Queensland Consolidated Acts

TAFE QUEENSLAND ACT 2013 - SECT 57V

57V Amount of annual return

(1) During the estimate advice period in each year, a dual sector entity must give the Minister—

(a) an estimate of its VET surplus for the year; and

(b) a recommendation about the amount of the annual return to be paid for the year.

(2) The dual sector entity is not stopped from recommending that no return is payable for a particular year.

(3) Before the year ends, the Minister must either accept the recommendation or give the dual sector entity a direction to pay an annual return of a different stated amount.

(4) The amount of the annual return must not be more than the VET surplus for the year.

(5) In this section—

"estimate advice period" , in a year, means the period from 1 November to 15 November in the year.

"VET surplus" , for a dual sector entity for a year, means the surplus generated by the entity for the year in the performance of its VET operations after—

(a) providing for income tax or its equivalent; and

(b) excluding any unrealised capital gains from upwards revaluation of non-current assets.