Title Part 4—Debit limits
Database Bills & Legislation
Long Title a Bill for an Act to appropriate money out of the Consolidated Revenue Fund for certain expenditure, and for related purposes
Date 30-03-2022 10:58 AM
Source House of Reps
Parl No. 46
Bill Number 43/22
Bill Type Government
Portfolio Finance
Reps Bill Code TM
Status Act
System Id legislation/bills/r6864_aspassed/0004

Part 4—Debit limits

Part 4—Debit limits

  

13  Debit limits

General purpose financial assistance

             (1)  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

             (2)  The debit limit for the current year for the purposes of section 16 of the Federal Financial Relations Act 2009 is $30,000,000,000.

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.