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Nation-building Funds (Consequential Amendments) Bill 2008

Schedule 3 Transitional and application provisions etc.

   

1  Definition

In this Schedule:

Future Fund Board means the Future Fund Board of Guardians.

2  Transitional—annual report to deal with Higher Education Endowment Fund matters

Scope

(1)       This item applies to the report under section 81 of the Future Fund Act 2006 for the financial year beginning on 1 July 2008.

Higher Education Endowment Fund Matters

(2)       The report must include a report of:

                     (a)  the performance of the investments of the Higher Education Endowment Fund; and

                     (b)  the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(1)(f) of the repealed Higher Education Endowment Fund Act 2007 ; and

                     (c)  the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(d) of the repealed Higher Education Endowment Fund Act 2007 ; and

                     (d)  the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(e) of the repealed Higher Education Endowment Fund Act 2007 ; and

                     (e)  the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(f) of the repealed Higher Education Endowment Fund Act 2007 ; and

                      (f)  the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(g) of the repealed Higher Education Endowment Fund Act 2007 ;

during the period:

                     (g)  beginning on 1 July 2008; and

                     (h)  ending immediately before the commencement of this item.

(3)       The report must include a benchmark in relation to the amounts referred to in paragraphs (2)(b) to (f).

3  Transitional—borrowing

Scope

(1)       This item applies if:

                     (a)  the Future Fund Board borrowed money for a purpose in connection with the Higher Education Endowment Fund before the commencement of this item; and

                     (b)  the borrowing was authorised by subsection 29(2) or (3) of the repealed Higher Education Endowment Fund Act 2007 ; and

                     (c)  the period of the borrowing ends after the commencement of this item.

Authorisation etc.

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  the Future Fund Board had borrowed the money for a purpose in connection with the Education Investment Fund; and

                     (b)  the borrowing had been authorised by subsection 159(2) or (3), as the case requires, of that Act.

4  Transitional—securities lending arrangement

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, the Future Fund Board entered into a securities lending arrangement under subsection 33(1) of the repealed Higher Education Endowment Fund Act 2007 ; and

                     (b)  the arrangement was in force immediately before the commencement of this item.

Continuity of arrangement

(2)       The Nation-building Funds Act 2008 has effect as if the arrangement had been entered into by the Future Fund Board under subsection 163(1) of that Act for a purpose in connection with the Education Investment Fund.

5  Transitional—investment manager

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, the Future Fund Board engaged an investment manager under subsection 34(1) of the repealed Higher Education Endowment Fund Act 2007 ; and

                     (b)  the engagement was in force immediately before the commencement of this item.

Continuity of engagement

(2)       The Nation-building Funds Act 2008 has effect as if the Future Fund Board had engaged the investment manager under subsection 164(1) of that Act for purposes in connection with the Education Investment Fund.

6  Transitional—refund of franking credits

If:

                     (a)  after the commencement of this item, the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997 ; and

                     (b)  the tax offset is attributable to an investment of the Higher Education Endowment Fund that was held by the Future Fund Board before the commencement of this item;

the refund is to be credited to the Education Investment Fund Special Account.

7  Transitional—definition of acquire in section 5 of the Future Fund Act 2006

The amendment made by item 2 of Schedule 2 does not imply that, at a time before the commencement of that item, a reference in the Future Fund Act 2006 to acquire did not include a reference to acquire by way of issue.

8  Application—gifts to the Higher Education Endowment Fund

The amendments of the Income Tax Assessment Act 1997 made by Schedule 2 apply in relation to gifts made after the commencement of this item.

9  Transitional—advice given by Infrastructure Australia to the Infrastructure Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, Infrastructure Australia advised the Infrastructure Minister that a payment satisfies the relevant interim BAF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, Infrastructure Australia had advised the Infrastructure Minister, under section 116 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definition

(3)       In this item:

Infrastructure Minister has the same meaning as in the Nation-building Funds Act 2008 .

10  Transitional—advice given by Infrastructure Australia to the Communications Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, Infrastructure Australia advised the Communications Minister that a payment satisfies the relevant interim BAF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, Infrastructure Australia had advised the Communications Minister, under section 117 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definition

(3)       In this item:

Communications Minister has the same meaning as in the Nation-building Funds Act 2008 .

