Document ID: chunk:federal_register_of_legislation:C2023C00441:clause:1_3
Version: federal_register_of_legislation:C2023C00441
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 107496–109303

3  Credit of additional amounts to the Fund Account—Ministerial determinations
 (1) If a target asset level declaration is in force for a financial year, the responsible Ministers may, by writing, determine that:
 (a) a specified amount is to be credited to the Fund Account on a specified day in the financial year; or
 (b) a specified amount is to be credited to the Fund Account in specified instalments on specified days in the financial year.
Note: A target asset level declaration is given by the designated actuary under Schedule 3.
 (2) The responsible Ministers must not make a determination under subclause (1) in relation to a financial year unless the sum of:
 (a) the balance of the Fund at the start of a day that:
 (i) is identified in the determination as the balance day for the determination; and
 (ii) is not earlier than 3 months before the day on which the determination is made; and
 (b) the amount specified in the determination; and
 (c) the value, as at the start of the balance day for the determination, of any financial assets that have been transferred to the Board under subclause 6(1) since the start of the balance day for the determination;
does not exceed the target asset level specified in the target asset level declaration that:
 (d) is in force when the determination is made; and
 (e) relates to the financial year.
 (3) The responsible Ministers must not make a determination under subclause (1) if another determination is in force under subclause (1).
 (4) A determination under subclause (1) may be revoked, but not varied, in accordance with subsection 33(3) of the Acts Interpretation Act 1901.
 (5) A determination under subclause (1) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the determination.