated 8
financial statements for the State prepared by the Treasurer under 9
section 6 (1). 10
general government sector means New South Wales agencies or 11
activities listed or described as part of the general government 12
sector by the Australian Bureau of Statistics (which are listed or 13
described in accordance with international statistics 14
conventions). 15
general government sector financial statements means the 16
financial statements for the general government sector prepared 17
by the Treasurer under section 6 (1). 18
[2] Section 4 (1) 19
Omit paragraph (a) of the definition of financial year. Insert instead: 20
(a) the consolidated financial statements or the general 21
government sector financial statements, means the period 22
from 1 July to the next following 30 June, 23
[3] Section 6 24
Omit the section. Insert instead: 25
6 Preparation of consolidated financial statements and general 26
government sector financial statements 27
(1) As soon as practicable after the end of each financial year, the 28
Treasurer is to prepare: 29
(a) consolidated financial statements for the State as at 30 30
June in that financial year, being a whole of government 31
financial report for the State prepared in accordance with 32
Australian Accounting Standards, and 33
(b) financial statements for the general government sector as 34
at 30 June in that financial year, being a financial report for 35
the general government sector prepared in accordance with 36
Australian Accounting Standards. 37
Page 15
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 3 Amendment of Public Finance and Audit Act 1983 No 152
(2) The consolidated financial statements and general government 1
sector financial statements may be presented in a single report, in 2
such form or manner as the Treasurer may determine. 3
(3) The Treasurer may combine, include or amalgamate with, or 4
present together with, in such form or manner as the Treasurer 5
may determine, or attach to, the statements required to be 6
prepared under this section such other reports as the Treasurer 7
may determine. 8
(4) On or before 15 September, the Treasurer is to transmit the 9
statements prepared under this section in relation to the preceding 10
financial year to the Auditor-General. 11
[4] Section 8 Monthly statements and half-yearly reviews 12
Omit "GFS" in section 8 (1). Insert instead "general government sector". 13
[5] Section 8 (2) 14
Omit "and the Total State Sector Accounts". 15
Insert instead ", the consolidated financial statements and the general 16
government sector financial statements". 17
[6] Section 8 (3) (a) and (b) 18
Omit "GFS" wherever occurring. 19
[7] Section 9 Treasurer's directions 20
Omit section 9 (2) (g). Insert instead: 21
(g) the preparation of the consolidated financial statements, 22
general government sector financial statements and other 23
financial reports, 24
[8] Section 9 (2) (k) 25
Omit "program". 26
[9] Section 23A Transfers in relation to commitments 27
Omit "Total State Sector Accounts" from section 23A (4). 28
Insert instead "consolidated financial statements". 29
[10] Section 24 Transfer of functions between Departments etc 30
Omit "Total State Sector Accounts" from section 24 (5). 31
Insert instead "consolidated financial statements". 32
Page 16
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Public Finance and Audit Act 1983 No 152 Schedule 3
[11] Section 27A 1
Omit the section. Insert instead: 2
27A Preparation and presentation of Budget Papers 3
(1) The Budget Papers are to be presented on a basis that covers the 4
general government sector. 5
(2) The primary financial statements in the Budget Papers are to be 6
prepared in accordance with Australian Accounting Standards 7
and presented in a format that accords with Australian 8
Accounting Standards. 9
(3) The Treasurer may determine that the standards referred to in 10
subsection (2) should be departed from if the Treasurer is of the 11
opinion that the departure is necessary in a particular case to 12
present an accurate view of the financial position detailed in the 13
Budget Papers. 14
(4) The Treasurer is to prepare a report on any such departure 15
containing details of, and reasons for, the departure and the report 16
is to be tabled in each House of Parliament with the Budget 17
Papers. 18
(5) It is not necessary for the Budget Papers to be presented so as to 19
include notes within the meaning of Australian Accounting 20
Standards. 21
(6) In this section: 22
primary financial statements in the Budget Papers means the 23
financial statements referred to in section 27AA (2) (e). 24
[12] Section 27AA Content of Budget Papers 25
Omit "GFS" from section 27AA (1) and (2) (b), wherever occurring. 26
[13] Section 27AA (2) (c) 27
Omit the paragraph. Insert instead: 28
(c) information about the results and services and total 29
expenses of each service group, 30
[14] Section 27AA (2) (e) 31
Omit section 27AA (2) (e) and (f). Insert instead: 32
(e) the following financial statements: 33
(i) a statement of financial position for the general 34
government sector, 35
Page 17
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 3 Amendment of Public Finance and Audit Act 1983 No 152
(ii) an operating statement for the general government 1
sector, 2
(iii) a cash flow statement for the general government 3
sector. 4
[15] Section 27B The Auditor-General 5
Omit "Total State Sector Accounts" from section 27B (3) (a). 6
Insert instead "consolidated financial statements, the general government 7
sector financial statements". 8
[16] Section 39 Application and interpretation 9
Insert after section 39 (2A): 10
(2B) A reference in this Division to a financial report, in relation to a 11
statutory body, is a reference to the financial report referred to in 12
section 41A. 13
[17] Section 45A Application and interpretation 14
Insert after section 45A (3): 15
