Document ID: chunk:federal_register_of_legislation:C2025A00016:clause:6_292fab
Version: federal_register_of_legislation:C2025A00016
Segment Type: clause
Provision Reference: sch 6 cl 292FAB
Character Range: 277533–279433

292FAB  Permitted credits to federal account for registered political parties: contributions by candidates and sitting members
 (1) For the purposes of subparagraph 292FA(4)(b)(ii), an amount may be credited to a federal account kept for the purposes of this Part in relation to a person or entity (the account beneficiary) covered by column 2 of item 2 or 3 of the table in subsection 292FA(1) if all of the following apply:
 (a) the account beneficiary is a registered political party;
 (b) the amount is credited to the federal account by a person (the payer) at a time in a calendar year and is an amount of the payer's own money;
 (c) at the time the amount is credited, the payer is either or both of the following:
 (i) a candidate endorsed by the account beneficiary;
 (ii) a member of the House of Representatives, or a Senator, who is a member of the account beneficiary;
 (d) if the payer is a candidate at the time the amount is credited—the amount is credited to the federal account for the purposes of the payer's election campaign in the calendar year.
Note: An amount may only be credited under this section if it is for a federal purpose. The amount will be a gift (see subsection 287AAB(3A)).
 (2) However, the sum of the following amounts must not exceed the annual gift cap (within the meaning of Division 3A) for the calendar year:
 (a) amounts paid by the payer that are covered by subsection (1) and credited in the calendar year to federal accounts kept for the purposes of this Part in relation to the account beneficiary;
 (b) amounts paid by the payer that are covered by subsection 292FAC(4) and credited in the calendar year to federal accounts kept for the purposes of this Part in relation to the payer.
Note: There are penalties for crediting an amount to a federal account if the amount is not required or permitted to be credited: see subsections 292FA(4) and (8).