{"id":"government-trading-enterprises-regulations-2023","name":"Government Trading Enterprises Regulations 2023","slug":"government-trading-enterprises-regulations-2023","collection":"regulation","jurisdiction":"wa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":176719,"registerId":"wa-government-trading-enterprises-regulations-2023-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Government Trading Enterprises Regulations 2023","content":"![Crest]()Western Australia\n\nGovernment Trading Enterprises Act 2023\n\nGovernment Trading Enterprises Regulations 2023\n\nWestern Australia\n\nGovernment Trading Enterprises Regulations 2023\n\nContents\n\nPart 1 — Preliminary\n\n1. Citation 1\n\n2. Commencement 1\n\nPart 2 — Financial administration and audit\n\nDivision 1 — Preliminary\n\n3. Terms used 2\n\n4. Chief financial officer function 2\n\nDivision 2 — Financial records\n\n5. Physical format 3\n\n6. Place where records kept 3\n\n7. Director access 4\n\nDivision 3 — Financial reporting\n\nSubdivision 1 — Annual financial reports and directors’ reports\n\n8. Contents of annual financial report 4\n\n9. Declaration in relation to GTE’s financial statements by chief executive officer and chief financial officer 6\n\n10. True and fair view 7\n\n11. Annual directors’ report 7\n\n12. Annual directors’ report — general information 8\n\n13. Annual directors’ report — specific information 9\n\n14. Annual directors’ report — indemnities and insurances 10\n\n15. Annual directors’ report — other specific information 12\n\nSubdivision 2 — Interim report\n\n16. Period for and contents of interim report 12\n\nSubdivision 3 — Audit and auditor’s report\n\n17. Audit opinion 13\n\n18. Auditor General’s report on annual financial report 13\n\nSubdivision 4 — Special provisions about consolidated financial statements\n\n19. Directors and officers of subsidiary to give information 14\n\n20. Auditor General’s power to obtain information from subsidiary 14\n\n21. Subsidiary to assist Auditor General 15\n\n22. Application of Subdivision to subsidiary that has ceased to be controlled 15\n\nSubdivision 5 — Financial years of GTEs and subsidiaries\n\n23. Financial years 15\n\nDivision 4 — Accounting standards\n\n24. Accounting standards 16\n\n25. Equity accounting 16\n\n26. Interpretation of accounting standards 16\n\n27. Evidence of text of accounting standard 17\n\nDivision 5 — Exemptions and modifications\n\n28. Treasurer’s power to make specific exemption orders 17\n\n29. Criteria for specific exemption orders and class orders 18\n\n30. Extension of time 18\n\nDivision 6 — Miscellaneous\n\n31. Annual financial reporting 19\n\n32. Powers and duties of Auditor General 19\n\n32A. End date for former financial administration and audit provisions 20\n\nPart 3 — Other matters\n\n33. Details of membership of GTE’s board 21\n\n34. Details of appointment of member to GTE’s board 21\n\n35. Hedging transactions 22\n\n36. Registers 22\n\n37. Periodicity of external review of board performance 24\n\n38. Threshold for significant transactions 24\n\nPart 4 — Other regulations amended\n\nDivision 1 — *Electricity Corporations (Electricity Generation and Retail Corporation) Regulations 2013* amended\n\n39. Regulations amended 25\n\n40. Regulation 7 deleted 25\n\nDivision 2 — *Western Australian Land Authority Regulations 1999* amended\n\n41. Regulations amended 25\n\n42. Part 3A deleted 25\n\nNotes\n\nCompilation table 26\n\nDefined terms\n\n  \n\nGovernment Trading Enterprises Act 2023\n\nGovernment Trading Enterprises Regulations 2023\n\n## Part 1 — Preliminary\n\n##### 1. Citation\n\n\t\tThese regulations **are** the *Government Trading Enterprises Regulations 2023*.\n\n##### 2. Commencement\n\nThese regulations come into operation on the day on which the *Government Trading Enterprises Act 2023* section 160 comes into operation.\n\n## Part 2 — Financial administration and audit\n\n### Division 1 — Preliminary\n\n##### 3. Terms used\n\n(1) In this Part —\n\nchief financial officer function has the meaning given in regulation 4.\n\n(2) In this Part —\n\n(a) a term used has the same meaning it has in the Corporations Act Part 1.2; and\n\n(b) for the purposes of paragraph (a), a reference in that Part to a company is to be read as a reference to a GTE.\n\n##### 4. Chief financial officer function\n\n(1) A person performs a chief financial officer function in relation to a GTE if that person is the person who is —\n\n(a) primarily responsible for financial matters in relation to the GTE; and\n\n(b) directly responsible for those matters to either —\n\n(i) the directors; or\n\n(ii) the chief executive officer.\n\n(2) If there is no one person who performs a chief financial officer function in relation to the GTE under subregulation (1), a person performs a chief financial officer function in relation to the GTE if the person is one of a number of people who together are —\n\n(a) primarily responsible for financial matters in relation to the GTE; and\n\n(b) directly responsible for those matters to either —\n\n(i) the directors; or\n\n(ii) the chief executive officer.\n\n### Division 2 — Financial records\n\n##### 5. Physical format\n\n(1) If financial records are kept in electronic form, they must be convertible into hard copy.\n\n(2) If a person who is entitled to inspect financial records kept by a GTE requests a hard copy of the records, the GTE must make the hard copy available to the person within a reasonable time.\n\n##### 6. Place where records kept\n\n(1) A GTE may decide where to keep financial records.\n\n(2) If financial records about particular matters are kept outside Australia, the GTE must —\n\n(a) keep sufficient written information about those matters in Australia to enable true and fair financial statements to be prepared; and\n\n(b) give the Treasurer written notice of the place where the information is kept.\n\n(3) The Portfolio Minister may direct a GTE to produce specified financial records that are kept outside Australia.\n\n(4) The direction must —\n\n(a) be in writing; and\n\n(b) specify a place in Australia where the records must be produced (the place must be reasonable in the circumstances); and\n\n(c) specify a day (at least 14 days after the direction is given) by which the records must be produced.\n\n##### 7. Director access\n\n(1) A director of a GTE has a right of access to the financial records of the GTE at all reasonable times.