Document ID: chunk:federal_register_of_legislation:C2004A04386:body:0:p5
Version: federal_register_of_legislation:C2004A04386
Segment Type: other
Provision Reference: 
Character Range: 10556–13273

of the Consolidated Revenue Fund, such amounts as are necessary:

    (a) to enable Comcare to discharge:

       (i) any liability (other than a liability referred to in paragraph 90B(a)) that was incurred by Comcare or the previous Commission under this Act before the commencement of this section and has not been discharged before that commencement; and

(ii) any liability that Comcare incurs under this Act after that commencement; and

    (b) to meet any administrative expenses incurred by Comcare after that commencement that are attributable to the performance by Comcare of its functions in respect of claims for injury, loss or damage suffered by, or for the death of, employees on or after 1 July 1989.

"(2) A payment ('the relevant payment') is not to be made to Comcare under subsection (1) if the sum of the amount of the relevant payment and the amounts previously paid to Comcare or the previous Commission on or after 1 July 1989 for the purposes of the performance of their functions under this Act would exceed an amount worked out in accordance with the formula:

where:

'Premiums received' means the total of the amounts of the premiums paid into, or transferred within, the Consolidated Revenue Fund on and after 1 July 1989 and before the relevant payment is made in accordance with a direction of the Minister under section 96G;

'Notional interest' means an amount of notional interest, being the interest at such rates as are from time to time determined by the Minister for Finance that would have accrued, on or after 1 July 1989 and before the relevant payment is made, in respect of the premiums received if such interest had been payable to the previous Commission and to Comcare;

'Previous payments' means the total of the amounts paid to the previous Commission or to Comcare for the purposes of the performance of their functions under this Act before the relevant payment is made.

"(3) For the purposes of the application at any time after the commencement of this section of the formula referred to in subsection (2), the Minister for Finance may determine:

    (a) the total of the amounts of the premiums paid into, or transferred within, the Consolidated Revenue Fund during the

    period commencing on 1 July 1989 and ending immediately before the commencement of this section; and

    (b) the notional interest that would have accrued in respect of that period; and

    (c) the total of the amounts paid to the previous Commission or to Comcare for the purposes of the performance of their functions under this Act during that period.

"(4) In this section:

'premium' includes a contribution paid by a Department or Commonwealth authority under section 98 of the