Document ID: chunk:federal_register_of_legislation:C2004A03321:body:0:p17
Version: federal_register_of_legislation:C2004A03321
Segment Type: other
Provision Reference: 
Character Range: 40520–43208

shall, enter into an arrangement with the Minister for the making of payments to the Commonwealth by the authority or body, in lieu of payments that, but for the arrangement, the authority or body would be required to make under sub-section (1), (1a) or (2), being an arrangement that the Minister is satisfied will provide a fair basis of payment to the Commonwealth in respect of amounts—

         (a) that have been paid, are payable or are likely to become payable, in pursuance of the provisions of this Act, out of the Consolidated Revenue Fund; and
         (b) in respect of which, but for the arrangement, the authority or body would be, or would be likely to become, liable to make payments to the Commonwealth under sub-section (1), (1a) or (2),
     and the authority or body may apply for the purposes of the arrangement any moneys under its control.";
     (h) by omitting from sub-section (3) "sub-sections (1) and (2)" and substituting "sub-section (1)"; and
     (j) by adding at the end the following sub-section:
     "(4) The reference in sub-section (2) to an amount calculated in accordance with a method specified in a determination shall be read as including a reference to a nil amount.".
(2) An arrangement entered into pursuant to sub-section 159 (2) of the Principal Act and in force immediately before the commencement of this section continues in force, on and after the commencement of this section, for the purposes of the Principal Act as amended by sub-section (1) as if the arrangement had been entered into under sub-section 159 (2d) of the Principal Act as so amended.

Annual report of Trust
27. Section 161 of the Principal Act is amended by adding at the end the following sub-sections:
"(4) Where the Trust does not furnish a report and financial statements in respect of a year (in this sub-section referred to as the 'relevant year') to the Commissioner under sub-section (1) before the expiration of the period (in this sub-section referred to as the 'relevant period') of 6 months commencing on the day next following the end of the relevant year, the Trust shall, not later than 14 days after the expiration of the relevant period, furnish to the Minister a report on the management of the Fund by the Trust during the relevant year, together with interim financial statements in respect of the relevant year.
"(5) The financial statements furnished to the Minister under sub-section (4) shall be in the form approved by the Minister for the purposes of sub-section (1) but need not be accompanied by a report of the Auditor-General of the kind referred to in sub-section (2).
"(6) Where the Trust furnishes a report and financial statements