Commonwealth: Financial Framework Legislation Amendment Act 2005 (Cth)

Financial Framework Legislation Amendment Act 2005 No. 8, 2005 as amended Compilation start date: 22 February 2005 Includes amendments up to: Act No. 103, 2013 About this compilation This compilation This is a compilation of the Financial Framework Legislation Amendment Act 2005 as in force on 22 February 2005. It includes any commenced amendment affecting the legislation to that date. This compilation was prepared on 18 September 2013. The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision. Uncommenced amendments The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Modifications If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes. Provisions ceasing to have effect If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Schedule(s) 4 Saving of matters in Part 2 of Schedule 1 Schedule 1—Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts Part 1—Removal of references to Loan Fund Acts Interpretation Act 1901 Higher Education Funding Act 1988 Housing Assistance Act 1978 Housing Assistance Act 1981 Housing Assistance Act 1984 Loan (Temporary Revenue Deficits) Act 1953 Loans (Australian Industry Development Corporation) Act 1974 Sewerage Agreements Act 1973 Sewerage Agreements Act 1974 States Grants (Primary and Secondary Education Assistance) Act 1992 States Grants (Primary and Secondary Education Assistance) Act 1996 States (Works and Housing) Assistance Act 1982 States (Works and Housing) Assistance Act 1983 States (Works and Housing) Assistance Act 1984 States (Works and Housing) Assistance Act 1985 States (Works and Housing) Assistance Act 1988 Vocational Education and Training Funding Act 1992 Part 2—Special Accounts and references to paid to the Consolidated Revenue Fund Aboriginal Land (Lake Condah and Framlingham Forest) Act 1987 Aboriginal Land Rights (Northern Territory) Act 1976 Acts Interpretation Act 1901 AeroSpace Technologies of Australia Limited Sale Act 1994 Agricultural and Veterinary Chemicals (Administration) Act 1992 Agricultural and Veterinary Chemical Products (Collection of Interim Levy) Act 1994 Agricultural and Veterinary Chemical Products (Collection of Levy) Act 1994 Alcohol Education and Rehabilitation Account Act 2001 Australia‑Japan Foundation Act 1976 Australian Centre for International Agricultural Research Act 1982 Australian Federal Police Act 1979 Australian Meat and Live‑stock Industry (Repeals and Consequential Provisions) Act 1997 Australian Radiation Protection and Nuclear Safety Act 1998 Australian Securities and Investments Commission Act 2001 Bankruptcy Act 1966 Broadcasting Services Act 1992 CFM Sale Act 1996 Child Support (Registration and Collection) Act 1988 Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992 Commonwealth Places (Mirror Taxes) Act 1998 Corporations Act 2001 Crimes Act 1914 Crimes (Superannuation Benefits) Act 1989 CSL Sale Act 1993 Customs Act 1901 Defence Forces Retirement Benefits Fund (Distribution of Surplus to Pensioners) Act 1976 Defence Service Homes Act 1918 Financial Agreement Act 1994 Financial Institutions Supervisory Levies Collection Act 1998 Financial Management and Accountability Act 1997 Forestry and Timber Bureau Act 1930 Great Barrier Reef Marine Park Act 1975 Higher Education Funding Act 1988 Income Tax Assessment Act 1936 Industrial Chemicals (Notification and Assessment) Act 1989 International Monetary Agreements Act 1947 Interstate Road Transport Act 1985 Lands Acquisition Act 1989 Moomba‑Sydney Pipeline System Sale Act 1994 National Blood Authority Act 2003 National Cattle Disease Eradication Reserve Act 1991 National Health and Medical Research Council Act 1992 National Residue Survey Administration Act 1992 Native Title Act 1993 Natural Heritage Trust of Australia Act 1997 Natural Resources Management (Financial Assistance) Act 1992 Navigation Act 1912 Petroleum (Submerged Lands) Act 1967 Primary Industries (Customs) Charges Act 1999 Primary Industries (Excise) Levies Act 1999 Proceeds of Crime Act 1987 Proceeds of Crime Act 2002 Protection of Movable Cultural Heritage Act 1986 Protection of the Sea (Oil Pollution Compensation Fund) Act 1993 Sea Installations Act 1987 Small Superannuation Accounts Act 1995 Snowy Hydro Corporatisation Act 1997 Snowy Mountains Engineering Corporation Limited Sale Act 1993 States Grants (Primary and Secondary Education Assistance) Act 1992 States Grants (Primary and Secondary Education Assistance) Act 1996 Student Assistance Act 1973 Superannuation Act 1922 Superannuation Act 1976 Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 Superannuation Guarantee (Administration) Act 1992 Superannuation Industry (Supervision) Act 1993 Sydney Airport Demand Management Act 1997 Taxation Administration Act 1953 Telecommunications Act 1997 Telecommunications (Consumer Protection and Service Standards) Act 1999 Telstra Corporation Act 1991 Therapeutic Goods Act 1989 Vocational Education and Training Funding Act 1992 Workplace Relations Act 1996 Schedule 2—Other amendments Aboriginal and Torres Strait Islander Act 2005 Aboriginal Land Rights (Northern Territory) Act 1976 Agricultural and Veterinary Chemicals (Administration) Act 1992 Albury‑Wodonga Development Act 1973 Australian Broadcasting Corporation Act 1983 Australian Film Commission Act 1975 Australian Hearing Services Act 1991 Australian Maritime Safety Authority Act 1990 Australian National University Act 1991 Australian Nuclear Science and Technology Organisation Act 1987 Australian Prudential Regulation Authority Act 1998 Australian Trade Commission Act 1985 Commonwealth Authorities and Companies Act 1997 Co‑operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978 Defence Housing Authority Act 1987 Export Finance and Insurance Corporation Act 1991 Financial Management and Accountability Act 1997 Fisheries Administration Act 1991 Health Insurance Commission Act 1973 High Court of Australia Act 1979 Maritime College Act 1978 Native Title Act 1993 Norfolk Island Act 1979 Northern Prawn Fishery Voluntary Adjustment Scheme Loan Guarantee Act 1985 Northern Territory (Lessees' Loans Guarantee) Act 1954 Primary Industries and Energy Research and Development Act 1989 Safety, Rehabilitation and Compensation Act 1988 Special Broadcasting Service Act 1991 Stevedoring Industry Finance Committee Act 1977 Sydney Harbour Federation Trust Act 2001 Schedule 3—Repeal of Acts Australian Development Assistance Agency (Repeal) Act 1977 Loan Act (No. 2) 1983 Loan Act 1984 Loan Act 1985 Loan Act 1986 Loan Act 1992 Loan Act 1993 Loan Act 1994 Loan Act 1995 Loan Act 1996 Loan (Income Equalization Deposits) Act 1976 Loan (International Bank for Reconstruction and Development) Act 1950 Loan (Supplementary Borrowing) Act 1969 Loans (Qantas Airways Limited) Act (No. 2) 1971 Loans (Qantas Airways Limited) Act 1972 Loans (Qantas Airways Limited) Act 1974 Loans (Qantas Airways Limited) Act 1976 Qantas Airways Limited (Loan Guarantee) Act 1976 Railway Standardization (South Australia) Agreement Act 1949 Roads Grants Act 1980 Roads Grants Act 1981 States Grants (Capital Assistance) Act (No. 3) 1972 States Grants (Capital Assistance) Act 1979 States Grants (Capital Assistance) Act 1980 States Grants (Capital Assistance) Act 1981 States Grants (Roads) Act 1977 States Grants (Urban Public Transport) Act 1978 War Gratuity Appropriation Act 1948 Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Endnote 5—Uncommenced amendments [none] Endnote 6—Modifications [none] Endnote 7—Misdescribed amendments [none] Endnote 8—Miscellaneous [none] An Act to amend Commonwealth financial management legislation and other financial and reporting provisions, and for related purposes 1 Short title This Act may be cited as the Financial Framework Legislation Amendment Act 2005. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 4 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 22 February 2005 2. Schedule 1, items 1 to 440 The day on which this Act receives the Royal Assent. 22 February 2005 3. Schedule 1, item 441 1 July 2005. 1 July 2005 4. Schedule 1, items 442 and 443 The day on which this Act receives the Royal Assent. 22 February 2005 5. Schedule 1, item 444 1 July 2005. 1 July 2005 6. Schedule 1, items 445 to 455 The day on which this Act receives the Royal Assent. 22 February 2005 7. Schedule 1, items 456 and 457 1 July 2005. 1 July 2005 8. Schedule 1, items 458 to 490 The day on which this Act receives the Royal Assent. 22 February 2005 9. Schedule 1, items 491 and 492 1 July 2005. 1 July 2005 10. Schedule 1, items 493 to 496 The day on which this Act receives the Royal Assent. 22 February 2005 11. Schedule 2, items 1 to 10 The later of: 24 March 2005 (a) the start of the day on which this Act receives the Royal Assent; and (paragraph (b) applies) (b) immediately after the commencement of Schedule 1 to the Aboriginal and Torres Strait Islander Commission Amendment Act 2005. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. 12. Schedule 2, items 11 to 174 The day on which this Act receives the Royal Assent. 22 February 2005 13. Schedule 3 The day on which this Act receives the Royal Assent. 22 February 2005 Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. 4 Saving of matters in Part 2 of Schedule 1 (1) If: (a) a decision or action is taken or another thing is made, given or done; and (b) the thing is taken, made, given or done under a provision of a Part 2 Act that had effect immediately before the commencement of this Act; then the thing has the corresponding effect, for the purposes of the Part 2 Act as amended by this Act, as if it had been taken, made, given or done under the Part 2 Act as so amended. (2) In this section: Part 2 Act means an Act that is amended by an item in Part 2 of Schedule 1. Schedule 1—Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts Part 1—Removal of references to Loan Fund Acts Interpretation Act 1901 1 Paragraph 17(ka) Repeal the paragraph. Higher Education Funding Act 1988 2 Sections 114 and 117 Repeal the sections. 3 Subsection 118(1) Omit "and the Loan Fund are", substitute "is". Housing Assistance Act 1978 4 Section 8 Omit "to the Consolidated Revenue Fund in accordance with section 10", substitute "and advances to the States for the purposes of this Part". 5 Section 9 Omit "to the Consolidated Revenue Fund in accordance with section 10, and the Loan Fund is appropriated, as necessary, for those purposes", substitute "and advances to the States for the purposes of this Part". 6 Section 10 Repeal the section. Housing Assistance Act 1981 7 Section 12 Omit "to the Consolidated Revenue Fund in accordance with section 14", substitute "and advances to the States for the purposes of this Act". 8 Section 13 Omit "to the Consolidated Revenue Fund in accordance with section 14, and the Loan Fund is appropriated, as necessary, for those purposes", substitute "and advances to the States for the purposes of this Act". 9 Section 14 Repeal the section. Housing Assistance Act 1984 10 Section 13 Omit "to the Consolidated Revenue Fund in accordance with section 15", substitute "and advances to the States for the purposes of this Act". 11 Section 14 Omit "to the Consolidated Revenue Fund in accordance with section 15, and the Loan Fund is appropriated, as necessary, for those purposes", substitute "and advances to the States for the purposes of this Act". 12 Section 15 Repeal the section. Loan (Temporary Revenue Deficits) Act 1953 13 Section 3 Repeal the section. 14 Section 4 Omit "moneys standing to the credit of the Loan Fund", substitute "amounts in the Consolidated Revenue Fund". 15 Section 4 Omit "under the last preceding section". Loans (Australian Industry Development Corporation) Act 1974 16 Subsection 7(4) Omit "Loan Fund", substitute "Consolidated Revenue Fund". Sewerage Agreements Act 1973 17 Section 4 Omit "or out of the Loan Fund". 18 Section 6 Omit "borrowing,", substitute "borrowing and". 19 Section 6 Omit "and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 7". 20 Section 7 Repeal the section. 21 Section 8 Omit "and the Loan Fund are", substitute "is". Sewerage Agreements Act 1974 22 Section 6 Omit "or out of the Loan Fund". 23 Subsection 8(1) Omit "borrowing,", substitute "borrowing and". 24 Subsections 8(1) and (2) Omit "and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 9". 25 Section 9 Repeal the section. 26 Section 10 Omit "and the Loan Fund are", substitute "is". States Grants (Primary and Secondary Education Assistance) Act 1992 27 Sections 112 and 115 Repeal the sections. 28 Section 116 Omit "and Loan Fund are", substitute "is". States Grants (Primary and Secondary Education Assistance) Act 1996 29 Sections 84 and 87 Repeal the sections. 30 Section 88 Omit "and Loan Fund are", substitute "is". States (Works and Housing) Assistance Act 1982 31 Section 9 Omit "or the Loan Fund". Note: The heading to section 9 is altered by omitting "or Loan Fund". 32 Section 11 Omit "borrowing,", substitute "borrowing and". 33 Section 11 Omit "and for the purposes of making payments to the Consolidated Revenue Fund in accordance with section 12". 34 Section 12 Repeal the section. 35 Section 13 Omit "and the Loan Fund are", substitute "is". States (Works and Housing) Assistance Act 1983 36 Section 14 Omit "or the Loan Fund". Note: The heading to section 14 is altered by omitting "or Loan Fund". 37 Section 16 Omit "borrowing,", substitute "borrowing and". 38 Section 16 Omit "and for the purposes of making payments to the Consolidated Revenue Fund in accordance with section 17". 39 Section 17 Repeal the section. 40 Section 18 Omit "and the Loan Fund are", substitute "is". States (Works and Housing) Assistance Act 1984 41 Section 14 Omit "or the Loan Fund". Note: The heading to section 14 is altered by omitting "or Loan Fund". 42 Section 16 Omit "borrowing,", substitute "borrowing and". 43 Section 16 Omit "and for the purposes of making payments to the Consolidated Revenue Fund in accordance with section 17". 44 Section 17 Repeal the section. 