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This is a Bill, not an Act. For current law, see the Acts databases.

NATION-BUILDING FUNDS (CONSEQUENTIAL AMENDMENTS) BILL 2008

2008
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Nation-building Funds (Consequential
Amendments) Bill 2008
No. , 2008
(Finance and Deregulation)
A Bill for an Act to deal with consequential matters
arising from the enactment of the Nation-building
Funds Act 2008, and for other purposes
i Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Schedule(s) ......................................................................................... 2
Schedule 1--Repeal
3
Higher Education Endowment Fund Act 2007
3
Schedule 2--Amendme nts
4
Future Fund Act 2006
4
Income Tax Assessment Act 1997
15
Telecommunications (Consumer Protection and Service Standards)
Act 1999
16
Telstra Corporation Act 1991
16
Schedule 3--Transitional and application provisions etc.
17
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 1
A Bill for an Act to deal with consequential matters
1
arising from the enactment of the Nation-building
2
Funds Act 2008, and for other purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Nation-building Funds
6
(Consequential Amendments) Act 2008.
7
2 Commence ment
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 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
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 on which this Act receives the
Royal Assent.
2. Schedules 1 to
3
At the same time as section 3 of the
Nation-building Funds Act 2008
commences.
1 January 2009
Note:
This table relates only to the provisions of this Act as originally
1
passed by both Houses of the Parliament and assented to. It will not be
2
expanded to deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
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
12
Repeal Schedule 1
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 3
1
Schedule 1
--
Repeal
2
3
Higher Education Endowment Fund Act 2007
4
1 The whole of the Act
5
Repeal the Act.
6
7
Schedule 2 A mendments
4 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
1
Schedule 2
--
Amendments
2
3
Future Fund Act 2006
4
1 Section 4 (note)
5
Omit "the Higher Education Endowment Fund Act 2007", substitute
6
"the Nation-building Funds Act 2008".
7
2 Section 5
8
Insert:
9
acquire includes acquire by way of issue.
10
3 Section 5
11
Insert:
12
Building Australia Fund means the Building Australia Fund
13
established by section 12 of the Nation-building Funds Act 2008.
14
4 Section 5
15
Insert:
16
Building Australia Fund Special Account means the Building
17
Australia Fund Special Account established by section 13 of the
18
Nation-building Funds Act 2008.
19
5 Section 5
20
Insert:
21
Communications Minister has the same meaning as in the
22
Nation-building Funds Act 2008.
23
6 Section 5
24
Insert:
25
Education Investment Fund means the Education Investment
26
Fund established by section 131 of the Nation-building Funds Act
27
2008.
28
7 Section 5
29
Amend ments Schedule 2
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 5
Insert:
1
Education Investment Fund Special Account means the
2
Education Investment Fund Special Account established by
3
section 132 of the Nation-building Funds Act 2008.
4
8 Section 5 (definition of Education Minister)
5
Repeal the definition, substitute:
6
Education Minister has the same meaning as in the
7
Nation-building Funds Act 2008.
8
9 Section 5
9
Insert:
10
Energy Minister has the same meaning as in the Nation-building
11
Funds Act 2008.
12
10 Section 5
13
Insert:
14
Health and Hospitals Fund means the Health and Hospitals Fund
15
established by section 214 of the Nation-building Funds Act 2008.
16
11 Section 5
17
Insert:
18
Health and Hospitals Fund Special Account means the Health
19
and Hospitals Fund Special Account established by section 215 of
20
the Nation-building Funds Act 2008.
21
12 Section 5
22
Insert:
23
Health Minister has the same meaning as in the Nation-building
24
Funds Act 2008.
25
13 Section 5 (definition of Higher Education Endowment
26
Fund)
27
Repeal the definition.
28
Schedule 2 A mendments
6 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
14 Section 5 (definition of Higher Education Endowment
1
Fund investment function)
2
Repeal the definition.
3
15 Section 5 (definition of Higher Education Endowment
4
Fund matter)
5
Repeal the definition.
6
16 Section 5 (definition of Higher Education Endowment
7
Fund Special Account)
8
Repeal the definition.
9
17 Section 5
10
Insert:
11
Infrastructure Minister has the same meaning as in the
12
Nation-building Funds Act 2008.
13
18 Section 5
14
Insert:
15
Research Minister has the same meaning as in the Nation-building
16
Funds Act 2008.
17
19 Section 5
18
Insert:
19
Water Minister has the same meaning as in the Nation-building
20
Funds Act 2008.
