Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) In this regulation:
"following year" means the financial year after the grant year.
(2) For subsection 69 (1) of the Act, the payout factor is the lesser of 1 and the amount worked out using the formula:
where:
"appropriation" is the amount mentioned for payments under the Act in an Act to appropriate money out of the Consolidated Revenue Fund for the following year.
"grants paid" is the amount paid for grants from 1 July in the financial year to the balance distribution date (inclusive).
"administration costs" is the amount required for the administration of the Act for the following year.
"grants assessed" is the sum of provisional grant amounts assessed in the following year for applications made for the grant year.
"ceiling amounts" is the sum of grants paid from 1 July in the following year to the balance distribution date (inclusive) for applications made for the grant year.