45 Section 18 Omit "and the Loan Fund are", substitute "is". States (Works and Housing) Assistance Act 1985 46 Section 14 Omit "or the Loan Fund". Note: The heading to section 14 is altered by omitting "or Loan Fund". 47 Section 16 Omit "borrowing,", substitute "borrowing and". 48 Section 16 Omit "and for the purposes of making payments to the Consolidated Revenue Fund in accordance with section 17". 49 Section 17 Repeal the section. 50 Section 18 Omit "and the Loan Fund are", substitute "is". States (Works and Housing) Assistance Act 1988 51 Section 12 Omit "or the Loan Fund". Note: The heading to section 12 is altered by omitting "or Loan Fund". 52 Section 14 Omit "borrowing,", substitute "borrowing and". 53 Section 14 Omit "and for the purposes of making payments to the Consolidated Revenue Fund in accordance with section 15". 54 Section 15 Repeal the section. 55 Section 16 Omit "and the Loan Fund are", substitute "is". Vocational Education and Training Funding Act 1992 56 Sections 10 and 13 Repeal the sections. 57 Section 14 Omit "and the Loan Fund are", substitute "is". Part 2—Special Accounts and references to paid to the Consolidated Revenue Fund Aboriginal Land (Lake Condah and Framlingham Forest) Act 1987 58 Section 38 Repeal the section, substitute: 38 Credit of amounts to and debits from Accounts (1) The Accounts referred to in subsections (2), (4) and (6) are Special Accounts for the purposes of the Financial Management and Accountability Act 1997. Condah Land Account (2) There is continued in existence the Condah Land Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (3) There must be credited to the Condah Land Account, from time to time, amounts determined by the regulations. Framlingham Forest Account (4) There is continued in existence the Framlingham Forest Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (5) There must be credited to the Framlingham Forest Account, from time to time, amounts determined by the regulations. Aboriginal Advancement Account (6) The Aboriginal Advancement Account is established for the purpose of furthering the social and economic advancement of Aboriginal people living in Victoria. (7) The amount standing to the credit of the Condah Land Account must be applied as follows: (a) one‑half must be debited and paid by the Commonwealth to an Aboriginal Corporation nominated by the Minister; (b) one‑half must be debited for crediting under subsection (8). (8) Whenever an amount is debited from the Condah Land Account under paragraph (7)(b), an equal amount must be credited to the Aboriginal Advancement Account. (9) The amount standing to the credit of the Framlingham Forest Account must be applied as follows: (a) one‑half must be debited and paid by the Commonwealth to the Kirrae Whurrong Aboriginal Corporation; (b) one‑half must be debited for crediting under subsection (10). (10) Whenever an amount is debited from the Framlingham Forest Account under paragraph (9)(b), an equal amount must be credited to the Aboriginal Advancement Account. (11) The Minister may debit the Aboriginal Advancement Account for the purpose mentioned in subsection (6). Amounts equal to the amounts debited are paid by the Commonwealth. (12) The Minister may, at any time, direct that, from a specified date: (a) amounts standing to the credit of the Aboriginal Advancement Account at that date are to be debited and paid by the Commonwealth to; and (b) one‑half of the royalties credited to the Condah Land Account or the Framlingham Forest Account (which would otherwise be debited from the Account under paragraph (7)(b) or (9)(b)) are to be debited and paid by the Commonwealth to; a body nominated by that Minister that is representative of Aboriginals and is established and administered by Aboriginals for the advancement of Aboriginals. (13) If interest is received by the Commonwealth from the investment of an amount standing to the credit of an Account continued in existence or established by or under this section, an amount equal to the interest must be credited to that Account. Aboriginal Land Rights (Northern Territory) Act 1976 59 Subsection 3(1) Insert: Account means the Aboriginals Benefit Account continued in existence by section 62. 60 Subsection 3(1) (definition of Reserve) Repeal the definition. 61 Subsection 35(2A) Omit "64(7)", substitute "64(8)". 62 Part VI (heading) Repeal the heading, substitute: Part VI—Aboriginals Benefit Account 63 Sections 62 and 62A Repeal the sections, substitute: 62 Aboriginals Benefit Account (1) There is continued in existence the Aboriginals Benefit Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. (3) If interest is received by the Commonwealth from the investment of an amount standing to the credit of the Account, an amount equal to the interest must be credited to the Account. 64 Sections 63, 64 and 64A Repeal the sections, substitute: 63 Credit of amounts to Account (1) Subject to subsection (2), there must be credited to the Account, from time to time, amounts equal to the amounts of any royalties received by the Commonwealth or the Northern Territory in respect of a mining interest in Aboriginal land. (2) If, because of an increase in the rate of royalty since 26 January 1977, an amount of royalties received by the Commonwealth in respect of a mining interest in the area of Aboriginal land described in Schedule 5 is higher than the amount that, but for that increase, the Commonwealth would have received in respect of that mining interest, such part only of the increase in the amount of those royalties as is determined by the Minister is to be taken into account in calculating the amount to be credited to the Account under subsection (1) in respect of those royalties. (3) If: (a) after 17 January 1990, a mining interest in respect of Aboriginal land in the Northern Territory has been granted under: (i) subsection 51(1A) of the Lands Acquisition Act 1955 in so far as it applies by virtue of subsection 124(8) of the Lands Acquisition Act 1989; or (ii) regulations made for the purposes of subsection 124(1) of the Lands Acquisition Act 1989; and (b) because of an increase in the rate of royalty since the grant of the mining interest, an amount of royalties received by the Commonwealth in respect of the mining interest is higher than the amount that, but for that increase, the Commonwealth would have received in respect of that mining interest; such part only of the increase in the amount of those royalties as is determined by the Minister is to be taken into account in calculating the amount to be credited to the Account under subsection (1) in respect of those royalties. (4) If mining operations for minerals are carried on under the Atomic Energy Act 1953 or any other Act on Aboriginal land by, or on behalf of, the Commonwealth, the Northern Territory or an Authority, there must be credited to the Account, from time to time, payments in respect of those mining operations of such amounts as are determined in accordance with subsection (5). (5) Amounts payable under subsection (4) are: (a) such amounts as would be payable to the Crown as royalties if the mining operations were carried on in accordance with the law of the Northern Territory relating to mining for minerals and the royalties were payable at the rate fixed by that law immediately before 26 January 1977; or (b) if the Minister administering the Act under which the mining operations are carried on and the Minister administering this Act jointly determine that amounts higher than the amounts referred to in paragraph (a) are to be payable under subsection (4) in respect of particular mining operations—the amounts so determined. (6) There must be credited to the Account amounts equal to any money paid by any person to the Commonwealth for the purposes of the Account. (7) There must be credited to the Account amounts equal to any amounts from time to time received by the Commonwealth as interest on, or as repayment of, any loan made under subsection 64(4). 