\n\n(2) On application by a director, the Supreme Court may authorise a person to inspect the financial records on the director’s behalf.\n\n(3) A person authorised to inspect records may make copies of the records unless the Supreme Court orders otherwise.\n\n(4) The Supreme Court may make any other orders it considers appropriate, including either or both of the following —\n\n(a) an order limiting the use that a person who inspects the records may make of information obtained during the inspection;\n\n(b) an order limiting the right of a person who inspects the records to make copies in accordance with subregulation (3).\n\n### Division 3 — Financial reporting\n\n#### Subdivision 1 — Annual financial reports and directors’ reports\n\n##### 8. Contents of annual financial report\n\n(1) The financial report of a GTE for a financial year consists of —\n\n(a) the financial statements of the GTE for the year; and\n\n(b) the notes to the financial statements; and\n\n(c) the directors’ declaration about the statements and notes.\n\n(2) The financial statements for the year are as follows —\n\n(a) unless paragraph (b) applies —\n\n(i) a statement of comprehensive income for the year in relation to the GTE; and\n\n(ii) a statement of financial position as at the end of the year in relation to the GTE; and\n\n(iii) a statement of cash flows for the year in relation to the GTE;\n\n(b) if the accounting standards require the GTE to prepare financial statements in relation to a subsidiary on a consolidated basis —\n\n(i) a statement of comprehensive income for the year in relation to the consolidated entity; and\n\n(ii) a statement of financial position as at the end of the year in relation to the consolidated entity; and\n\n(iii) a statement of cash flows for the year in relation to the consolidated entity;\n\n(c) any other information required by the Treasurer’s GTE instructions.\n\n(3) The notes to the financial statements referred to in subregulation (1)(b) are —\n\n(a) notes required by the accounting standards; and\n\n(b) any other information necessary to give a true and fair view; and\n\n(c) any other information required by the Treasurer’s GTE instructions.\n\n(4) The directors’ declaration referred to in subregulation (1)(c) is a declaration by the directors —\n\n(a) that the financial statements, and the notes referred to in subregulation (3)(a), comply with the accounting standards; and\n\n(b) that the financial statements and notes give a true and fair view; and\n\n(c) whether, in the directors’ opinion, there are reasonable grounds to believe that the GTE will be able to pay its debts as and when they become due and payable; and\n\n(d) whether, in the directors’ opinion, the financial statements and notes are in accordance with the Act and this Part, including —\n\n(i) section 144(2) of the Act (compliance with accounting standards); and\n\n(ii) regulation 10 (true and fair view);\n\nand\n\n(e) that the directors have been given the declarations required by regulation 9.\n\n(5) The directors’ declaration referred to in subregulation (1)(c) must —\n\n(a) be made in accordance with a resolution of the directors; and\n\n(b) specify the date on which the declaration is made; and\n\n(c) be signed by at least 2 directors.\n\n##### 9. Declaration in relation to GTE’s financial statements by chief executive officer and chief financial officer\n\n(1) A directors’ declaration under regulation 8(4) may be made only after a declaration has been given to the directors under subregulation (2) by —\n\n(a) the chief executive officer; and\n\n(b) each person who performs, in relation to the GTE, a chief financial officer function.\n\n(2) The declaration is a declaration as to whether, in the person’s opinion —\n\n(a) the financial records of the GTE for the financial year have been properly maintained; and\n\n(b) the financial statements and notes for the financial year comply with the accounting standards; and\n\n(c) the financial statements and notes for the financial year give a true and fair view.\n\n(3) The declaration must —\n\n(a) be in writing; and\n\n(b) specify the date on which the declaration is made; and\n\n(c) specify the capacity in which the person is making the declaration; and\n\n(d) be signed by the person making the declaration.\n\n(4) A chief executive officer who performs a chief financial officer function may make a single declaration in both capacities.\n\n(5) Nothing in this regulation derogates from the responsibility that a director has for ensuring that financial statements comply with the Act.\n\n##### 10. True and fair view\n\n(1) The financial statements and notes in respect of a GTE for a financial year must give a true and fair view of —\n\n(a) the financial position and performance of the GTE; and\n\n(b) if consolidated financial statements are required under regulation 8(2)(b) — the financial position and performance of the consolidated entity.\n\n(2) This regulation does not affect the obligation under section 144(2) of the Act for a financial report to comply with accounting standards.\n\n##### 11. Annual directors’ report\n\n(1) A GTE must prepare a directors’ report for each financial year.\n\n(2) The report must include —\n\n(a) the general information required by regulation 12; and\n\n(b) the specific information required by regulation 13.\n\n(3) The report must —\n\n(a) be made in accordance with a resolution of the directors; and\n\n(b) specify the date on which the report is made; and\n\n(c) be signed by at least 2 directors.\n\n##### 12. Annual directors’ report — general information\n\n(1) The directors’ report in respect of a GTE for a financial year must —\n\n(a) contain a review of operations of the GTE during the year and the results of those operations; and\n\n(b) give details of any significant changes in the GTE’s state of affairs during the year; and\n\n(c) state the GTE’s principal activities during the year and any significant changes in the nature of those activities during the year; and\n\n(d) give details of any matter or circumstance that has arisen since the end of the year that —\n\n(i) has, since the end of the year, significantly affected the GTE’s operations, the results of those operations or the GTE’s state of affairs; or\n\n(ii) might, in future financial years, significantly affect the matters referred to in subparagraph (i);\n\nand\n\n(e) refer to likely developments in the GTE’s operations in future financial years and the expected results of those operations; and\n\n(f) if the GTE’s operations are subject to any particular and significant environmental regulation under a law of the State or of the Commonwealth or of another State or a Territory — give details of the GTE’s performance in relation to that environmental regulation.