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Part 2—Aboriginal and Torres Strait Islander Land and Sea Future Fund

Part 2 Aboriginal and Torres Strait Islander Land and Sea Future Fund

Division 1 Introduction

8   Simplified outline of this Part

•      The Aboriginal and Torres Strait Islander Land and Sea Future Fund consists of:

       (a)     the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and

      (b)     the investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

•      The balance of the Aboriginal and Torres Strait Islander Land Account will be transferred to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account.

•      Financial assets that represent the investment of amounts standing to the credit of the Aboriginal and Torres Strait Islander Land Account will be transferred to the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

•      The responsible Ministers may determine that additional amounts be credited to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account.

•      The Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account can be debited for 2 main purposes:

       (a)     to transfer amounts to the Indigenous Land Corporation Funding Special Account so that annual payments can be made to the Indigenous Land Corporation; and

      (b)     to transfer amounts to the Indigenous Land Corporation Funding Special Account so that additional payments can be made to the Indigenous Land Corporation.

•      The Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account can also be debited in relation to costs and other obligations incurred by the Future Fund Board in managing the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

Note:          The Aboriginal and Torres Strait Islander Land Account was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005 .

Division 2 Aboriginal and Torres Strait Islander Land and Sea Future Fund

9   Establishment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund

             (1)  The Aboriginal and Torres Strait Islander Land and Sea Future Fund is established by this section.

             (2)  The Fund consists of:

                     (a)  the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and

                     (b)  the investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

10   Transfer of balance of the Aboriginal and Torres Strait Islander Land Account

                   As soon as practicable after the commencement of this section, there is to be credited to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account an amount equal to the balance of the Aboriginal and Torres Strait Islander Land Account immediately before the commencement of this section.

Note 1:       The Aboriginal and Torres Strait Islander Land Account was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005 .

Note 2:       The balance of the Aboriginal and Torres Strait Islander Land Account does not include the value of a financial asset that represents the investment of an amount standing to the credit of that account.

11   Transfer of investments of the Aboriginal and Torres Strait Islander Land Account

Scope

             (1)  This section applies to a financial asset if, immediately before the commencement of this section, the asset represented the investment of an amount standing to the credit of the Aboriginal and Torres Strait Islander Land Account.

Note:          The Aboriginal and Torres Strait Islander Land Account was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005 .

Transfer

             (2)  After the commencement of this section, the financial asset is taken to be an investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

             (3)  A soon as practicable after the commencement of this section, the Treasurer or the Finance Minister must cause the financial asset to be transferred to the Future Fund Board.

Division 3 Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account

12   Establishment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account

             (1)  The Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account is established by this section.

             (2)  The Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013 .

Note:          An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.

13   Credits of amounts to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account

             (1)  The responsible Ministers may, by writing, determine that:

                     (a)  a specified amount is to be credited to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account on a specified day; or

                     (b)  a specified amount is to be credited to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account in specified instalments on specified days.

Note 1:       For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .

Note 2:       Amounts must also be credited to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account under sections 10, 31, 42 and 44.

             (2)  A determination under subsection (1) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the determination.

14   Purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account—main purposes

                   The main purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account are:

                     (a)  to transfer amounts to the Indigenous Land Corporation Funding Special Account in accordance with section 23 so that payments can be made to the Indigenous Land Corporation under section 22; and

                     (b)  to transfer amounts to the Indigenous Land Corporation Funding Special Account in accordance with section 26 so that payments can be made to the Indigenous Land Corporation under section 25.

Note 1:       Section 22 deals with annual payments.

Note 2:       Section 25 deals with additional payments.

15   Purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account—purposes related exclusively to the investments etc. of the Aboriginal and Torres Strait Islander Land and Sea Future Fund

                   Each of the following is a purpose of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account:

                     (a)  paying the costs of, or incidental to, the acquisition of financial assets under section 30;

                     (b)  paying expenses of an investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund;

                     (c)  paying the costs of, or incidental to, the acquisition of derivatives under section 40;

                     (d)  paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Board and an investment manager engaged under subsection 43(1);

                     (e)  paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, if the bank account relates exclusively to the Aboriginal and Torres Strait Islander Land and Sea Future Fund;

                      (f)  paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the Aboriginal and Torres Strait Islander Land and Sea Future Fund;

                     (g)  paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the Aboriginal and Torres Strait Islander Land and Sea Future Fund;

                     (h)  paying expenses of an investment of an amount standing to the credit of the Aboriginal and Torres Strait Islander Land Account, where the expenses were incurred before the commencement of this section.

Note:          See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

16   Purposes of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account—purposes not related exclusively to the Aboriginal and Torres Strait Islander Land and Sea Future Fund

                   Each of the following is a purpose of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account:

                     (a)  paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, if those costs, expenses or obligations are not covered by:

                              (i)  paragraph 15(e); or

                             (ii)  paragraph 18(e) of the Medical Research Future Fund Act 2015 ; or

                            (iii)  paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006 ; or

                            (iv)  paragraph 18(1)(j), 136(1)(j) or 137(e) of the Nation-building Funds Act 2008 ; or

                             (v)  paragraph 15(e) of the DisabilityCare Australia Fund Act 2013 ;

                     (b)  paying a premium in respect of a contract of insurance entered into by the Future Fund Board, if the premium is not covered by:

                              (i)  paragraph 15(f); or

                             (ii)  paragraph 18(f) of the Medical Research Future Fund Act 2015 ; or

                            (iii)  paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006 ; or

                            (iv)  paragraph 18(1)(k), 136(1)(k) or 137(f) of the Nation-building Funds Act 2008 ; or

                             (v)  paragraph 15(f) of the DisabilityCare Australia Fund Act 2013 ;

                     (c)  paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, if the costs, expenses, obligations or liabilities are not covered by:

                              (i)  a paragraph of section 15; or

                             (ii)  a paragraph of section 18 of the Medical Research Future Fund Act 2015 ; or

                            (iii)  a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006 ; or

                            (iv)  a paragraph of subsection 18(1) or 136(1) or of section 137 of the Nation-building Funds Act 2008 ; or

                             (v)  a paragraph of section 15 of the DisabilityCare Australia Fund Act 2013 ;

                     (d)  paying remuneration and allowances of Future Fund Board members;

                     (e)  paying remuneration, and other employment-related costs and expenses, in respect of members of the staff of the Agency;

                      (f)  paying or discharging the costs, expenses and other obligations incurred by the Commonwealth or the Future Fund Board:

                              (i)  under a contract entered into under section 78 or 82 of the Future Fund Act 2006 ; or

                             (ii)  in connection with the operation of the Agency.

Note:          See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

17   Future Fund Board must ensure that the balance of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account is sufficient to cover authorised debits etc.

                   The Future Fund Board must take all reasonable steps to ensure that the balance of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account is sufficient to cover debits of amounts for the purposes specified in sections 14, 15 and 16.

Note:          This may require the Future Fund Board to realise an investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund in accordance with section 31.

Division 4 Inter-fund transfers

18   Transfers from the Aboriginal and Torres Strait Islander Land and Sea Future Fund to the Future Fund

             (1)  If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006 , the Finance Minister may, by writing, direct that, on a specified day, a specified amount is to be:

                     (a)  debited from the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and

                     (b)  credited to the Future Fund Special Account.

             (2)  The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).

             (3)  A direction under subsection (1) is not a legislative instrument.