Local Government (Beneficial Enterprises and Business Activities) Amendment Regulation (No. 1) 2011 (Qld)

Queensland Local Government (Beneficial Enterprises and Business Activities) Amendment Regulation (No. 1) 2011 Subordinate Legislation 2011 No. 179 made under the Local Government Act 2009 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Replacement of ch 7 hdg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new s 178 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 178 Wide Bay Water Corporation's net profit for financial year ending 30 June 2011 . . . . . . . . . . . . . . . . . . . . . 2

Local Government (Beneficial Enterprises and Business Activities) Amendment Regulation (No. 1) 2011 [s 1] 1 Short title This regulation may be cited as the Local Government (Beneficial Enterprises and Business Activities) Amendment Regulation (No. 1) 2011 . 2 Regulation amended This regulation amends the LocalGovernment(BeneficialEnterprises and Business Activities) Regulation 2010. 3 Replacement of ch 7 hdg Chapter 7 heading— omit, insert — ‘Chapter 7 Transitional provisions’. 4 Insertion of new s 178 After section 177— insert— ‘178 Wide Bay Water Corporation's net profit for financial year ending 30 June 2011 ‘(1) This section applies to the Wide Bay Water Corporation. ‘(2) The Wide Bay Water Corporation is the local government owned corporation continued in existence as a corporate entity under section 275 of the Act. ‘(3) Despite section 85(2), Wide Bay Water Corporation’s net profit for the financial year ending 30 June 2011 is its profit for the financial year less— (a) the income tax, or tax equivalents, on its profit for the financial year; and (b) the unrealised capital gains from any upwards revaluation of its non-current assets for the financial year.’. Page 2 2011 SL No. 179

Local Government (Beneficial Enterprises and Business Activities) Amendment Regulation (No. 1) 2011 ENDNOTES 1 Made by the Governor in Council on 15 September 2011. 2 Notified in the gazette on 16 September 2011. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Department of Local Government and Planning. © State of Queensland 2011 2011 SL No. 179 Page 3