\n\n(2) If consolidated financial statements are required under regulation 8(2)(b), the report must be in respect of the consolidated entity.\n\n(3) The report in respect of a GTE may omit material that would otherwise be included under subregulation (1)(e) if it is likely to result in unreasonable prejudice to —\n\n(a) the GTE; or\n\n(b) if consolidated financial statements are required under regulation 8(2)(b) — the consolidated entity or any entity (including the GTE concerned) that is part of the consolidated entity.\n\n(4) If material is omitted from the report, the report must state so.\n\n##### 13. Annual directors’ report — specific information\n\n(1) The directors’ report for a financial year must include details of —\n\n(a) dividends or distributions paid during the year; and\n\n(b) dividends or distributions recommended or declared for payment, but not paid, during the year; and\n\n(c) the name of each person who has been a director of the GTE at any time during or since the end of the year and the period for which they were a director; and\n\n(d) the name of each person who has been, at any time during the year —\n\n(i) the chief executive officer of the GTE; or\n\n(ii) an executive officer of the GTE;\n\nand\n\n(e) the name of each person who has performed a chief financial officer function in relation to the GTE at any time during the year; and\n\n(f) the name of each person (an auditor) who —\n\n(i) was a partner in an audit firm or a director of an audit company that conducted an audit of the GTE during the year; and\n\n(ii) was such a partner or director at a time when the firm or company (as applicable) audited the GTE;\n\nand\n\n(g) indemnities given and insurance premiums paid during or since the end of the year for a person who has been —\n\n(i) an officer of the GTE; or\n\n(ii) an auditor in relation to the GTE.\n\n(2) The report must include details of —\n\n(a) each director’s qualifications, experience and special responsibilities; and\n\n(b) the number of meetings of the board held during the year and each director’s attendance at those meetings; and\n\n(c) the number of meetings of each board committee held during the year and each director’s attendance at those meetings.\n\n##### 14. Annual directors’ report — indemnities and insurances\n\n(1) Subregulation (2) applies if —\n\n(a) during or since the financial year to which an annual directors’ report relates, the GTE concerned has indemnified against a liability a person who is or has been a director of the GTE or of a related body corporate; and\n\n(b) but for section 66(4) or (5) of the Act, section 66(3) of the Act would have prohibited the GTE from indemnifying the person against that liability.\n\n(2) The report must set out —\n\n(a) the person’s name; and\n\n(b) the nature of the liability; and\n\n(c) how much the GTE paid, and what else the GTE did, by way of indemnifying the person against the liability.\n\n(3) Subregulation (4) applies if —\n\n(a) during or since the financial year to which an annual directors’ report relates, the GTE concerned has made a relevant agreement (as defined in the Corporations Act section 9) for indemnifying against a liability a person who is or has been a director of the GTE or of a related body corporate; and\n\n(b) but for section 66(4) or (5) of the Act, section 66(3) of the Act would have prohibited the GTE from indemnifying the person against that liability.\n\n(4) The report must set out particulars of the relevant agreement, including —\n\n(a) the person’s name; and\n\n(b) the nature of the liability; and\n\n(c) how much the relevant agreement provides for the GTE to pay, and what else it provides for the GTE to do, by way of indemnifying the person against the liability.\n\n(5) Subregulation (6) applies if, during or since the financial year to which an annual directors’ report relates, the GTE concerned has paid, or agreed to pay, a premium in respect of a contract insuring against a liability (other than one for legal costs) a person who is or has been a director of the GTE or of a related body corporate.\n\n(6) The report must —\n\n(a) name the person and state that the GTE has paid, or agreed to pay, a premium in respect of a contract insuring the person against a liability; and\n\n(b) set out, except so far as prohibited by the contract itself, the nature of the liability and the amount of the premium.\n\n##### 15. Annual directors’ report — other specific information\n\nThe directors’ report in respect of a GTE for a financial year must include —\n\n(a) discussion of board policy for determining the nature and amount of remuneration of directors and executive officers of the GTE; and\n\n(b) discussion of the relationship between such policy and the GTE’s performance; and\n\n(c) details of the nature and amount of each element of the remuneration of each director and each of the 5 executive officers of the GTE receiving the highest remuneration.\n\n#### Subdivision 2 — Interim report\n\n##### 16. Period for and contents of interim report\n\n(1) For the purposes of section 146(1) of the Act, the period within a financial year for which a GTE must prepare an interim report is 1 July to 31 December.\n\n(2) The interim report must include, for the GTE and each of its subsidiaries —\n\n(a) an operational report; and\n\n(b) a statement of financial performance; and\n\n(c) a statement of achievement of key performance indicators for the period; and\n\n(d) any information required to be included in the report by the GTE’s annual performance statement under section 75(5)(b) of the Act.\n\n#### Subdivision 3 — Audit and auditor’s report\n\n##### 17. Audit opinion\n\nThe Auditor General, in conducting an audit of a financial report in relation to a GTE for the purposes of section 145 of the Act, must form an opinion about the following —\n\n(a) whether the financial report satisfies the requirements of the Act and this Part, including —\n\n(i) section 144(2) of the Act (compliance with accounting standards); and\n\n(ii) regulation 10 (true and fair view);\n\n(b) whether the Auditor General has been given all information, explanation and assistance necessary for the conduct of the audit;\n\n(c) whether the GTE has kept financial records sufficient to enable a financial report to be prepared and audited;\n\n(d) whether the GTE has kept other records and registers as required by this Part.