11  Transitional—advice given by Infrastructure Australia to the Energy Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, Infrastructure Australia advised the Energy Minister that a payment satisfies the relevant interim BAF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, Infrastructure Australia had advised the Energy Minister, under section 118 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definition

(3)       In this item:

Energy Minister has the same meaning as in the Nation-building Funds Act 2008 .

12  Transitional—advice given by Infrastructure Australia to the Water Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, Infrastructure Australia advised the Water Minister that a payment satisfies the relevant interim BAF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, Infrastructure Australia had advised the Water Minister, under section 119 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definition

(3)       In this item:

Water Minister has the same meaning as in the Nation-building Funds Act 2008 .

13  Transitional—advice given by the Interim EIF Advisory Board to the Education Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item:

                              (i)  a committee known as the Interim EIF Advisory Board was established under the executive power of the Commonwealth; and

                             (ii)  criteria known as the interim EIF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, the Board advised the Education Minister that a payment satisfies the relevant interim EIF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, the EIF Advisory Board had advised the Education Minister, under paragraph 171(1)(a) of that Act, that the payment satisfies the relevant EIF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definitions

(3)       In this item:

Education Minister has the same meaning as in the Nation-building Funds Act 2008 .

EIF Advisory Board has the same meaning as in the Nation-building Funds Act 2008 .

14  Transitional—advice given by the Interim EIF Advisory Board to the Research Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item:

                              (i)  a committee known as the Interim EIF Advisory Board was established under the executive power of the Commonwealth; and

                             (ii)  criteria known as the interim EIF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, the Board advised the Research Minister that a payment satisfies the relevant interim EIF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, the EIF Advisory Board had advised the Research Minister, under paragraph 171(1)(b) of that Act, that the payment satisfies the relevant EIF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definitions

(3)       In this item:

EIF Advisory Board has the same meaning as in the Nation-building Funds Act 2008 .

Research Minister has the same meaning as in the Nation-building Funds Act 2008 .

15  Transitional—advice given by the Higher Education Endowment Fund Advisory Board

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item, the Higher Education Endowment Fund Advisory Board gave advice about a payment by way of a grant of financial assistance; and

                     (b)  the Board did so under section 41 of the Higher Education Endowment Fund Act 2007 ; and

                     (c)  in giving that advice, the Board complied with the document that:

                              (i)  is entitled “Higher Education Endowment Fund (HEEF) Application and Assessment Procedures for the 2009 Funding Round”; and

                             (ii)  was attached to the Higher Education Endowment Fund Advisory Board Directions No. 1 of 2008 as in force before the commencement of this item.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, the EIF Advisory Board had, under subsection 171(6) of that Act, given advice to the EIF designated Ministers about the payment; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definitions

(3)       In this item:

EIF Advisory Board has the same meaning as in the Nation-building Funds Act 2008 .

EIF designated Ministers has the same meaning as in the Nation-building Funds Act 2008 .

16  Transitional—advice given by the Interim HHF Advisory Board to the Health Minister

Scope

(1)       This item applies if:

                     (a)  before the commencement of this item:

                              (i)  a committee known as the Interim HHF Advisory Board was established under the executive power of the Commonwealth; and

                             (ii)  criteria known as the interim HHF evaluation criteria were published on a Commonwealth website; and

                     (b)  after the publication, but before the commencement of this item, the Board advised the Health Minister that a payment satisfies the interim HHF evaluation criteria.

Advice

(2)       The Nation-building Funds Act 2008 has effect as if:

                     (a)  immediately after the commencement of this item, the HHF Advisory Board had advised the Health Minister, under paragraph 246(1)(a) of that Act, that the payment satisfies the HHF evaluation criteria; and

                     (b)  any requirements imposed by that Act in relation to that advice had been complied with.

Definitions

(3)       In this item:

Health Minister has the same meaning as in the Nation-building Funds Act 2008 .

HHF Advisory Board has the same meaning as in the Nation-building Funds Act 2008 .