21
20 Section 13
22
After "Schedules 1, 2", insert ", 2A".
23
21 Section 13 (after note 2)
24
Insert:
25
Note 2A: Schedule 2A is about transfers of amounts from the Future Fund to the
26
Building Australia Fund, the Education Investment Fund and the
27
Health and Hospitals Fund.
28
22 Subsection 28(5)
29
Amend ments Schedule 2
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 7
Repeal the subsection, substitute:
1
(5) Neither of the following Acts:
2
(a) this Act;
3
(b) the Nation-building Funds Act 2008;
4
prevents the same person from being engaged as an investment
5
manager under 2 or more of the following provisions:
6
(c) subsection (1) of this section;
7
(d) subsection 45(1) of the Nation-building Funds Act 2008;
8
(e) subsection 164(1) of the Nation-building Funds Act 2008;
9
(f) subsection 239(1) of the Nation-building Funds Act 2008.
10
23 Section 33 (note)
11
Omit "the Higher Education Endowment Fund Act 2007", substitute
12
"the Nation-building Funds Act 2008".
13
24 Paragraph 35(b)
14
Repeal the paragraph, substitute:
15
(b) such other functions as are conferred on the Board by:
16
(i) this Act; or
17
(ii) the Nation-building Funds Act 2008;
18
25 Subsection 55(3)
19
Repeal the subsection, substitute:
20
(3) Subsections (1) and (2) do not apply to the operations of the Board
21
under the Nation-building Funds Act 2008.
22
26 Section 60 (at the end of the penalty)
23
Add "or 2,000 penalty units, or both".
24
27 Section 61 (at the end of the penalty)
25
Add "or 2,000 penalty units, or both".
26
28 Section 62 (at the end of the penalty)
27
Add "or 2,000 penalty units, or both".
28
29 Paragraph 63(1)(b)
29
Repeal the paragraph, substitute:
30
Schedule 2 A mendments
8 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
(b) the Nation-building Funds Act 2008;
1
30 Paragraph 63(2)(aa)
2
Repeal the paragraph, substitute:
3
(aa) the Nation-building Funds Act 2008; or
4
31 Subparagraph 65(b)(ii)
5
Repeal the subparagraph, substitute:
6
(ii) after making an independent assessment of the
7
information or advice, having regard to the Board
8
member's knowledge of the Board and the complexity
9
of the structure and operations of the Board; and
10
32 Paragraph 81(1)(h)
11
Omit "and".
12
Note:
The following heading to subsection 81(1) is inserted "Board, Agency and Future
13
Fund".
14
33 Paragraphs 81(1)(i) to (n)
15
Repeal the paragraphs.
16
34 After subsection 81(1)
17
Insert:
18
Building Australia Fund
19
(1A) A report under subsection (1) for a financial year must include a
20
report of:
21
(a) the performance of the investments of the Building Australia
22
Fund; and
23
(b) the total amount debited from the Building Australia Fund
24
Special Account for the purpose mentioned in paragraph
25
18(1)(i) of the Nation-building Funds Act 2008; and
26
(c) the total amount debited from the Building Australia Fund
27
Special Account for the purpose mentioned in paragraph
28
20(d) of the Nation-building Funds Act 2008; and
29
(d) the total amount debited from the Building Australia Fund
30
Special Account for the purpose mentioned in paragraph
31
20(e) of the Nation-building Funds Act 2008; and
32
Amend ments Schedule 2
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 9
(e) the total amount debited from the Building Australia Fund
1
Special Account for the purpose mentioned in paragraph
2
20(f) of the Nation-building Funds Act 2008; and
3
(f) the total amount debited from the Building Australia Fund
4
Special Account for the purpose mentioned in paragraph
5
20(g) of the Nation-building Funds Act 2008;
6
during the financial year.
7
Education Investment Fund
8
(1B) A report under subsection (1) for a financial year must include a
9
report of:
10
(a) the performance of the investments of the Education
11
Investment Fund; and
12
(b) the total amount debited from the Education Investment Fund
13
Special Account for the purpose mentioned in paragraph
14
136(1)(i) of the Nation-building Funds Act 2008; and
15
(c) the total amount debited from the Education Investment Fund
16
Special Account for the purpose mentioned in paragraph
17
138(d) of the Nation-building Funds Act 2008; and
18
(d) the total amount debited from the Education Investment Fund
19
Special Account for the purpose mentioned in paragraph
20
138(e) of the Nation-building Funds Act 2008; and
21
(e) the total amount debited from the Education Investment Fund
22
Special Account for the purpose mentioned in paragraph
23
138(f) of the Nation-building Funds Act 2008; and
24
(f) the total amount debited from the Education Investment Fund
25
Special Account for the purpose mentioned in paragraph
26
138(g) of the Nation-building Funds Act 2008;
27
during the financial year.
