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Part 3—Indigenous Land Corporation Funding Special Account

Part 3 Indigenous Land Corporation Funding Special Account

   

19   Simplified outline of this Part

•      This Part establishes the Indigenous Land Corporation Funding Special Account.

•      The Indigenous Affairs Minister must, on behalf of the Commonwealth, make an annual payment to the Indigenous Land Corporation.

•      The Indigenous Affairs Minister may, on behalf of the Commonwealth, make an additional payment to the Indigenous Land Corporation.

•      Payments to the Indigenous Land Corporation will be channelled through the Indigenous Land Corporation Funding Special Account.

20   Indigenous Land Corporation Funding Special Account

             (1)  The Indigenous Land Corporation Funding Special Account is established by this section.

             (2)  The Indigenous Land Corporation Funding 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.

             (3)  The Secretary of the Indigenous Affairs Department is responsible for the Indigenous Land Corporation Funding Special Account.

21   Purpose of the Indigenous Land Corporation Funding Special Account

                   The purpose of the Indigenous Land Corporation Funding Special Account is the making of payments to the Indigenous Land Corporation under sections 22 and 25.

Note 1:       See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

Note 2:       Section 22 deals with annual payments.

Note 3:       Section 25 deals with additional payments.

22   Annual payments to the Indigenous Land Corporation

Financial year beginning on 1 July 2018

             (1)  On the first business day in October in the financial year beginning on 1 July 2018, the Indigenous Affairs Minister must, on behalf of the Commonwealth, pay to the Indigenous Land Corporation an amount equal to the amount that would have been the relevant funding amount for the financial year within the meaning of repealed subsection 193(2) of the Aboriginal and Torres Strait Islander Act 2005 if section 193 of that Act had not been repealed.

Note:          Repealed subsection 193(2) of the Aboriginal and Torres Strait Islander Act 2005 provided for annual payments.

Later financial years

             (2)  On the first business day in October in:

                     (a)  the financial year beginning on 1 July 2019; or

                     (b)  a later financial year;

the Indigenous Affairs Minister must, on behalf of the Commonwealth, pay to the Indigenous Land Corporation the amount worked out using the formula:

where:

designated funding amount means:

                     (a)  for the financial year beginning on 1 July 2019—the amount worked out under subsection (1); or

                     (b)  for a later financial year—the amount worked out under this subsection for the previous financial year.

indexation factor means the indexation factor for the financial year worked out under section 24.

Rounding

             (3)  If an amount to be paid under subsection (2) is an amount of dollars and cents, the cents are to be disregarded.

23   Annual payments—pre-payment transfers to the Indigenous Land Corporation Funding Special Account

             (1)  On the business day before the first business day in October in the financial year beginning on 1 July 2018, the Finance Minister must cause an amount equal to the amount worked out under subsection 22(1) to be:

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

                     (b)  credited to the Indigenous Land Corporation Funding Special Account.

             (2)  On the business day before the first business day in October in:

                     (a)  the financial year beginning on 1 July 2019; or

                     (b)  a later financial year;

the Finance Minister must cause an amount equal to the amount worked out under subsection 22(2) for the financial year to be:

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

                     (d)  credited to the Indigenous Land Corporation Funding Special Account.

24   Annual payments—indexation factor

             (1)  For the purposes of this Act, the indexation factor for a financial year is worked out using the formula:

where:

first June year means the period of 12 months ending on 30 June immediately before the financial year.

index number , for a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

second June year means the period of 12 months immediately before the first June year.

             (2)  An indexation factor is to be calculated to 3 decimal places, but increased by 0.001 if the fourth decimal place is more than 4.

             (3)  If an indexation factor worked out under subsections (1) and (2) would be less than 1, that indexation factor is to be increased to 1.

             (4)  Calculations under this section are to be made:

                     (a)  using only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and

                     (b)  disregarding index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).

25   Additional payments to the Indigenous Land Corporation

             (1)  The Finance Minister and the Indigenous Affairs Minister may, by notifiable instrument, determine that, on a specified day, the Indigenous Affairs Minister must, on behalf of the Commonwealth, pay a specified amount to the Indigenous Land Corporation.

             (2)  In making a determination under subsection (1), the Finance Minister and the Indigenous Affairs Minister must have regard to:

                     (a)  the advice given by the Future Fund Board under section 27 in relation to a draft of the determination; and

                     (b)  such other matters (if any) as the Finance Minister and the Indigenous Affairs Minister consider relevant.

             (3)  If the Finance Minister and the Indigenous Affairs Minister make a determination under subsection (1) that specifies a day in a financial year, the Finance Minister and the Indigenous Affairs Minister must not make another determination under subsection (1) that specifies:

                     (a)  that day; or

                     (b)  another day in the financial year.

             (4)  A day specified in a determination under subsection (1) must not be earlier than 30 days after the day the determination is made.

             (5)  If a determination is made under subsection (1), the Finance Minister must:

                     (a)  give a copy of the determination to the Future Fund Board; and

                     (b)  do so at least 30 days before the day specified in the determination.

26   Additional payments—pre-payment transfers to the Indigenous Land Corporation Funding Special Account

                   On the day before the day specified in a determination under subsection 25(1), the Finance Minister must cause an amount equal to the amount specified in the determination to be:

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

                     (b)  credited to the Indigenous Land Corporation Funding Special Account.

27   Additional payments—advice given by the Future Fund Board

             (1)  Before making a determination under subsection 25(1), the Finance Minister and the Indigenous Affairs Minister must give the Future Fund Board written notice that:

                     (a)  sets out a draft of the determination; and

                     (b)  requires the Future Fund Board to:

                              (i)  give advice to those Ministers about the impact of the making of the determination on the sustainability of payments required to be made under section 22; and

                             (ii)  do so within the period specified in the notice; and

                     (c)  requires the Future Fund Board, in giving that advice, to have regard to:

                              (i)  the Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate; and

                             (ii)  such other matters (if any) as are specified in the notice.

Note:          Section 22 deals with annual payments.

             (2)  The Future Fund Board must comply with a requirement in a notice under subsection (1).

             (3)  A period specified under subparagraph (1)(b)(ii) must not be shorter than 90 days after the notice is given.

             (4)  A matter specified under subparagraph (1)(c)(ii) must not be inconsistent with:

                     (a)  this Act; or

                     (b)  the Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate.

             (5)  Paragraph (1)(c) does not, by implication, limit the matters to which the Future Fund Board may have regard.