Document ID: chunk:federal_register_of_legislation:F2014L01545:body:0:p2
Version: federal_register_of_legislation:F2014L01545
Segment Type: other
Provision Reference: 
Character Range: 2972–7310

assistance.

Part 3 — General Purpose Financial Assistance

Determination
10.         In accordance with subsection 9(1) of the Act, the amounts specified in Table 1 are to be credited to the COAG Reform Fund before being paid on 23 June 2014 to the States specified in that table for the purpose of making a grant of general purpose financial assistance to those States.

Table 1: General Purpose financial assistance for payment on 23 June 2014

11.         Schedule 2 to this determination provides further information on these payments
12.         The terms and conditions for all payments of general purpose financial assistance are provided in 'Schedule D — Payment Arrangements' to the Intergovernmental Agreement.

Drawing rights limits
13.         Subsection 9(3) of the Act provides that the total amount credited to the COAG Reform Fund for the purpose of making a grant of general purpose financial assistance in the financial year starting on 1 July 2013 must not exceed $1,500,000,000.
14.         The amounts specified in Table 2 are the total amounts determined in the 2013-14 financial year in respect of general purpose financial assistance, including this determination.

Table 2: Total cumulative payments of general purpose financial assistance in 2013-14

15.         The total amount determined for payment of general purpose financial assistance to date in the 2013-14 financial year does not exceed the general drawing rights limit.

SChedule 1

Summary of relevant agreements for general purpose financial assistance
Payment title                                              Purpose                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Relevant agreement
Compensation for impact on royalties of excise amendment   The Commonwealth provides general purpose financial assistance to compensate Western Australia for the loss of royalty revenue resulting from the removal in the 2008-09 Budget of the exemption of condensate from crude oil excise.                                                                                                                                                                                                                                      Schedule D – Payment arrangement of the Intergovernmental Agreement
Taxation compensation in respect of Snowy Hydro Limited    The Commonwealth provides compensation payments to New South Wales and Victoria, in the form of general purpose financial assistance, for Commonwealth taxes paid by Snowy Hydro Ltd in proportion to the States' shareholdings. Payments are made in accordance with the Snowy Hydro Tax Compensation Deed between the Commonwealth, New South Wales and Victoria. These taxes would have previously been payable to the States through tax equivalence regime payments.  Schedule D – Payment arrangement of the Intergovernmental Agreement
ACT Municipal Services                                     The Commonwealth provides general purpose financial assistance to the Australian Capital Territory to:                                                                                                                                                                                                                                                                                                                                                                     Schedule D – Payment arrangement of the Intergovernmental Agreement
                                                           •                 assist in meeting the additional municipal costs which arise from Canberra's role as the national capital; and
                                                           •                 compensate the Australian Capital Territory for additional costs resulting from the national capital planning influences on the provision of water and sewerage services.
Royalty payments
 — Offshore Petroleum and Greenhouse Gas Storage