28
Health and Hospitals Fund
29
(1C) A report under subsection (1) for a financial year must include a
30
report of:
31
(a) the performance of the investments of the Health and
32
Hospitals Fund; and
33
(b) the total amount debited from the Health and Hospitals Fund
34
Special Account for the purpose mentioned in paragraph
35
218(1)(e) of the Nation-building Funds Act 2008; and
36
Schedule 2 A mendments
10 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
(c) the total amount debited from the Health and Hospitals Fund
1
Special Account for the purpose mentioned in paragraph
2
219(d) of the Nation-building Funds Act 2008; and
3
(d) the total amount debited from the Health and Hospitals Fund
4
Special Account for the purpose mentioned in paragraph
5
219(e) of the Nation-building Funds Act 2008; and
6
(e) the total amount debited from the Health and Hospitals Fund
7
Special Account for the purpose mentioned in paragraph
8
219(f) of the Nation-building Funds Act 2008; and
9
(f) the total amount debited from the Health and Hospitals Fund
10
Special Account for the purpose mentioned in paragraph
11
219(g) of the Nation-building Funds Act 2008;
12
during the financial year.
13
35 Subsection 81(2)
14
Omit "and (j) to (n)".
15
Note:
The following heading to subsection 81(2) is inserted "Benchmarks".
16
36 After subsection 81(2)
17
Insert:
18
(2A) A report under this section must include a benchmark in relation to
19
the amounts referred to in paragraphs (1A)(b) to (f).
20
(2B) A report under this section must include a benchmark in relation to
21
the amounts referred to in paragraphs (1B)(b) to (f).
22
(2C) A report under this section must include a benchmark in relation to
23
the amounts referred to in paragraphs (1C)(b) to (f).
24
Note:
The following heading to subsection 81(3) is inserted "Tabling of report".
25
37 Subsection 81(4)
26
Repeal the subsection, substitute:
27
(4) As soon as practicable after receiving a report under this section,
28
the nominated Minister must give a copy of the report to the
29
following Ministers:
30
(a) the Communications Minister;
31
(b) the Education Minister;
32
(c) the Energy Minister;
33
Amend ments Schedule 2
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 11
(d) the Health Minister;
1
(e) the Infrastructure Minister;
2
(f) the Research Minister;
3
(g) the Water Minister.
4
38 After section 83
5
Insert:
6
83A Delegation by the nominated Minister
7
(1) The nominated Minister may, by writing, delegate any or all of his
8
or her powers under:
9
(a) section 84; or
10
(b) Schedule 2A;
11
to:
12
(c) the Secretary of a Department; or
13
(d) an SES employee, or acting SES employee, in a Department.
14
Note:
The expressions SES employee and acting SES employee are defined
15
in section 17AA of the Acts Interpretation Act 1901.
16
(2) In exercising powers under a delegation, the delegate must comply
17
with any directions of the nominated Minister.
18
83B Delegation by the Board
19
(1) The Board may, by writing, delegate any or all of its powers under:
20
(a) subsection 28(1) of this Act; or
21
(b) subsection 45(1) of the Nation-building Funds Act 2008; or
22
(c) subsection 164(1) of the Nation-building Funds Act 2008; or
23
(d) subsection 239(1) of the Nation-building Funds Act 2008;
24
to:
25
(e) the Chair; or
26
(f) an SES employee, or acting SES employee, in the Agency.
27
Note:
The expressions SES employee and acting SES employee are defined
28
in section 17AA of the Acts Interpretation Act 1901.
29
(2) In exercising powers under a delegation, the delegate must comply
30
with any directions of the Board.
31
39 Paragraph 84(1)(b)
32
Schedule 2 A mendments
12 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
Repeal the paragraph, substitute:
1
(b) none of the following:
2
(i) another provision of this Act;
3
(ii) a provision of the Nation-building Funds Act 2008;
4
requires the amount to be credited to:
5
(iii) the Fund Account; or
6
(iv) the Building Australia Fund Special Account; or
7
(v) the Education Investment Fund Special Account; or
8
(vi) the Health and Hospitals Fund Special Account;
9
40 Subsections 84(2), (3) and (4)
10
Repeal the subsections, substitute:
11
Transfer of amounts to the Building Australia Fund Special
12
Account
13
(2) If an amount is credited to the Fund Account under subsection (1),
14
the nominated Minister may, by writing, direct that a specified
15
amount is to be:
16
(a) debited from the Fund Account; and
17
(b) credited to the Building Australia Fund Special Account;
18
on a specified day.