\n\n##### 18. Auditor General’s report on annual financial report\n\n(1) The Auditor General must report to the Portfolio Minister on whether the Auditor General is of the opinion that a financial report in relation to a GTE is in accordance with the Act and this Part, including —\n\n(a) section 144(2) of the Act (compliance with accounting standards); and\n\n(b) regulation 10 (true and fair view).\n\n(2) If the Auditor General is not of that opinion, the Auditor General’s report must state why.\n\n(3) If the Auditor General is of the opinion that the financial report does not comply with an accounting standard, the Auditor General’s report must —\n\n(a) to the extent that it is practicable to do so, quantify the effect that non‑compliance has on the financial report; and\n\n(b) if it is not practicable to quantify the effect fully, state why.\n\n(4) The Auditor General’s report must describe —\n\n(a) any defect or irregularity in the financial report; and\n\n(b) any deficiency, failure or shortcoming in respect of the matters referred to in regulation 17.\n\n(5) The report must specify the date on which it is made.\n\n(6) The Auditor General must give a copy of the report to the directors of the GTE concerned as soon as practicable after it has been given to the Portfolio Minister.\n\n#### Subdivision 4 — Special provisions about consolidated financial statements\n\n##### 19. Directors and officers of subsidiary to give information\n\nIf a GTE is required under regulation 8(2)(b) to prepare consolidated financial statements, a director or officer of a subsidiary of the GTE must give the GTE all information requested that is necessary to prepare the consolidated financial statements and the notes to those statements.\n\n##### 20. Auditor General’s power to obtain information from subsidiary\n\n(1) If the financial report of a GTE includes consolidated financial statements, the Auditor General —\n\n(a) has a right of access at all reasonable times to the records of any subsidiary of the GTE; and\n\n(b) may require any officer of the subsidiary to give the Auditor General information, explanations or other assistance for the purposes of the audit or review.\n\n(2) The information, explanations or other assistance required under subregulation (1)(b) must be given at the expense of the GTE.\n\n##### 21. Subsidiary to assist Auditor General\n\nIf a GTE is required under regulation 8(2)(b) to prepare a financial report that includes consolidated financial statements, an officer or auditor of a subsidiary of the GTE must —\n\n(a) allow the Auditor General access to the subsidiary’s records; and\n\n(b) give the Auditor General any information, explanation or assistance required under regulation 20.\n\n##### 22. Application of Subdivision to subsidiary that has ceased to be controlled\n\nRegulations 19, 20 and 21 apply to the preparation or audit of a financial report that covers a subsidiary of a GTE even if the subsidiary is no longer controlled by the GTE when the GTE’s financial report is being prepared or audited.\n\n#### Subdivision 5 — Financial years of GTEs and subsidiaries\n\n##### 23. Financial years\n\n(1) The financial year of a GTE is the 12‑month period ending on 30 June.\n\n(2) If a GTE is required under regulation 8(2)(b) to prepare consolidated financial statements, it must do whatever is necessary to ensure that the financial years of its subsidiaries are synchronised with its own financial years.\n\n(3) The GTE must achieve the synchronisation referred to in subregulation (2) by the end of the period of 12 months after the situation that calls for consolidation arises.\n\n### Division 4 — Accounting standards\n\n##### 24. Accounting standards\n\n(1) An accounting standard applies to —\n\n(a) periods ending after the commencement of the standard; or\n\n(b) periods ending, or starting, on or after a later date specified in the standard.\n\n(2) A GTE may elect to apply the accounting standard to an earlier period unless the standard states otherwise.\n\n(3) An election under subregulation (2) must be made in writing by the directors of the GTE.\n\n##### 25. Equity accounting\n\nThis Part (and, in particular, the provisions on consolidation of financial statements) does not prevent accounting standards from incorporating equity accounting principles.\n\n##### 26. Interpretation of accounting standards\n\nIn interpreting an accounting standard —\n\n(a) unless the contrary intention appears, expressions used in the standard have the same meaning as they have in the Corporations Act Chapter 2M; and\n\n(b) the provisions of the Corporations Act Part 1.2 apply as if the standard’s provisions were provisions of that Chapter.\n\n##### 27. Evidence of text of accounting standard\n\n(1) This regulation applies to —\n\n(a) a document that purports to be published by or on behalf of the AASB or the AUASB and to set out the text of —\n\n(i) a specified standard as in force at a specified time under the Corporations Act section 334 or 336; or\n\n(ii) a specified provision of a standard of that kind;\n\nand\n\n(b) a copy of a document referred to in paragraph (a).\n\n(2) In the absence of evidence to the contrary, a document to which this regulation applies is proof in proceedings under this Act that —\n\n(a) the specified standard was in force at that time under the Corporations Act section 334 or 336; and\n\n(b) the text set out in the document is the text of the standard referred to in subregulation (1)(a)(i) or the provision referred to in subregulation (1)(a)(ii).\n\n### Division 5 — Exemptions and modifications\n\n##### 28. Treasurer’s power to make specific exemption orders\n\n(1) The Treasurer may, on an application made in relation to a GTE, make an order in writing relieving any of the following from all or specified requirements of Divisions 2 and 3 —\n\n(a) the GTE’s directors;\n\n(b) the GTE;\n\n(c) the Auditor General.\n\n(2) The order may —\n\n(a) be expressed to be subject to conditions; and\n\n(b) be indefinite or limited to a specified period.