Document ID: chunk:federal_register_of_legislation:C2023C00441:clause:2_2:p1
Version: federal_register_of_legislation:C2023C00441
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 1/2)
Character Range: 118246–121006

2  Purposes of the Fund Account

Superannuation purposes and purposes related exclusively to the Fund
 (1) Each of the following is a purpose of the Fund Account:
 (a) discharging, in whole or in part, an unfunded superannuation liability that becomes payable in a financial year, where:
 (i) the financial year ends before 1 July 2020; and
 (ii) a target asset level declaration is in force for the financial year; and
 (iii) the balance of the Fund, as at the start of the financial year, is not less than the target asset level specified in the target asset level declaration;
 (b) discharging, in whole or in part, an unfunded superannuation liability that becomes payable in a financial year beginning on or after 1 July 2020;
 (c) paying the costs of, or incidental to, the acquisition of financial assets under section 16;
 (d) paying expenses of an investment of the Fund;
 (e) paying the costs of, or incidental to, the acquisition of derivatives under section 25;
 (f) paying or discharging the costs, expenses and other obligations incurred by the Board under a contract between the Board and an investment manager engaged under subsection 28(1);
 (g) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Board, where the bank account relates exclusively to the Fund;
 (h) paying a premium in respect of a contract of insurance entered into by the Board exclusively in connection with the Fund;
 (i) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Board exclusively in connection with the Fund.
Note 1: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).
Note 2: A target asset level declaration is given by the designated actuary under Schedule 3.

Purposes not related exclusively to the Fund
 (2) Each of the following is a purpose of the Fund Account:
 (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Board, where those costs, expenses or obligations are not covered by:
 (i) paragraph (1)(g); or
 (ia) paragraph 16(e) of the Future Drought Fund Act 2019; or
 (vi) paragraph 15(e) of the DisabilityCare Australia Fund Act 2013; or
 (via) paragraph 15(e) of the Disaster Ready Fund Act 2019; or
 (vib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or
 (vii) paragraph 18(e) of the Medical Research Future Fund Act 2015; or
 (viii) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;
 (b) paying a premium in respect of a contract of insurance entered