64 Debits from the Account (1) There must be debited from the Account from time to time, and paid by the Commonwealth for distribution between or among the Land Councils in such proportions as the Minister determines having regard to the number of Aboriginals living in the area of each Council, an amount equal to 40% of the amounts credited to the Account in accordance with subsection 63(1) or (4). (2) If the distribution referred to in subsection (1) is between 2 Land Councils only, the Minister must determine the proportions for the purposes of that distribution as 50% for each Council. (3) There must be debited from the Account and paid by the Commonwealth, from time to time, to each Land Council in the area of which a mining interest referred to in subsection 63(1) is situated, or mining operations referred to in subsection 63(4) are being carried on, an amount equal to 30% of any amounts: (a) credited to the Account in accordance with subsection 63(1) in respect of that mining interest; or (b) credited to the Account in accordance with subsection 63(4) in respect of those mining operations; as the case may be. (4) There must be debited from the Account and paid by the Commonwealth such other amounts as the Minister directs to be paid or applied to or for the benefit of Aboriginals living in the Northern Territory. (5) A payment of an amount debited from the Account under subsection (4) may be by way of a loan (whether secured or unsecured) by the Commonwealth on such conditions as the Minister thinks fit. (6) There must be debited from the Account and paid by the Commonwealth such amounts to meet the expenses of administering the Account as the Minister directs. (7) Amounts that the Minister directs to be debited from the Account under subsection (4) or (6) must be paid or applied in accordance with the direction. (8) Where, at any time, the Minister is satisfied that a Land Council is, or may be, unable to meet its administrative costs, in accordance with section 34, from money that is, or may become, available to it for the purpose, the Minister may direct that such amount as the Minister specifies in the direction must be paid to the Land Council by the Commonwealth and debited from the Account for the purpose of meeting those costs. 64A Debit of additional amounts from Account (1) The Minister may, in his or her discretion, from time to time, by written instrument, direct the debit from the Account of such amounts as he or she specifies in the direction. (2) If the Minister directs, under subsection (1), the debit of a specified amount from the Account, neither subsection 221ZB(1) of the Income Tax Assessment Act 1936 nor section 12‑320 in Schedule 1 to the Taxation Administration Act 1953 applies in relation to the debit of that amount. But there must also be debited from the Account such additional amount as would be necessary to discharge any liability for mining withholding tax in accordance with Division 11C of Part III of the Income Tax Assessment Act 1936 in respect of the first‑mentioned amount. The debit of that additional amount discharges that liability. (3) The Minister must, in a direction under subsection (1), specify, in relation to each amount that he or she directs be debited from the Account: (a) that the amount is to be taken, for the purposes of this section, to have been debited from the Account in relation to a specified Land Council; or (b) that specified amounts that are, in the aggregate, equal to that amount are to be respectively taken, for the purposes of this section, to have been debited from the Account in relation to specified Land Councils. (4) If, in consequence of a direction by the Minister under subsection (1) that an amount be debited from the Account, an additional amount is also debited from the Account in accordance with subsection (2), the Minister must, by written instrument, direct, in relation to that additional amount: (a) that the additional amount is to be taken, for the purposes of this section, to have been debited from the Account in relation to a specified Land Council; or (b) that specified amounts that are, in the aggregate, equal to the additional amount are to be respectively taken for the purposes of this section, to have been debited from the Account in relation to specified Land Councils. (5) The Minister must, in specifying under subsection (3) that an amount is to be taken, for the purposes of this section, to have been debited from the Account in relation to a specified Land Council, ensure that the aggregate of that amount and the amount or amounts (if any) specified in a previous direction or previous directions under subsection (1) in relation to that Land Council does not exceed the total of the amounts paid by the Commonwealth, after 30 June 1978, to that Land Council for the purpose of meeting the administrative costs of that Land Council. (6) An amount that is to be taken for the purposes of this section to have been debited from the Account in respect of a particular Land Council must nonetheless be taken into account for the purposes of subsection 64(1) as if it had been debited from the Account and paid by the Commonwealth in accordance with that subsection to the Land Council. (7) The reference in subsection (5) to amounts paid by the Commonwealth to a Land Council for the purpose of meeting the administrative costs of that Land Council does not include a reference to: (a) any amount that is paid to that Land Council under an agreement under subsection 44(1) or (2); or (b) any amount that is paid to that Land Council out of the appropriation made by item 07 of subdivision 3 of Division 640 of the Appropriation Act (No. 1) 1978‑79; or (c) any amount that is paid to that Land Council out of the appropriation made by subdivision 1 of Division 815 of the Appropriation Act (No. 4) 1980‑81; or (d) any amount that is paid to that Land Council out of the appropriation made by item 09 of subdivision 3 of Division 120 of the Appropriation Act (No. 1) 1981‑82; or (e) any other amount that is paid to that Land Council for that purpose by the Commonwealth and that the Minister determines, by written instrument, should not be taken into account for the purposes of this section. 