\n\n(3) The application must be —\n\n(a) authorised by a resolution of the directors; and\n\n(b) in writing and signed by a director; and\n\n(c) given to the Treasurer.\n\n(4) The Treasurer must give the GTE concerned written notice of the making, revocation or suspension of the order.\n\n(5) If the Treasurer makes an order under subregulation (1), the Treasurer must cause the text of the order to be laid before each House of Parliament within 14 sitting days of the House after the order is made.\n\n##### 29. Criteria for specific exemption orders and class orders\n\nTo make an order under regulation 28(1), the Treasurer must be satisfied that complying with the relevant requirements of Divisions 2 and 3 would —\n\n(a) make the financial report or other reports misleading; or\n\n(b) be inappropriate in the circumstances; or\n\n(c) impose unreasonable burdens.\n\n##### 30. Extension of time\n\n(1) This regulation applies if any provision of this Part requires any act or thing to be done by a person other than the Auditor General —\n\n(a) by a certain date; or\n\n(b) within a specified period.\n\n(2) The Portfolio Minister may, on application by the person, extend the date or period for the doing of the act or thing to a date or period that the Portfolio Minister thinks appropriate.\n\n(3) If the Portfolio Minister grants an extension of time under subregulation (2), the provisions of regulation 28(5) apply, with all necessary changes, to the instrument by which the extension is granted as if it were an order for the purposes of that subregulation.\n\n### Division 6 — Miscellaneous\n\n##### 31. Annual financial reporting\n\nThe annual report of a GTE must contain the following documents —\n\n(a) the financial report for the year;\n\n(b) the directors’ report for the year;\n\n(c) the Auditor General’s report on the financial report;\n\n(d) a copy of any order of the Treasurer under regulation 28.\n\n##### 32. Powers and duties of Auditor General\n\n(1) Subregulation (2) applies if the Auditor General, in the course of the performance of duties as auditor of a GTE and its subsidiaries (if any), is satisfied that —\n\n(a) there has been a contravention of any provision of this Part; and\n\n(b) the circumstances are such that, in the Auditor General’s opinion, the matter has not been or will not be adequately dealt with by —\n\n(i) comment in the Auditor General’s report on the financial statements; or\n\n(ii) bringing the matter to the notice of the GTE’s board.\n\n(2) The Auditor General must, without delay, report the matter to the Portfolio Minister in writing.\n\n(3) The *Auditor General Act 2006* sections 14, 16 to 18, 24 to 37, 45 and 46 apply to the GTE as if it were a statutory authority named in the *Financial Management Act 2006* Schedule 1.\n\n##### 32A. End date for former financial administration and audit provisions\n\nFor the purposes of section 176(2) of the Act, the end of 29 February 2024 is prescribed.\n\n[Regulation 32A inserted: SL 2024/17 r. 4.]\n\n## Part 3 — Other matters\n\n##### 33. Details of membership of GTE’s board\n\n(1) For the purposes of section 12(3) of the Act, the details of the membership of a GTE’s board are, in relation to each member —\n\n(a) the member’s name; and\n\n(b) the member’s position; and\n\n(c) the date on which the member was appointed to the board under section 13(1) of the Act for the current term of office; and\n\n(d) if the member has been reappointed — the date on which the member was first appointed to the board under section 13(1) of the Act; and\n\n(e) the date on which the member’s current term of office will expire; and\n\n(f) details of the member’s relevant skills, qualifications and experience.\n\n(2) The GTE must ensure that the details referred to in subregulation (1) are —\n\n(a) published on a website of the GTE; and\n\n(b) included in the GTE’s annual report.\n\n##### 34. Details of appointment of member to GTE’s board\n\n(1) For the purposes of section 13(5) of the Act, the details of an appointment to a GTE’s board are —\n\n(a) the member’s name; and\n\n(b) the member’s position; and\n\n(c) the date on which the member was appointed to the board under section 13(1) of the Act for the current term of office; and\n\n(d) if the member has been reappointed — the date on which the member was first appointed to the board under section 13(1) of the Act; and\n\n(e) the date on which the member’s current term of office will expire; and\n\n(f) details of the member’s relevant skills, qualifications and experience.\n\n(2) The Portfolio Minister must ensure that the details referred to in subregulation (1) are —\n\n(a) published on a website maintained by or on behalf of the GTE; and\n\n(b) included in the GTE’s annual report.\n\n##### 35. Hedging transactions\n\nFor the purposes of section 137(2) of the Act, any of the following is a prescribed transaction —\n\n(a) a forward transaction;\n\n(b) a futures transaction;\n\n(c) an option transaction;\n\n(d) a spot transaction;\n\n(e) a swap transaction;\n\n(f) an agreement or arrangement to effect a combination of —\n\n(i) 2 or more of the transactions listed in paragraphs (a) to (e); or\n\n(ii) 1 of the transactions listed in paragraphs (a) to (e) and 1 or more of the transactions permitted under section 132 of the Act.\n\n##### 36. Registers\n\n(1) For the purposes of section 132(3) of the Act, the registers are —\n\n(a) a borrowing register; and\n\n(b) a financial accommodation register.\n\n(2) The borrowing register must include the following particulars in respect of each borrowing —\n\n(a) the amount being borrowed;\n\n(b) the date on which the amount is borrowed;\n\n(c) the name of the lender;\n\n(d) reference to borrowing approval and documents;\n\n(e) the dates instalments are due;\n\n(f) details of repayments, including the proportions that are repayment of the principal and payment of interest.\n\n(3) The financial accommodation register must include the following particulars in respect of each financial accommodation —\n\n(a) the legislative authority for the Western Australian Treasury Corporation, Treasurer or other person (as applicable) to grant the financial accommodation;\n\n(b) the name of the person granting the financial accommodation;\n\n(c) the terms and conditions of the financial accommodation;\n\n(d) the date on which the financial accommodation is granted;\n\n(e) if the amount of the liability is known — that amount;\n\n(f) if the amount of the liability is unknown — a considered and reliable estimate of the amount of the liability;\n\n(g) the circumstance under which the financial accommodation may be invoked;\n\n(h) the date on which the financial accommodation will expire;\n\n(i) the form of security associated with the financial accommodation;\n\n(j) the purpose of the financial accommodation.