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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Asset Recycling Fund (Consequential
Amendments) Bill 2014
No. , 2014
(Finance)
A Bill for an Act to deal with consequential matters
arising from the enactment of the Asset Recycling
Fund, and for related purposes
No. , 2014
Asset Recycling Fund (Consequential Amendments) Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 2
Schedule 1--Amendments
3
COAG Reform Fund Act 2008
3
DisabilityCare Australia Fund Act 2013
3
Future Fund Act 2006
4
Nation-building Funds Act 2008
7
No. , 2014
Asset Recycling Fund (Consequential Amendments) Bill 2014
1
A Bill for an Act to deal with consequential matters
1
arising from the enactment of the Asset Recycling
2
Fund, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Asset Recycling Fund (Consequential
6
Amendments) Act 2014.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2
Asset Recycling Fund (Consequential Amendments) Bill 2014
No. , 2014
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
Immediately after the commencement of
section 3 of the Asset Recycling Fund Act
2014.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Amendments Schedule 1
No. , 2014
Asset Recycling Fund (Consequential Amendments) Bill 2014
3
Schedule 1
--Amendments
1
2
COAG Reform Fund Act 2008
3
1 Subsection 5(2) (before note 3)
4
Insert:
5
Note 2B: An amount originating in the Asset Recycling Fund may be
6
transferred to the COAG Reform Fund--see the Asset Recycling Fund
7
Act 2014.
8
2 Before paragraph 7(1)(c)
9
Insert:
10
(bb) the grant is not covered by subsection 20(2) of the Asset
11
Recycling Fund Act 2014; and
12
3 Subsection 7(3) (before note 2)
13
Insert:
14
Note 1B: The provision referred to in paragraph (1)(ca) deals with the
15
channelling, through the COAG Reform Fund, of State/Territory
16
grants payments from the Asset Recycling Fund established by the
17
Asset Recycling Fund Act 2014. For terms and conditions of those
18
grants, see the Asset Recycling Fund Act 2014.
19
DisabilityCare Australia Fund Act 2013
20
4 At the end of paragraph 16(a)
21
Add:
22
or (vii) paragraph 17(a) of the Asset Recycling Fund Act 2014;
23
5 At the end of paragraph 16(b)
24
Add:
25
or (vii) paragraph 17(b) of the Asset Recycling Fund Act 2014;
26
6 At the end of paragraph 16(c)
27
Add:
28
or (vii) paragraph 17(c) of the Asset Recycling Fund Act 2014;
29
Schedule 1 Amendments
4
Asset Recycling Fund (Consequential Amendments) Bill 2014
No. , 2014
Future Fund Act 2006
1
7 Section 4 (note)
2
After "under the", insert "Asset Recycling Fund Act 2014, the".
3
8 Section 5
4
Insert:
5
Asset Recycling Fund means the Asset Recycling Fund established
6
by section 11 of the Asset Recycling Fund Act 2014.
7
9 Section 5
8
Insert:
9
Asset Recycling Fund Special Account means the Asset Recycling
10
Fund Special Account established by section 12 of the Asset
11
Recycling Fund Act 2014.
12
10 Section 13 (note 2A)
13
After "from the Future Fund to", insert "the Asset Recycling Fund,".
14
11 After paragraph 28(5)(a)
15
Insert:
16
(aa) the Asset Recycling Fund Act 2014;
17
12 After paragraph 28(5)(c)
18
Insert:
19
(ca) subsection 46(1) of the Asset Recycling Fund Act 2014;
20
13 Section 33 (note)
21
After "under", insert "the Asset Recycling Fund Act 2014,".
22
14 After subparagraph 35(b)(i)
23
Insert:
24
(ia) the Asset Recycling Fund Act 2014; or
25
15 Before paragraph 55(3)(a)
26
Insert:
27
(aa) the Asset Recycling Fund Act 2014; and
28
Amendments Schedule 1
No. , 2014
Asset Recycling Fund (Consequential Amendments) Bill 2014
5
16 After paragraph 63(1)(a)
1
Insert:
2
(aa) the Asset Recycling Fund Act 2014; or
3
17 After paragraph 63(2)(a)
4
Insert:
5
(aaa) the Asset Recycling Fund Act 2014; or
6
18 Before subsection 81(1A)
7
Insert:
8
Asset Recycling Fund
9
(1AA) A report under subsection (1) for a financial year must include a
10
report of:
11
(a) the performance of the investments of the Asset Recycling
12
Fund; and
13
(b) the total amount debited from the Asset Recycling Fund
14
Special Account for the purpose mentioned in
15
paragraph 16(d) of the Asset Recycling Fund Act 2014; and
16
(c) the total amount debited from the Asset Recycling Fund
17
Special Account for the purpose mentioned in
18
paragraph 17(d) of the Asset Recycling Fund Act 2014; and
19
(d) the total amount debited from the Asset Recycling Fund
20
Special Account for the purpose mentioned in
21
paragraph 17(e) of the Asset Recycling Fund Act 2014; and
22
(e) the total amount debited from the Asset Recycling Fund
23
Special Account for the purpose mentioned in
24
paragraph 17(f) of the Asset Recycling Fund Act 2014;
25
during the financial year.
