Risk policy

Risk management involves identifying those factors that may impact on the Department's ability to achieve its objectives and setting in place the strategies that will help to manage those factors. The Department's Audit and Risk Management Committee has responsibility for the oversight of risk management within Treasury. A business-risk review completed in 2006 provides the framework for Treasury's internal audit program and for the identification of risk-mitigation activities by business units. A key component of managing risk is comprehensive disaster recovery and business continuity planning. An overarching business continuity strategy and recovery plan, developed in 2006–07, complements the comprehensive information-systems disaster recovery and business continuity plan maintained since 2003.

The Tasmanian Risk Management Fund is the Tasmanian Government's self-insurance fund. It was established on 1 January 1999 to provide a whole-of-government approach to funding and managing the specific identified insurable liabilities of inner-Budget agencies. The Department of Treasury and Finance is responsible for the management of the fund, chairs the Risk Management Fund Steering Committee and reports to the Treasurer on policy issues. The services of a Fund Administration Agent are retained on a contract basis for claims administration, provision of advice in relation to claims management and for the placement of insurance as required.

Pricing policy

Treasury has some limited activities for which the pricing of goods and services is required. In accordance with the Government's policy on fees and charges, the Department's normal practice is to adopt a model based on full cost-recovery.

The Department levies fees and charges in accordance with the provisions of nine Acts.

Liquor Licensing Act 1990

Gaming Control Act 1993

Duties Act 2001

Land Tax Act 2000

Retirement Benefits Act 1993

Electricity Supply Industry Act 1995

Government Prices Oversight Act 1995

Gas Act 2000

Gas Pipelines Act 2000

Treasury maintains a Fees and Charges Manual that provides information on the fees and charges for which the Department is responsible. Fees and charges are reviewed regularly and most are exempt from GST, in accordance with A New Tax System (Goods and Services Tax) (Exempt Taxes, Fees and Charges) Determination 2001 (No 4).

Those fees and charges that are subject to the Fee Units Act 1997 were revised and gazetted in accordance with the provisions of that legislation on 30 March 2008.