\n\n##### 37. Periodicity of external review of board performance\n\nFor the purposes of section 25(2)(a) of the Act, the GTE’s performance must be externally reviewed once every 3 years.\n\n##### 38. Threshold for significant transactions\n\nFor the purposes of section 100(1) of the Act, the amount is the lesser of —\n\n(a) 5% of the written down value of the consolidated fixed assets and investments of the GTE, as appearing in its last audited accounts; and\n\n(b) $25 million.\n\n## Part 4 — Other regulations amended\n\n### Division 1 — *Electricity Corporations (Electricity Generation and Retail Corporation) Regulations 2013* amended\n\n##### 39. Regulations amended\n\nThis Division amends the *Electricity Corporations (Electricity Generation and Retail Corporation) Regulations 2013*.\n\n##### 40. Regulation 7 deleted\n\nDelete regulation 7.\n\n### Division 2 — *Western Australian Land Authority Regulations 1999* amended\n\n##### 41. Regulations amended\n\nThis Division amends the *Western Australian Land Authority Regulations 1999*.\n\n##### 42. Part 3A deleted\n\nDelete Part 3A.\n\n![]()\n\nNotes\n\nThis is a compilation of the *Government Trading Enterprises Regulations 2023* and includes amendments made by other written laws. For provisions that have come into operation see the compilation table.\n\nCompilation table\n\n| **Citation** | **Published** | **Commencement** |\n| --- | --- | --- |\n| *Government Trading Enterprises Regulations 2023* | SL 2023/100 30 Jun 2023 | 1 Jul 2023 (see r. 2) |\n| *Government Trading Enterprises Amendment Regulations 2024* | SL 2024/17 21 Feb 2024 | r. 1 and 2: 21 Feb 2024 (see r. 2(a));   Regulations other than r. 1 and 2: 22 Feb 2024 (see r. 2(b)) |\n\n\nDefined terms\n\n*[This is a list of terms defined and the provisions where they are defined. The list is not part of the law.]*\n\n**Defined term Provision(s)**\n\nauditor 13(1)\n\nchief financial officer function 3(1), 4(1) and (2)\n\n© State of Western Australia 2024.\n\nThis work is licensed under a Creative Commons Attribution 4.0 International Licence (CC BY 4.0). To view relevant information and for a link to a copy of the licence, visit www.legislation.wa.gov.au.\n\nAttribute work as: © State of Western Australia 2024.\n\nBy Authority: GEOFF O. LAWN, Government Printer\n","sortOrder":0}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"These regulations operationalise and detail the financial administration, audit and certain governance requirements already envisaged in the Government Trading Enterprises Act. They do not materially expand the Act’s substantive subject‑matter beyond its original purpose; rather they prescribe procedures, formats and thresholds to implement the Act (record‑keeping, reporting content, audit processes, registers, disclosures and ministerial discretion). The addition of detailed requirements (e.g. registers, specific disclosure items, hedging transaction list, synchronization deadlines) tightens implementation but stays within the Act’s scope rather than changing the policy domain."},"complexity_factors":["Multiple Parts and Divisions with hierarchical structure (Part 2 has 6 Divisions and Subdivisions).","Frequent cross‑references to the Government Trading Enterprises Act (many specific sections) and to the Corporations Act (Part 1.2 and Chapter 2M) increasing interpretive dependencies (see reg 3(2), regs 26–27).","Numerous conditional and delegated powers: Treasurer exemption orders (regs 28–29) and Portfolio Minister extensions (reg 30) create case‑by‑case pathways.","Detailed procedural requirements with formalities (signed declarations by CEO/CFOs and at least two directors, dated resolutions) (regs 8–9, 11).","Consolidation and subsidiary rules that impose duties on third parties (regs 19–22) and require synchronisation of financial years within set timeframes (reg 23).","Specific, prescribed content lists (e.g. notes, registers, indemnity disclosures, remuneration details, reg 8(3), reg 36, regs 14–15) — many items to collect and report.","Audit obligations and reporting thresholds for escalation to ministers (regs 17–18, 32) with procedural steps and quantification duties (reg 18(3)).","Operational rules that can trigger additional domestic production of overseas records and notifications (reg 6) and costs allocated to GTEs for Auditor General assistance from subsidiaries (reg 20(2)).","Amendments to other regulations (Part 4) — increases cross‑instrument complexity.","Prescriptive thresholds and formulas (e.g. significant transactions = lesser of 5% of written down consolidated assets or $25m) (reg 38)."],"plain_english_summary":"**What these regulations do (mechanics first)\n\n- Set how Government Trading Enterprises (GTEs) must keep, produce and audit financial records and reports. They convert broad duties in the Government Trading Enterprises Act into specific operational rules on record‑keeping, reporting, audits, registers, disclosures and certain governance matters (Part 2, Part 3).\n\n- Require GTE annual financial reports to include specific financial statements, notes and a directors’ declaration that the statements comply with accounting standards and give a \"true and fair view\" (regs 8 and 10). The directors’ declaration may only be made after written declarations from the chief executive officer and each person who performs a chief financial officer function (reg 9).\n\n- Prescribe the content of the annual directors’ report (operations review, changes, activities, directors and senior officers, remuneration details, indemnities and insurance particulars) and permit omission of future‑oriented material where disclosure would cause unreasonable prejudice (regs 11–15).\n\n- Require an interim report for the half‑year (1 July–31 December) with operational, financial performance, KPI achievement and related material (reg 16).\n\n- Give the Auditor General detailed audit duties and reporting obligations, including the matters the Auditor General must form an opinion on and report to the Portfolio Minister and the GTE’s directors (regs 17–18). The Auditor General has rights to access subsidiary records where consolidated statements are required (regs 20–21).