Document ID: chunk:federal_register_of_legislation:C2004A01303:clause:1_56a
Version: federal_register_of_legislation:C2004A01303
Segment Type: clause
Provision Reference: sch 1 cl 56A
Character Range: 8586–10603

56A  Recovery of costs incurred by the ACCC

Minister may estimate costs for financial year

 (1) The Minister may, during a financial year:
 (a) estimate the ACCC's costs for that financial year; and
 (b) notify Australia Post of the Minister's estimate.

Minister may determine actual costs for previous financial year

 (2) The Minister may, in a financial year, determine the ACCC's actual costs for the previous financial year.

Minister may direct Australia Post to pay adjusted estimated costs to ACCC

 (3) The Minister may, in a financial year, direct Australia Post to pay to the ACCC, on behalf of the Commonwealth, the Minister's estimate of the ACCC's costs for that financial year, adjusted in accordance with subsection (7) or (8).

Adjustment for ACCC

 (7) If:
 (a) in the previous financial year, the Minister directed Australia Post to pay an amount to the ACCC; and
 (b) the Minister determines that the ACCC's actual costs for that previous financial year exceed the costs the Minister estimated for the ACCC that year;
the amount the Minister may direct Australia Post to pay to the ACCC under subsection (3) is increased by that excess.

 (8) If:
 (a) in the previous financial year, the Minister directed Australia Post to pay an amount to the ACCC; and
 (b) the Minister determines that the ACCC's actual costs for that previous financial year fall short of the costs the Minister estimated for the ACCC that year;
the amount the Minister may direct Australia Post to pay to the ACCC under subsection (3) is reduced by that shortfall.

Note: Because the ACCC is a prescribed agency for the purposes of the Financial Management and Accountability Act 1997, its officials are required to deal with amounts received under subsection (3) in accordance with that Act.

Costs

 (9) In this section:

ACCC's costs means the costs of the ACCC in performing its functions under this Act.

costs means an amount that, in accordance with accrual‑based accounting principles, is treated as a cost.