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Australian Curriculum, Assessment and Reporting Authority Bill 2008

Part 5 Finance

   

37   Money payable to the Australian Curriculum, Assessment and Reporting Authority

             (1)  There is payable to the Australian Curriculum, Assessment and Reporting Authority such money as is appropriated by the Parliament for the purposes of the Australian Curriculum, Assessment and Reporting Authority.

             (2)  The Finance Minister may give directions about the amounts in which, and the times at which, money payable under subsection (1) is to be paid to the Australian Curriculum, Assessment and Reporting Authority.

             (3)  If a direction under subsection (2) is given in writing, the direction is not a legislative instrument.

38   Application of money by the Australian Curriculum, Assessment and Reporting Authority

             (1)  The money of the Australian Curriculum, Assessment and Reporting Authority consists of:

                     (a)  money paid to the Australian Curriculum, Assessment and Reporting Authority under section 37; and

                     (b)  any other money paid to the Australian Curriculum, Assessment and Reporting Authority.

             (2)  The money of the Australian Curriculum, Assessment and Reporting Authority is to be applied only:

                     (a)  in payment or discharge of the costs, expenses and other obligations incurred or undertaken by the Australian Curriculum, Assessment and Reporting Authority in the performance of its functions and the exercise of its powers; and

                     (b)  in payment of any remuneration or allowances payable under this Act.

             (3)  Subsection (2) does not prevent investment of surplus money of the Australian Curriculum, Assessment and Reporting Authority under section 18 of the Commonwealth Authorities and Companies Act 1997 .

39   Taxation

             (1)  To avoid doubt, for the purposes of section 50-25 of the Income Tax Assessment Act 1997 , the Australian Curriculum, Assessment and Reporting Authority is taken to be a public authority constituted under an Australian law.

Note:          This means the Australian Curriculum, Assessment and Reporting Authority is exempt from income tax.

             (2)  The Australian Curriculum, Assessment and Reporting Authority is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.