19
Transfer of amounts to the Education Investment Fund Special
20
Account
21
(3) If an amount is credited to the Fund Account under subsection (1),
22
the nominated Minister may, by writing, direct that a specified
23
amount is to be:
24
(a) debited from the Fund Account; and
25
(b) credited to the Education Investment Fund Special Account;
26
on a specified day.
27
Transfer of amounts to the Health and Hospitals Fund Special
28
Account
29
(4) If an amount is credited to the Fund Account under subsection (1),
30
the nominated Minister may, by writing, direct that a specified
31
amount is to be:
32
(a) debited from the Fund Account; and
33
Amend ments Schedule 2
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 13
(b) credited to the Health and Hospitals Fund Special Account;
1
on a specified day.
2
Other provisions
3
(5) If:
4
(a) an amount (the first amount) is credited to the Fund account
5
under subsection (1); and
6
(b) one or more amounts (the transfer amounts) are specified
7
under any or all of subsections (2), (3) and (4) in relation to
8
the first amount;
9
the sum of the transfer amounts must not exceed the first amount.
10
(6) A direction under subsection (2), (3) or (4) is not a legislative
11
instrument.
12
41 Subparagraph 2(2)(a)(ii) of Schedule 2
13
Repeal the subparagraph, substitute:
14
(ii) paragraph 18(1)(j) of the Nation-building Funds Act
15
2008; or
16
(iii) paragraph 136(1)(j) of the Nation-building Funds Act
17
2008; or
18
(iv) paragraph 137(e) of the Nation-building Funds Act
19
2008; or
20
(v) paragraph 218(1)(f) of the Nation-building Funds Act
21
2008;
22
42 Subparagraph 2(2)(b)(ii) of Schedule 2
23
Repeal the subparagraph, substitute:
24
(ii) paragraph 18(1)(k) of the Nation-building Funds Act
25
2008; or
26
(iii) paragraph 136(1)(k) of the Nation-building Funds Act
27
2008; or
28
(iv) paragraph 137(f) of the Nation-building Funds Act
29
2008; or
30
(v) paragraph 218(1)(g) of the Nation-building Funds Act
31
2008;
32
43 Subparagraph 2(2)(c)(ii) of Schedule 2
33
Repeal the subparagraph, substitute:
34
Schedule 2 A mendments
14 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
(ii) a paragraph of subsection 18(1) of the Nation-building
1
Funds Act 2008; or
2
(iii) a paragraph of subsection 136(1) of the Nation-building
3
Funds Act 2008; or
4
(iv) a paragraph of section 137 of the Nation-building Funds
5
Act 2008; or
6
(v) a paragraph of subsection 218(1) of the Nation-building
7
Funds Act 2008;
8
44 After Schedule 2
9
Insert:
10
Schedule 2A--Inter-fund transfers
11
Note:
See section 13.
12
13
14
1 Simplified outline
15
The following is a simplified outline of this Schedule:
16
·
Amounts may be transferred from the Future Fund to the
17
Building Australia Fund, the Education Investment Fund or
18
the Health and Hospitals Fund.
19
2 Transfers from the Future Fund to the Building Australia Fund
20
(1) If an amount is debited from the Building Australia Fund Special
21
Account for a purpose mentioned in section 20 of the
22
Nation-building Funds Act 2008, the nominated Minister may, by
23
writing, direct that a specified amount is to be:
24
(a) debited from the Fund Account; and
25
(b) credited to the Building Australia Fund Special Account;
26
on a specified day.
27
(2) The specified amount must not exceed the amount debited from the
28
Building Australia Fund Special Account as mentioned in
29
subsection (1).
30
(3) A direction under subsection (1) is not a legislative instrument.
31
Amend ments Schedule 2
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 15
3 Transfers from the Future Fund to the Education Investment
1
Fund
2
(1) If an amount is debited from the Education Investment Fund
3
Special Account for a purpose mentioned in section 138 of the
4
Nation-building Funds Act 2008, the nominated Minister may, by
5
writing, direct that a specified amount is to be:
6
(a) debited from the Fund Account; and
7
(b) credited to the Education Investment Fund Special Account;
8
on a specified day.