\n\n- Require GTEs that prepare consolidated financial statements to obtain necessary information from subsidiaries and to synchronise subsidiary financial years with the GTE within 12 months of consolidation becoming necessary (regs 19, 22–23).\n\n- Require financial records kept electronically to be convertible to hard copy and to be made available on request (reg 5). If records (or information necessary to prepare statements) are kept outside Australia, the GTE must keep sufficient written information in Australia and notify the Treasurer of the location; the Portfolio Minister may direct production of overseas records in Australia (reg 6).\n\n- Prescribe how accounting standards apply, permit voluntary earlier application by directors’ resolution, and treat accounting standard language as having meanings consistent with the Corporations Act where not inconsistent (regs 24–27).\n\n- Allow the Treasurer to make written exemption orders relieving a GTE, its directors or the Auditor General from specified requirements of the financial administration and audit Divisions, subject to criteria (misleading reports, inappropriateness, or unreasonable burdens), conditions, parliamentary laying and possible time limits (regs 28–29). The Portfolio Minister can extend statutory time limits for acts or things required under the Part (reg 30).\n\n- Require the GTE annual report to include the financial report, directors’ report, the Auditor General’s report and any Treasurer exemption order (reg 31). The Auditor General must report directly to the Portfolio Minister where contraventions have not been or will not be adequately addressed (reg 32).\n\n- Prescribe supplementary governance and operational requirements: publicising board membership and appointment details on a GTE website and annual report (regs 33–34); a list of prescribed hedging transactions (reg 35); content of borrowing and financial accommodation registers (reg 36); an external board performance review every 3 years (reg 37); and a quantitative threshold for \"significant transactions\" (lesser of 5% of written‑down consolidated fixed assets/investments or $25 million) (reg 38).\n\n- Make minor amendments to earlier regulations (delete specified provisions in two other regulations) (Part 4).\n\nWho is directly affected\n\n- GTEs operating under the Government Trading Enterprises Act; their boards and directors (regs 8–15, 33–34).\n- Chief executive officers and any person who performs a chief financial officer function (regs 4, 9).\n- The Auditor General and audit firms that audit GTEs (regs 17–18, 20–21).\n- Subsidiaries of GTEs and their officers (regs 19–22, 23).\n- The Treasurer and the Portfolio Minister, who exercise discretion over exemptions, directions and time extensions (regs 6, 28–30).\n\nWhy it matters (purpose claims and operational trade‑offs)\n\n- Purpose claim in the drafting: these regulations operationalise the Act’s financial administration and audit framework to ensure comparable, standardised, auditable financial reporting for GTEs (see regs 8–10, 17–18). The text implements detailed disclosure and audit procedures to support transparency and auditability.\n\n- Costs and compliance burden: the rules create ongoing administrative and compliance tasks for GTEs — preparing standardised annual and interim reports, maintaining registers with prescribed particulars (reg 36), converting electronic records to hard copy on request (reg 5), synchronising subsidiary years within 12 months (reg 23), and producing overseas‑held records when directed (reg 6). These are concrete budget and staff time costs.\n\n- Who pays: GTEs bear the compliance costs and must meet the expense of providing assistance to the Auditor General from subsidiaries when consolidated audits occur (reg 20(2)).\n\n- Incentives and behaviour change: the director/CEO/CFO sign‑off requirements (regs 8–9) push governance structures toward clear accountability for financial statements. Treasurer exemption powers (regs 28–29) create a procedural safety valve for exceptional circumstances but also introduce administrative discretion that can be used to reduce compliance costs in specific cases.\n\n- Centralised oversight and risk allocation: the Auditor General has broad access and reporting duties (regs 17–18, 20–21, 32), which centralises audit oversight but may generate extra administrative interactions and potential disputes with subsidiaries. The requirement that the Auditor General’s access costs be borne by the GTE (reg 20(2)) shifts financial burden to the GTE.\n\n- Trade‑offs and implementation risks: prescriptive registers and disclosure rules improve comparability and audit scope but increase the risk of greater administrative expense and the need for legal or accounting support (e.g. in preparing indemnity/insurance disclosure (reg 14) or remuneration disclosures (reg 15)). The Treasurer’s power to exempt (reg 28) mitigates one side of that trade‑off but introduces reliance on ministerial decisions and Parliamentary notification requirements (reg 28(5)).\n\n- Effects on private parties and markets: the regulations regulate GTE internal governance and transparency rather than private firms directly. However, by specifying permitted hedging transactions (reg 35) and thresholds for significant transactions (reg 38), they influence how GTEs engage with markets, counterparties and lenders. The requirement to publish board and appointment details (regs 33–34) increases public transparency of governance.\n\nKey implementation touchpoints (who decides, who pays, what changes behaviour)\n\n- Who decides: directors and boards decide to make declarations and apply accounting standard elections (regs 8(5), 24(3)); the Treasurer and Portfolio Minister exercise exemption, direction and extension powers (regs 6, 28–30); the Auditor General decides on audit opinions and escalations (regs 17–18, 32).\n- Who pays: GTEs pay for compliance, for producing records, and for providing assistance and access to the Auditor General from subsidiaries (reg 20(2)).\n- Behaviour changes: GTEs will centralise financial record systems, strengthen CFO/CEO sign‑off procedures, synchronise subsidiary years, and maintain the prescribed registers and public disclosures.