New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 2.2

2.2 Controlled entities

(1) An entity is a
"controlled entity" of another entity or a combination of other entities if--

(a) the entity is--

(i) an entity that is controlled by the other entity or combination of entities (with control being determined in accordance with section 50AA of the Corporations Act 2001 of the Commonwealth), or

(ii) an entity that is controlled by the other entity or combination of entities (with control being determined in accordance with the Australian Accounting Standards), or

(b) the entity is an entity (or an entity of a kind) prescribed by the regulations as a controlled entity.

(2) If the Treasurer considers that it is unclear whether an entity is controlled by another entity or a combination of entities for the purposes of subsection (1) (a) (i) or (ii), the Treasurer may make an interim written determination (an
"interim status determination" ) that the entity is to be treated, or not to be treated, as being a controlled entity of the other entity or combination of entities for the purposes of this Act until regulations are made declaring the entity's status.

(3) An interim status determination--

(a) takes effect on the day it is published on the Treasury's website or any later day specified in the determination, and

(b) ceases to have effect when the earliest of the following occurs--

(i) the expiry of the period of 3 months after the determination takes effect,

(ii) the revocation of the determination,

(iii) a regulation made for the purposes of subsection (6) takes effect declaring the entity's status.

(4) An interim status determination may be revoked by the Treasurer before it ceases to have effect by a further written notice published on the Treasury's website.

(5) An entity to which an interim status determination relates is to be treated, or not to be treated, as being a controlled entity of the other entity or combination of entities for the purposes of this Act in accordance with the determination while it remains in effect.

(6) Without limiting subsection (1) (b), the regulations may declare that for the purposes of this Act an entity to which an interim status determination relates is, or is not, a controlled entity of another entity or combination of entities specified in the determination.