Document ID: chunk:federal_register_of_legislation:C2004A01256:clause:1_7
Version: federal_register_of_legislation:C2004A01256
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 4199–5916

7  Residual adjustment amounts for grants under clause 6

 (1) The Treasurer must, in relation to each GST year to which clause 6 applies (including any such year that has ended before the commencement of this clause), determine whether there is a residual adjustment amount for a State for the GST year. A residual adjustment amount may be either an amount that is recoverable from, or an amount that is payable to, the State.

 (2) A determination under subclause (1) must be made in a manner agreed by the Commonwealth and all of the States.

 (3) If a residual adjustment amount for a State for a GST year is an amount that is recoverable from the State, the Treasurer must deduct an amount or amounts equal in total to the residual adjustment amount from an amount or amounts the State is entitled to receive by way of financial assistance under this Act for the GST year in which the determination of the amount is made or the next GST year.

 (4) If a residual adjustment amount for a State for a GST year is an amount that is payable to the State, the Treasurer must add an amount or amounts equal in total to the residual adjustment amount to an amount or amounts the State is entitled to receive by way of financial assistance under this Act for the GST year in which the determination of the amount is made or the next GST year.

 (5) The Treasurer may, by signed writing, delegate to an SES employee in the Department all or any of the Treasurer's functions under subclauses (1), (3) and (4). The delegate must perform a delegated function subject to any directions of the Treasurer.

[Minister's second reading speech made in—
House of Representatives on 4 December 2003
Senate on 1 March 2004]
(202/03)