9
(2) The specified amount must not exceed the amount debited from the
10
Education Investment Fund Special Account as mentioned in
11
subsection (1).
12
(3) A direction under subsection (1) is not a legislative instrument.
13
4 Transfers from the Future Fund to the Health and Hospitals Fund
14
(1) If an amount is debited from the Health and Hospitals Fund Special
15
Account for a purpose mentioned in section 219 of the
16
Nation-building Funds Act 2008, the nominated Minister may, by
17
writing, direct that a specified amount is to be:
18
(a) debited from the Fund Account; and
19
(b) credited to the Health and Hospitals Fund Special Account;
20
on a specified day.
21
(2) The specified amount must not exceed the amount debited from the
22
Health and Hospitals Fund Special Account as mentioned in
23
subsection (1).
24
(3) A direction under subsection (1) is not a legislative instrument.
25
Income Tax Assessment Act 1997
26
45 Subsection 30-25(2) (table item 2.2.35)
27
Repeal the item.
28
46 Subsection 30-25(3)
29
Repeal the subsection.
30
Schedule 2 A mendments
16 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
47 Subsection 30-315(2) (table item 56A)
1
Repeal the item.
2
Telecommunications (Consumer Protection and Service
3
Standards) Act 1999
4
48 Part 9C
5
Repeal the Part.
6
49 Subsection 159B(1)
7
Omit "(1)".
8
50 Subsection 159B(2)
9
Repeal the subsection.
10
Telstra Corporation Act 1991
11
51 Section 3 (definition of Communications Fund)
12
Repeal the definition.
13
52 Subsection 3B(3)
14
Omit "or the Communications Fund".
15
Note:
The heading to subsection 3B(3) is altered by omitting "and Communications Fund".
16
53 Subsection 8AJ(6D)
17
Omit "or the Communications Fund".
18
54 Subsection 8AYB(4)
19
Omit "or the Communications Fund".
20
Note:
The heading to subsection 8AYB(4) is altered by omitting "and Communications
21
Fund".
22
55 Section 8AYD
23
Omit "or the Communications Fund".
24
56 Subclause 12(4AA) of the Schedule
25
Omit "or the Communications Fund".
26
27
Transitional and application provisions etc. Schedule 3
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 17
1
Schedule 3
--
Transitional and application
2
provisions etc.
3
4
1 Definition
5
In this Schedule:
6
Future Fund Board means the Future Fund Board of Guardians.
7
2 Transitional
--
annual report to deal with Higher Education
8
Endowment Fund matters
9
Scope
10
(1)
This item applies to the report under section 81 of the Future Fund Act
11
2006 for the financial year beginning on 1 July 2008.
12
Higher Education Endowment Fund Matters
13
(2)
The report must include a report of:
14
(a) the performance of the investments of the Higher Education
15
Endowment Fund; and
16
(b) the total amount debited from the Higher Education
17
Endowment Fund Special Account for the purpose mentioned
18
in paragraph 16(1)(f) of the repealed Higher Education
19
Endowment Fund Act 2007; and
20
(c) the total amount debited from the Higher Education
21
Endowment Fund Special Account for the purpose mentioned
22
in paragraph 16(4)(d) of the repealed Higher Education
23
Endowment Fund Act 2007; and
24
(d) the total amount debited from the Higher Education
25
Endowment Fund Special Account for the purpose mentioned
26
in paragraph 16(4)(e) of the repealed Higher Education
27
Endowment Fund Act 2007; and
28
(e) the total amount debited from the Higher Education
29
Endowment Fund Special Account for the purpose mentioned
30
in paragraph 16(4)(f) of the repealed Higher Education
31
Endowment Fund Act 2007; and
32
(f) the total amount debited from the Higher Education
33
Endowment Fund Special Account for the purpose mentioned
34
Schedule 3 Transitional and application provisions etc.
18 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
in paragraph 16(4)(g) of the repealed Higher Education
1
Endowment Fund Act 2007;
2
during the period:
3
(g) beginning on 1 July 2008; and
4
(h) ending immediately before the commencement of this item.
5
(3)
The report must include a benchmark in relation to the amounts referred
6
to in paragraphs (2)(b) to (f).