26
19 After subsection 81(2)
27
Insert:
28
(2AA) A report under this section must include a benchmark in relation to
29
the amounts referred to in paragraphs (1AA)(b) to (e).
30
20 After paragraph 83B(1)(a)
31
Insert:
32
Schedule 1 Amendments
6
Asset Recycling Fund (Consequential Amendments) Bill 2014
No. , 2014
(aa) subsection 46(1) of the Asset Recycling Fund Act 2014; or
1
21 After subparagraph 84(1)(b)(i)
2
Insert:
3
(ia) a provision of the Asset Recycling Fund Act 2014;
4
22 After subparagraph 84(1)(b)(iii)
5
Insert:
6
(iiia) the Asset Recycling Fund Special Account; or
7
23 After subsection 84(1)
8
Insert:
9
Transfer of amounts to the Asset Recycling Fund Special Account
10
(1A) If an amount is credited to the Fund Account under subsection (1),
11
the nominated Minister may, by writing, direct that a specified
12
amount is to be:
13
(a) debited from the Fund Account; and
14
(b) credited to the Asset Recycling Fund Special Account;
15
on a specified day.
16
24 Paragraph 84(5)(b)
17
After "subsections", insert "(1A),".
18
25 Subsection 84(6)
19
After "subsection", insert "(1A),".
20
26 After subparagraph 2(2)(a)(i) of Schedule 2
21
Insert:
22
(ia) paragraph 16(e) of the Asset Recycling Fund Act 2014;
23
or
24
27 After subparagraph 2(2)(b)(i) of Schedule 2
25
Insert:
26
(ia) paragraph 16(f) of the Asset Recycling Fund Act 2014;
27
or
28
Amendments Schedule 1
No. , 2014
Asset Recycling Fund (Consequential Amendments) Bill 2014
7
28 After subparagraph 2(2)(c)(i) of Schedule 2
1
Insert:
2
(ia) a paragraph of section 16 of the Asset Recycling Fund
3
Act 2014;
4
29 Clause 1 of Schedule 2A
5
After "Future Fund to the", insert "Asset Recycling Fund, the".
6
30 After clause 1 of Schedule 2A
7
Insert:
8
1A Transfers from the Future Fund to the Asset Recycling Fund
9
(1) If an amount is debited from the Asset Recycling Fund Special
10
Account for a purpose mentioned in section 17 of the Asset
11
Recycling Fund Act 2014, the nominated Minister may, by writing,
12
direct that a specified amount is to be:
13
(a) debited from the Fund Account; and
14
(b) credited to the Asset Recycling Fund Special Account;
15
on a specified day.
16
(2) The specified amount must not exceed the amount debited from the
17
Asset Recycling Fund Special Account as mentioned in
18
subsection (1).
19
(3) A direction under subsection (1) is not a legislative instrument.
20
Nation-building Funds Act 2008
21
31 At the end of paragraph 20(a)
22
Add:
23
or (vii) paragraph 16(e) of the Asset Recycling Fund Act 2014;
24
32 At the end of paragraph 20(b)
25
Add:
26
or (vii) paragraph 16(f) of the Asset Recycling Fund Act 2014;
27
33 At the end of paragraph 20(c)
28
Add:
29
Schedule 1 Amendments
8
Asset Recycling Fund (Consequential Amendments) Bill 2014
No. , 2014
or (vii) a paragraph of section 16 of the Asset Recycling Fund
1
Act 2014;
2
34 At the end of paragraph 138(a)
3
Add:
4
or (vii) paragraph 16(e) of the Asset Recycling Fund Act 2014;
5
35 At the end of paragraph 138(b)
6
Add:
7
or (vii) paragraph 16(f) of the Asset Recycling Fund Act 2014;
8
36 At the end of paragraph 138(c)
9
Add:
10
or (vii) a paragraph of section 16 of the Asset Recycling Fund
11
Act 2014;
12
37 At the end of paragraph 219(a)
13
Add:
14
or (vii) paragraph 16(e) of the Asset Recycling Fund Act 2014;
15
38 At the end of paragraph 219(b)
16
Add:
17
or (vii) paragraph 16(f) of the Asset Recycling Fund Act 2014;
18
39 At the end of paragraph 219(c)
19
Add:
20
or (vii) a paragraph of section 16 of the Asset Recycling Fund
21
Act 2014;
22
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