65 Subsection 64B(1) Omit "Reserve", substitute "Account". 66 Subsection 65(1) Omit "a Reserve (first occurring)", substitute "an Account". Note: The heading to section 65 is altered by omitting "Reserve" and substituting "Account". 67 Subsection 65(1) Omit "the making of payments out of the Reserve", substitute "debiting the Account for the purposes of making payments". 68 Subsections 65(2) and (3) Omit "Reserve", substitute "Account". 69 Schedule 5 Omit "Subsection 63(3)", substitute "Subsection 63(2)". Acts Interpretation Act 1901 70 Paragraph 17(kb) Repeal the paragraph. AeroSpace Technologies of Australia Limited Sale Act 1994 71 Subsection 14(4) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Agricultural and Veterinary Chemicals (Administration) Act 1992 72 Paragraph 58(2)(aa) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 73 Paragraph 58(2)(ab) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Agricultural and Veterinary Chemical Products (Collection of Interim Levy) Act 1994 74 Section 16 Repeal the section, substitute: 16 Levy and late payment penalty recoverable as debts (1) Any levy that has not been paid on or before the prescribed date for payment of the levy, or any late payment penalty that is payable, is: (a) a debt due to the Commonwealth; and (b) payable to the NRA on behalf of the Commonwealth; and (c) may be sued for and recovered by the NRA. (2) The NRA must pay to the Commonwealth any amounts of levy or late payment penalty received by it. Agricultural and Veterinary Chemical Products (Collection of Levy) Act 1994 75 Section 19 Repeal the section, substitute: 19 Levy and late payment penalty recovered as debts (1) Any levy that has not been paid on or before the prescribed date for payment of the levy, or any late payment penalty that is payable, is: (a) a debt due to the Commonwealth; and (b) payable to the NRA on behalf of the Commonwealth; and (c) may be sued for and recovered by the NRA. (2) The NRA must pay to the Commonwealth any amounts of levy or late payment penalty received by it. Alcohol Education and Rehabilitation Account Act 2001 76 Subsection 8(1) Omit "Money", substitute "Amounts". Note: The heading to section 8 is altered by omitting "Money in" and substituting " Amounts standing to the credit of". 77 Subsection 8(2) Omit "money", substitute "amounts". Australia‑Japan Foundation Act 1976 78 Section 3 Insert: Account means the account continued in existence by section 17. 79 Section 3 (definition of Reserve) Repeal the definition. 80 Paragraph 5(1)(d) Omit "Reserve", substitute "Account". 81 Part IV (heading) Repeal the heading, substitute: Part IV—Australia‑Japan Account 82 Sections 17 and 18 Repeal the sections, substitute: 17 Australia‑Japan Account (1) There is continued in existence the Australia‑Japan Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. 18 Credit of amounts to Account There must be credited to the Account amounts equal to: (a) income derived from the investment of an amount standing to the credit of the Account; and (b) any money received by the Commonwealth or by the Foundation from the disposal of property purchased or produced, or in respect of any work paid for, with an amount standing to the credit of the Account; and (c) any other money derived by the Foundation in the performance of its functions; and (d) any money received by the Foundation by way of, or as a result of, a gift, devise or bequest. Note: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act. 83 Subsection 19(1) Omit "Moneys standing to the credit of the Reserve", substitute "Amounts standing to the credit of the Account". Note: The heading to section 19 is altered by omitting "of moneys of Reserve" and substituting "of amounts standing to the credit of the Account". Australian Centre for International Agricultural Research Act 1982 84 Section 3 Insert: Account means the account continued in existence by section 33. 85 Section 3 (definition of Reserve) Repeal the definition. 86 Sections 33, 34 and 35 Repeal the sections, substitute: 33 Australian Centre for International Agricultural Research Account (1) There is continued in existence the Australian Centre for International Agricultural Research Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. 34 Credit of amounts to Account There must be credited to the Account amounts equal to money from time to time received by the Centre. Note: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act. 35 Debits from Account Amounts standing to the credit of the Account may be debited for the following purposes: (a) in payment or discharge of the costs, expenses and other obligations incurred by the Centre in the performance of its functions or the exercise of its powers under this Act; (b) in payment of any remuneration and allowances payable to any person under this Act. 87 Subsection 36(1) Omit "moneys standing to the credit of the Reserve", substitute "amounts standing to the credit of the Account". 88 Subsection 36(2) Omit "Moneys shall not be expended from the Reserve", substitute "Amounts must not be debited from the Account". Australian Federal Police Act 1979 89 Subsection 54(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 90 Subsection 54(4) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Australian Meat and Live‑stock Industry (Repeals and Consequential Provisions) Act 1997 91 Subitem 11(2) of Schedule 5 Repeal the subitem. 92 Subitem 12(4) of Schedule 5 Repeal the subitem. 93 Subitem 13(3) of Schedule 5 Repeal the subitem. 94 Item 29 of Schedule 5 Repeal the item. Australian Radiation Protection and Nuclear Safety Act 1998 95 Section 56 Repeal the section, substitute: 56 ARPANSA Account (1) There is continued in existence the ARPANSA Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. (3) Amounts equal to the following must be credited to the Account: (a) amounts received by the Commonwealth under the Licence Charges Act; (b) fees received by the Commonwealth under section 34; (c) amounts received by the Commonwealth in connection with the performance of the CEO's functions under this Act or the regulations; (d) interest received by the Commonwealth from the investment of an amount standing to the credit of the Account; (e) money received by the Commonwealth in relation to property paid for after a debit of the Account in respect of an amount equal to the purchase price of the property; (f) amounts recovered by the Commonwealth under subsection 41(7), to the extent that they are referable to costs debited from the Account; (g) amounts of any gifts given or bequests made for the purposes of the Account. Note: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act. (4) The purposes of the Account are to make payments: (a) to further the object of this Act (as set out in section 3); and (b) otherwise in connection with the performance of the CEO's functions under this Act or the regulations. Australian Securities and Investments Commission Act 2001 96 Subsections 135(7) and 161(7) Repeal the subsections. Bankruptcy Act 1966 97 Section 20A Insert: Equalization Account means the Common Investment Fund Equalization Account continued in existence by section 20G. 98 Section 20A (definition of Equalization Reserve) Repeal the definition. 