Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Part 4—Debit limits

Part 4 Debit limits

   

13   Debit limits

Education Investment Fund

             (1)  The debit limit for the current year for the purposes of section 199 of the Nation-building Funds Act 2008 is $2,000,000.

General purpose financial assistance

             (2)  The debit limit for the current year for the purposes of section 9 of the Federal Financial Relations Act 2009 is $5,000,000,000.

National partnership payments

             (3)  The debit limit for the current year for the purposes of section 16 of the Federal Financial Relations Act 2009 is $25,000,000,000.

14   Adjustments for GST

                   If:

                     (a)  a payment in respect of an acquisition or importation is made in reliance on a debit limit specified in section 13; and

                     (b)  a GST qualifying amount arises for that acquisition or importation;

then the debit limit is increased by the amount of the GST qualifying amount.