\n\nPrimary legal cross‑references and dependencies\n\n- The regulations rely heavily on the Government Trading Enterprises Act (multiple sections cited throughout) and import meanings and interpretive rules from the Corporations Act (reg 3(2), regs 26–27). That means some obligations depend on external, evolving accounting and corporation law rules.\n\n(Selected section references: record format and conversion — reg 5; director access and Supreme Court authorisation — reg 7; annual financial statements and directors’ declarations — regs 8–9; true and fair requirement — reg 10; Auditor General duties and reporting — regs 17–18 and 32; consolidated statements and subsidiary assistance — regs 19–22; Treasurer exemptions — regs 28–29; registers — reg 36; hedging transactions — reg 35; significant transaction threshold — reg 38.)"},"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed — the full text of the regulations was not available for review. No comparison between original intent and final form is possible."},"complexity_factors":["No legislative content was retrievable — the source page returned a 'page not found' error","Cannot assess complexity without access to the actual text of the regulations","Score of 1 reflects absence of analysable content, not simplicity of the underlying law"],"plain_english_summary":"## Government Trading Enterprises Regulations 2023 (WA)\n\n**The content of this legislation is not available for analysis.**\n\nThe page that was supposed to contain the full text of these Western Australian regulations returned an error — the URL no longer exists on the WA legislation website, likely due to a website migration or system upgrade.\n\n**What we can say with confidence:**\n- This is a **Western Australian regulation** (subordinate legislation made under a parent Act)\n- It relates to **Government Trading Enterprises** — these are government-owned bodies that operate commercially, such as utilities or transport providers (think Western Power, Water Corporation, or similar entities)\n- The regulations likely govern how these enterprises are managed, monitored, or held accountable\n\n**What you should do:**\n- Visit the [Western Australian legislation website](https://www.legislation.wa.gov.au) and search directly for \"Government Trading Enterprises Regulations 2023\"\n- Contact the Parliamentary Counsel's Office Helpdesk if the document remains inaccessible"},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The regulations appear consistent with their original intent to operationalise the *Government Trading Enterprises Act 2023* by prescribing detailed financial administration, audit, and governance requirements. The amendments in Part 4 (deleting provisions from other regulations) represent machinery provisions to avoid duplication rather than scope creep. Regulation 32A (inserted February 2024) is a sunset provision for transitional arrangements, which is typical regulatory housekeeping rather than expansion of scope."},"complexity_factors":["Extensive cross-referencing to the *Corporations Act* (federal legislation) for definitions and accounting standards interpretation","Nested conditional logic in financial reporting requirements (e.g., regulation 8(2)(a) vs 8(2)(b) creating parallel reporting tracks for consolidated vs non-consolidated entities)","Multiple layers of declarations and certifications required (directors' declaration → CEO/CFO declarations → Auditor General opinion)","Conditional exemptions framework (regulations 28-30) requiring satisfaction of multiple criteria before relief granted","Synchronisation requirements for subsidiary financial years (regulation 23) with 12-month grace period creating temporal complexity","Dual thresholds for 'significant transactions' requiring calculation of lesser of two values (regulation 38)","Specific technical terminology adopted from accounting profession (AASB standards, equity accounting, consolidated financial statements)"],"plain_english_summary":"These regulations set out the detailed financial reporting and governance rules for Government Trading Enterprises (GTEs) in Western Australia—essentially, state-owned businesses like utilities or land authorities.\n\n**What it does:**\n- **Financial record-keeping:** Requires GTEs to maintain proper financial records that can be converted to hard copy, and specifies where records must be kept (with special rules for records stored overseas).\n- **Annual reporting:** Mandates detailed annual financial reports including statements of income, financial position, and cash flows, plus directors' reports covering operations, dividends, director details, and remuneration.\n- **Audit requirements:** Gives the Auditor General power to audit GTEs and their subsidiaries, access records, and require information from officers.\n- **Governance transparency:** Requires publication of board member details, skills, and appointment dates on websites and in annual reports.\n- **Financial controls:** Sets rules for hedging transactions (financial risk management), borrowing registers, and thresholds for \"significant transactions\" requiring approval ($25 million or 5% of fixed assets, whichever is lower).\n- **Exemptions:** Allows the Treasurer to grant exemptions from reporting requirements if compliance would be misleading, inappropriate, or burdensome.\n\n**Who it affects:**\n- State-owned enterprises (GTEs) and their subsidiaries\n- GTE directors, chief executive officers, and chief financial officers\n- The Auditor General and Portfolio Ministers\n- The Treasurer (who can grant exemptions)\n\n**Why it matters:**\nThese rules ensure taxpayer-owned businesses operate with corporate-level transparency and accountability. They mirror private sector corporate governance standards (borrowing heavily from the federal *Corporations Act*) but adapt them for public sector context—ensuring Parliament and the public can scrutinise how state businesses perform financially and how directors are managing public assets."}},"importantCases":[],"_links":{"self":"/api/acts/government-trading-enterprises-regulations-2023","history":"/api/acts/government-trading-enterprises-regulations-2023/history","analysis":"/api/acts/government-trading-enterprises-regulations-2023/analysis","conflicts":"/api/acts/government-trading-enterprises-regulations-2023/conflicts","importantCases":"/api/acts/government-trading-enterprises-regulations-2023/important-cases","documents":"/api/acts/government-trading-enterprises-regulations-2023/documents"}}