99 Sections 20G and 20H Repeal the sections, substitute: 20G Common Investment Fund Equalization Account (1) There is continued in existence the Common Investment Fund Equalization Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. 20H Credits to and debits from the Equalization Account (1) Interest derived from the investment of money in the Common Fund must be paid to the Commonwealth. (2) An amount equal to the amount of any capital profit made upon the realization of an investment made from money in the Common Fund must be paid out of the Common Fund to the Commonwealth. (3) Whenever a payment is made to the Commonwealth under subsection (1) or (2), an equal amount must be credited to the Equalization Account. (4) An amount equal to: (a) the amount of any capital loss incurred upon the realization of an investment made from money in the Common Fund; or (b) each amount of interest that: (i) forms part of the estate of a bankrupt or of a deceased debtor by virtue of subsection 20J(2) or (3); or (ii) forms part of a fund referred to in paragraph 20J(1)(b) by virtue of subsection 20J(2) or (3A); or (iii) is payable to a person by virtue of subsection 20J(4); is to be debited from the Equalization Account and paid into the Common Fund. (5) The Official Trustee must, at such times as it considers appropriate and, in any event, at least once every 6 months, determine whether any amounts standing to the credit of the Equalization Account are not required for the purposes of subsection (4). If the Official Trustee determines that any amounts are not so required, it may direct that the amounts not so required, or any part of those amounts, are to be debited from the Equalization Account. (6) Whenever an amount required by subsection (4) to be debited from the Equalization Account exceeds the amount standing to the credit of the Equalization Account, an amount equal to the excess must be credited to the Equalization Account. 100 Section 139L (sub‑subparagraph (b)(i)(A) of the definition of income) Omit "Reserve", substitute "Account". 101 After subsection 153A(4) Insert: (4A) Money received by the Official Receiver under subsection (4) is received on behalf of the Commonwealth. 102 Subsection 153A(5) Repeal the subsection, substitute: (5) If money is paid to the Official Receiver under subsection (4), the provisions of subsections 254(3) and (4) apply in relation to that money as if it had been paid to the Commonwealth by a trustee under subsection 254(2). 103 Subsection 163(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 104 Subsection 163A(3) Repeal the subsection, substitute: (3) Money received by the Official Receiver under subsection (2) is received on behalf of the Commonwealth. 105 Subsection 252A(5) Repeal the subsection, substitute: (4A) Money received by the Official Receiver under subsection (4) is received on behalf of the Commonwealth. (5) If money is paid to the Official Receiver under subsection (4), the provisions of subsections 254(3) and (4) apply in relation to that money as if it had been paid to the Commonwealth by a trustee under subsection 254(2). 106 Subsection 254(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Note: The heading to section 254 is altered by omitting "into Consolidated Revenue Fund" and substituting "to the Commonwealth". 107 Subsection 254(2A) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 108 Subsection 254(3) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Broadcasting Services Act 1992 109 Subclause 51(8) of Schedule 4 Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Note: The heading to subclause 51(8) of Schedule 4 is replaced by the heading "Payments to the Commonwealth". CFM Sale Act 1996 110 Subsection 48(4) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Child Support (Registration and Collection) Act 1988 111 Subsection 4(1) Insert: Account means the Child Support Account continued in existence by section 73. 112 Subsection 4(1) (definition of Reserve) Repeal the definition. 113 Paragraph 53(c) Omit "transferred to the Reserve", substitute "credited to the Account". 114 Division 1 of Part VI Repeal the Division, substitute: Division 1—Child Support Account 73 Child Support Account (1) There is continued in existence the Child Support Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. 74 Credit of amounts to Account (1) The following amounts must be credited to the Account: (a) amounts equal to amounts received by the Registrar in payment of child support debts (including amounts received from employers under paragraph 47(1)(a)); (b) amounts equal to amounts received by the Registrar from payers of enforceable maintenance liabilities as voluntary payments for transmission to the payees of the liabilities; (c) amounts equal to amounts received by the Registrar in relation to amounts that persons were not entitled to have been paid in respect of a debiting from the Account. (2) If the Registrar receives an amount of which only part appears to the Registrar to fall within subsection (1), the Registrar must determine, in writing, the portion of the amount falling within that subsection, and only that portion is to be credited to the Account under subsection (1). 75 Purposes of the Account (1) The purposes of the Account are: (a) to make payments under subsection 76(1) to payees of registered maintenance liabilities; and (b) to make payments to the payees of enforceable maintenance liabilities of amounts received from the payers of the liabilities as voluntary payments for transmission to the payees; and (c) to repay amounts paid to the Commonwealth and credited to the Account that the Registrar was not entitled to have received under this Act. (2) Amounts received from employers and payers of enforceable maintenance liabilities, in relation to cases in which amounts have been credited to the Account under section 77 or subsection 78(3), may be debited from the Account. 115 Section 77 Omit "transferred to the Reserve from the Consolidated Revenue Fund", substitute "credited to the Account". 116 Paragraph 78(3)(d) Omit "transferred to the Reserve from the Consolidated Revenue Fund", substitute "credited to the Account". Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992 117 Subsection 9(4) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Commonwealth Places (Mirror Taxes) Act 1998 118 Subsections 23(1) and (2) Repeal the subsections, substitute: (1) The Commonwealth is liable to pay to a State amounts equal to amounts received by the Commonwealth (including amounts received by a State on behalf of the Commonwealth) under an applied law of the State. 