(3A) A reference in this Division to a financial report, in relation to a 16
Department, is a reference to the financial report referred to in 17
section 45D. 18
[18] Section 49 19
Omit the section. Insert instead: 20
49 Examination of consolidated financial statements and general 21
government sector financial statements 22
(1) The Auditor-General: 23
(a) is to examine the consolidated financial statements and 24
general government sector financial statements 25
transmitted to the Auditor-General by the Treasurer in 26
accordance with section 6 (4), and 27
(b) is to prepare and sign an opinion, in relation to each of 28
those statements, as to whether the statements are properly 29
drawn up in accordance with this Act. 30
(2) If the consolidated financial statements and general government 31
sector financial statements are presented in a single report, the 32
Auditor-General may prepare and sign a single opinion in 33
relation to that report. 34
Page 18
State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Public Finance and Audit Act 1983 No 152 Schedule 3
(3) On or before 22 October after receiving the consolidated 1
financial statements and general government sector financial 2
statements from the Treasurer, the Auditor-General is to transmit 3
the statements and the opinion or opinions prepared under this 4
section to the Treasurer. 5
(4) Nothing in this section prevents the alteration of the consolidated 6
financial statements or general government sector financial 7
statements, with the approval of the Auditor-General, after being 8
received by the Auditor-General and before being transmitted to 9
the Treasurer. 10
[19] Section 51 11
Omit the section. Insert instead: 12
51 Presentation of financial statements and opinions to Legislative 13
Assembly 14
(1) The Treasurer, not later than 31 October in the year following 15
that to which the consolidated financial statements and general 16
government sector financial statements relate, is to present those 17
statements as audited by the Auditor-General, and the opinion or 18
opinions of the Auditor-General as to those statements, to the 19
Legislative Assembly. 20
(2) If, at the time at which the Treasurer seeks to present the audited 21
statements and Auditor-General's opinion to the Legislative 22
Assembly, the Legislative Assembly is not sitting, the Treasurer 23
is to present the audited statements and opinion to the Clerk of the 24
Legislative Assembly to be dealt with in accordance with section 25
63C. 26
[20] Section 52 Auditor-General's reports 27
Omit "Total State Sector Accounts" from section 52 (1) where firstly 28
occurring. 29
Insert instead "consolidated financial statements and general government 30
sector financial statements". 31
[21] Section 52 (1) 32
Omit "Total State Sector Accounts" where secondly occurring. 33
Insert instead "statements". 34
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State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 3 Amendment of Public Finance and Audit Act 1983 No 152
[22] Section 52 (3) 1
Omit "Total State Sector Accounts". 2
Insert instead "consolidated financial statements, the general government 3
sector financial statements". 4
[23] Section 57 Functions of Committee 5
Omit "Total State Sector Accounts" from section 57 (1) (a) and (c), wherever 6
occurring. 7
Insert instead "consolidated financial statements and general government 8
sector financial statements". 9
[24] Section 63F 10
Omit the section. Insert instead: 11
63F Status of Workers Compensation Insurance Fund 12
The Workers Compensation Insurance Fund established under 13
the Workers Compensation Act 1987 (including the assets and 14
liabilities of that Fund): 15
(a) is not an entity under the control of the New South Wales 16
Government for the purposes of the preparation of the 17
consolidated financial statements under this Act, and 18
(b) is not part of the general government sector for the 19
purposes of this Act or the Fiscal Responsibility Act 2005. 20
[25] Schedule 4 Savings, transitional and other provisions 21
Insert at the end of clause 1 (1): 22
State Revenue and Other Legislation Amendment (Budget) Act 23
2008 24
[26] Schedule 4, Part 6 25
Insert after Part 5: 26
Part 6 Provisions consequent on enactment of 27
State Revenue and Other Legislation 28
Amendment (Budget) Act 2008 29
14 Application of amendments 30
(1) The amendments made to this Act by the State Revenue and 31
Other Legislation Amendment (Budget) Act 2008 apply only in 32
respect of the Budget Papers, consolidated financial statements 33
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State Revenue and Other Legislation Amendment (Budget) Bill 2008
Amendment of Public Finance and Audit Act 1983 No 152 Schedule 3
and general government sector financial statements for the 1
financial year commencing on 1 July 2008 and the following 2
financial years. 3
(2) This Act, as in force immediately before the amendments made 4
by the State Revenue and Other Legislation Amendment (Budget) 5
Act 2008, continues to apply in respect of the Total State Sector 6
Accounts for the financial year commencing 1 July 2007. 7
(3) The amendments made to section 8 of this Act by the State 8
Revenue and Other Legislation Amendment (Budget) Act 2008 do 9
not apply in respect of a monthly statement referred to in that 10
section for a month before July 2008. 11
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State Revenue and Other Legislation Amendment (Budget) Bill 2008
Schedule 4 Amendment of Public Sector Employment and Management Act 2002 No 43
Schedule 4 Amendment of Public Sector 1
Employment and Management Act 2002 2
No 43 3
(Section 3) 4
Section 83 Approval to undertake other paid work 5
Insert "(whether or not that paid work is employment to which this Act 6
applies)" after "employer". 7
Page 22
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