119 Subsection 23(3) Omit "subsection (2)", substitute "subsection (1)". Corporations Act 2001 120 Subsection 1341(1) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 121 Paragraph 1341(2)(d) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Crimes Act 1914 122 Paragraph 9A(c) Omit "pay", substitute "credit". 123 Subsection 9B(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Crimes (Superannuation Benefits) Act 1989 124 Subsection 41(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 125 Subsection 41(4) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". CSL Sale Act 1993 126 Subsection 41(4) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Customs Act 1901 127 Paragraph 208DA(3)(a) Omit "pay the money", substitute "credit the amount of the money". 128 Subparagraph 208DA(3)(b)(iii) Omit "pay the remainder", substitute "credit an amount equal to the remainder ". 129 Subparagraph 243G(6)(a)(ii) Omit "pay the remainder", substitute "credit an amount equal to the remainder". 130 Subparagraph 243G(6)(b)(iii) Omit "pay the remainder", substitute "credit an amount equal to the remainder". 131 Subsection 243G(7) Repeal the subsection, substitute: (7) Where the amounts to which subparagraph (6)(a)(ii) or (b)(iii) applies exceeds the penalty amount, the Official Trustee must: (a) credit to the Confiscated Assets Account as required by section 296 of the Proceeds of Crime Act 2002 an amount equal to the penalty amount; and (b) pay the balance to the person whose property was subject to the restraining order. 132 Subsection 243G(8) Omit "pays, in accordance with a direction under this section, money", substitute "credits, in accordance with a direction under this section, an amount". 133 Subsection 243P(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Defence Forces Retirement Benefits Fund (Distribution of Surplus to Pensioners) Act 1976 134 Title Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". Defence Service Homes Act 1918 135 Sections 40 and 40A Repeal the sections, substitute: 40 Defence Service Homes Insurance Account (1) There is continued in existence the Defence Service Homes Insurance Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. (3) There must be credited to the Account amounts equal to all payments to the Commonwealth in connection with its activities: (a) as an insurer under this Act, including a payment to it under a contract or arrangement referred to in section 38F; and (b) with respect to insurance, as an agent for an insurer. (4) The purpose of the Account is to make all payments by the Commonwealth in connection with its activities: (a) as an insurer under this Act, including: (i) a payment by it under a contract or arrangement referred to in section 38F; and (ii) a payment by it under section 38G; and (iii) a payment by it that it is not legally required to make but that is of a kind that would be made by a person carrying on the business of insurance in accordance with sound commercial principles; and (b) with respect to insurance, as an agent for an insurer. 40A Interest on amounts invested (1) Subject to this section, there must be credited to the Defence Service Homes Insurance Account, in respect of each financial year ending after the commencement of this section, an amount, calculated in such manner as the Finance Minister determines, by way of interest on the amount standing to the credit of the Account during that year, whether that amount has been invested by the Finance Minister or not. (2) If interest is received by the Commonwealth from the investment of an amount standing to the credit of the Defence Service Homes Insurance Account, an amount equal to the interest must be credited to the Account. (3) In this section: Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997. Financial Agreement Act 1994 136 Section 6 Repeal the section, substitute: 6 Debt Retirement Reserve Trust Account (1) There is continued in existence the Debt Retirement Reserve Trust Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. (3) The purpose of the Account is to make payments in accordance with the 1994 Financial Agreement. (4) There must be credited to the Account amounts equal to all money received by the Commonwealth under the 1994 Financial Agreement. Financial Institutions Supervisory Levies Collection Act 1998 137 Subsection 11(2) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 138 Section 24 Repeal the section, substitute: 24 How payments of levy and late payment penalty and repayments of financial assistance are to be applied (1) If a levy is imposed as a result of a determination by the Minister to make a grant of financial assistance not from the Account, then the following amounts must be paid to the Commonwealth and not credited to the Account: (a) any amounts of that levy, and of late payment penalty in respect of that levy, that are received by the Minister; and (b) any repayments of that financial assistance. (2) If a levy is imposed as a result of a determination by the Minister to make a grant of financial assistance from the Account, then the following amounts must be paid to the Commonwealth and credited to the Account: (a) amounts equal to any amounts of that levy, and of late payment penalty in respect of that levy, that are received by the Minister; and (b) amounts equal to any repayments of that financial assistance. Financial Management and Accountability Act 1997 139 Subsection 20(1) Repeal the subsection, substitute: (1) The Finance Minister may make a written determination that does all of the following: (a) establishes a Special Account; (b) allows or requires amounts to be credited to the Special Account; (c) specifies the purposes for which amounts are allowed or required to be debited from the Special Account. (1A) A determination under subsection (1) may specify that an amount may or must be debited from a Special Account established under subsection (1) otherwise than in relation to the making of a real or notional payment. 140 At the end of subsection 20(4) Add: Note: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act. 141 After subsection 20(4) Insert: (4A) If the Finance Minister makes a determination that allows an amount standing to the credit of a Special Account to be expended in making payments for a particular purpose, then, unless the contrary intention appears, the amount may also be applied in making notional payments for that purpose. Note: This subsection applies to transactions that do not actually involve payments because the parties to the transaction are merely parts of the Commonwealth or acting as agents for the Commonwealth. For example, Agency 1 "pays" Agency 2 for services provided by Agency 2. 142 Subsection 21(1) (note) Repeal the note, substitute: Note 1: An Act that establishes a Special Account will identify the amounts that are to be credited to the Special Account. 143 At the end of subsection 21(1) Add: Note 2: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act. 144 After subsection 21(1) Insert: (1A) If an Act allows an amount standing to the credit of a Special Account to be applied, debited, paid or otherwise used for a particular purpose, then, unless the contrary intention appears, the amount may also be applied, paid or otherwise used in making a notional payment for that purpose. Note: This subsection applies to transactions that do not actually involve payments because the parties to the transaction are merely parts of the Commonwealth or acting as agents for the Commonwealth. For example, Agency 1 "pays" Agency 2 for services provided by Agency 2. Forestry and Timber Bureau Act 1930 145 Section 5 Repeal the section, substitute: 5 Forestry Account (1) There is continued in existence the Forestry Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. (3) There must be credited to the Account: (a) amounts equal to donations for the furtherance of forestry that are received by the Director‑General or are otherwise received by or on behalf of the Commonwealth; and (b) amounts to be credited to the Account under any law. Note: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act. (4) An amount standing to the credit of the Account may be applied, in a manner approved by the Minister, for the furtherance of forestry. (5) If interest is received by the Commonwealth from the investment of an amount standing to the credit of the Account, an amount equal to the interest must be credited to the Account. Great Barrier Reef Marine Park Act 1975 146 Subsection 39I(1) Omit "into the Consolidated Revenue Fund", substitute "to the Commonwealth". 147 Subsection 39I(2) Repeal the subsection, substitute: (2) If an amount (Commonwealth amount) is paid to the Commonwealth under subsection (1), an amount equal to the Commonwealth amount must be paid to the Authority. 148 Subsection 39I(3) Omit "CRF amount" (wherever occurring), substitute "Commonwealth amount". 149 Subsection 39I(4) Omit "CRF amount", substitute "Commonwealth amount". Higher Education Funding Act 1988 150 Subsection 34(1) Insert: Account means the Higher Education (HECS) Account continued in existence by section 59. 151 Subsection 34(1) (definition of Reserve) Repeal the definition. 152 Part 4.3 of Chapter 4 (heading) Repeal the heading, substitute: Part 4.3—Higher Education (HECS) Account 153 Sections 59 and 60 Repeal the sections, substitute: 59 Higher Education Account (1) There is continued in existence the Higher Education (HECS) Account. The purpose of the Account is to make payments under section 61. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. 60 Credit of amounts to Account There must be credited to the Account amounts equal to the following: (a) money paid to the Commonwealth under this Chapter, Chapter 4A, 4B or 5A, otherwise than: (i) in discharge of an HEC assessment debt; or (ii) by virtue of the operation of section 106U; (b) amounts payable in respect of HEC assessment debts; (c) amounts necessary to enable payments to be debited from the Account under section 61; (d) money paid by any person to the Commonwealth for the purposes of the Account; (e) interest from the investment of an amount standing to the credit of the Account. 154 Subsection 61(1) Omit "Money in the Reserve", substitute "Amounts standing to the credit of the Account". Note The heading to section 61 is altered by omitting "Reserve" and substituting "an amount standing to the credit of the Account". 155 Section 116 Repeal the section, substitute: 116 Application of money borrowed Money borrowed under section 115 must be issued and applied only for the expenses of borrowing and for the purpose of making payments to institutions in accordance with section 27A. Income Tax Assessment Act 1936 156 Subsection 128U(1) Insert: Aboriginals Benefit Account means the Aboriginals Benefit Account continued in existence by section 62 of the Aboriginal Land Rights (Northern Territory) Act 1976. 157 Subsection 128U(1) (definition of Aboriginals Benefit Reserve) Repeal the definition. 158 Subsection 128U(1) (paragraph (a) of the definition of mining payment) Repeal the paragraph, substitute: (a) a payment made on or after 1 July 1979 and before the day that the Financial Management Legislation Amendment Act 1999 commenced, out of the Aboriginals Benefit Reserve to the extent that the payment represents money paid into the Aboriginals Benefit Reserve on or after 1 July 1979 in pursuance of subsection 63(2) or (4) of the Aboriginal Land Rights (Northern Territory) Act 1976; and (aa) a payment made on or after the day that the Financial Management Legislation Amendment Act 1999 commenced by the Commonwealth in respect of a debit from the Aboriginals Benefit Account to the extent that the payment represents an amount credited to the Aboriginals Benefit Account in pursuance of subsection 63(1) or (4) of the Aboriginal Land Rights (Northern Territory) Act 1976; and Industrial Chemicals (Notification and Assessment) Act 1989 159 Paragraphs 100B(1)(f), (g), (h) and (j) Omit "money from the Account", substitute "amounts standing to the credit of the Account". International Monetary Agreements Act 1947 160 Section 9 Repeal the section. Interstate Road Transport Act 1985 161 Subsection 3(1) Insert: Account means the Interstate Road Transport Account continued in existence by section 21. 162 Subsection 3(1) (definition of Reserve) Repeal the definition. 163 Part IV (heading) Repeal the heading, substitute: Part IV—Interstate Road Transport Account 164 Sections 21 and 22 Repeal the sections, substitute: 21 Interstate Road Transport Account (1) There is continued in existence the Interstate Road Transport Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997. (3) If interest is received by the Commonwealth from the investment of an amount standing to the credit of the Account, an amount equal to the amount of the interest must be credited to the Account. 22 Amounts to be credited to Account (1) There must be credited to the Account amounts equal to the amounts received by the Commonwealth as charge and advances on account of charge. (2) There must be credited to the Account amounts equal to amounts received by the Commonwealth by way of the repayment of amounts paid in accordance with a determination under subsection 23(1). 165 Subsection 23(1) Omit "shall be paid out of the Reserve", substitute "is to be debited from the Account and paid by the Commonwealth". Note: The heading to section 23 is replaced by the heading "Amounts to be debited from the Account". 166 Subsection 23(4) Omit "out of the Reserve shall", substitute "under this Act must". Lands Acquisition Act 1989 167 Section 6 Insert: Account means the Lands Acquisition Account continued in existence by section 89A. 168 Section 6 (definition of Reserve) Repeal the definition. 169 Section 89A Repeal the section, substitute: 89A Lands Acquisition Account (1) There is continued in existence the Lands Acquisition Account. Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999. (2) The Account is a Special Account for the purposes of the Financial Management a