7
3 Transitional
--
borrowing
8
Scope
9
(1)
This item applies if:
10
(a) the Future Fund Board borrowed money for a purpose in
11
connection with the Higher Education Endowment Fund
12
before the commencement of this item; and
13
(b) the borrowing was authorised by subsection 29(2) or (3) of
14
the repealed Higher Education Endowment Fund Act 2007;
15
and
16
(c) the period of the borrowing ends after the commencement of
17
this item.
18
Authorisation etc.
19
(2)
The Nation-building Funds Act 2008 has effect as if:
20
(a) the Future Fund Board had borrowed the money for a
21
purpose in connection with the Education Investment Fund;
22
and
23
(b) the borrowing had been authorised by subsection 159(2) or
24
(3), as the case requires, of that Act.
25
4 Transitional
--
securities lending arrangement
26
Scope
27
(1)
This item applies if:
28
(a) before the commencement of this item, the Future Fund
29
Board entered into a securities lending arrangement under
30
subsection 33(1) of the repealed Higher Education
31
Endowment Fund Act 2007; and
32
Transitional and application provisions etc. Schedule 3
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 19
(b) the arrangement was in force immediately before the
1
commencement of this item.
2
Continuity of arrangement
3
(2)
The Nation-building Funds Act 2008 has effect as if the arrangement
4
had been entered into by the Future Fund Board under subsection
5
163(1) of that Act for a purpose in connection with the Education
6
Investment Fund.
7
5 Transitional
--
investment manager
8
Scope
9
(1)
This item applies if:
10
(a) before the commencement of this item, the Future Fund
11
Board engaged an investment manager under subsection
12
34(1) of the repealed Higher Education Endowment Fund Act
13
2007; and
14
(b) the engagement was in force immediately before the
15
commencement of this item.
16
Continuity of engagement
17
(2)
The Nation-building Funds Act 2008 has effect as if the Future Fund
18
Board had engaged the investment manager under subsection 164(1) of
19
that Act for purposes in connection with the Education Investment
20
Fund.
21
6 Transitional
--
refund of franking credits
22
If:
23
(a) after the commencement of this item, the Future Fund Board
24
receives a refund of a tax offset under the Income Tax
25
Assessment Act 1997; and
26
(b) the tax offset is attributable to an investment of the Higher
27
Education Endowment Fund that was held by the Future
28
Fund Board before the commencement of this item;
29
the refund is to be credited to the Education Investment Fund Special
30
Account.
31
7 Transitional
--
definition of acquire in section 5 of the Future
32
Fund Act 2006
33
Schedule 3 Transitional and application provisions etc.
20 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
The amendment made by item 2 of Schedule 2 does not imply that, at a
1
time before the commencement of that item, a reference in the Future
2
Fund Act 2006 to acquire did not include a reference to acquire by way
3
of issue.
4
8 Application
--
gifts to the Higher Education Endowment
5
Fund
6
The amendments of the Income Tax Assessment Act 1997 made by
7
Schedule 2 apply in relation to gifts made after the commencement of
8
this item.
9
9 Transitional
--
advice given by Infrastructure Australia to
10
the Infrastructure Minister
11
Scope
12
(1)
This item applies if:
13
(a) before the commencement of this item, criteria known as the
14
interim BAF evaluation criteria were published on a
15
Commonwealth website; and
16
(b) after the publication, but before the commencement of this
17
item, Infrastructure Australia advised the Infrastructure
18
Minister that a payment satisfies the relevant interim BAF
19
evaluation criteria.
20
Advice
21
(2)
The Nation-building Funds Act 2008 has effect as if:
22
(a) immediately after the commencement of this item,
23
Infrastructure Australia had advised the Infrastructure
24
Minister, under section 116 of that Act, that the payment
25
satisfies the relevant BAF evaluation criteria; and
26
(b) any requirements imposed by that Act in relation to that
27
advice had been complied with.
28
Definition
29
(3)
In this item:
30
Infrastructure Minister has the same meaning as in the Nation-building
31
Funds Act 2008.
32
Transitional and application provisions etc. Schedule 3
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 21
10 Transitional
--
advice given by Infrastructure Australia to
1
the Communications Minister
2
Scope
3
(1)
This item applies if:
4
(a) before the commencement of this item, criteria known as the
5
interim BAF evaluation criteria were published on a
6
Commonwealth website; and
7
(b) after the publication, but before the commencement of this
8
item, Infrastructure Australia advised the Communications
9
Minister that a payment satisfies the relevant interim BAF
10
evaluation criteria.
11
Advice
12
(2)
The Nation-building Funds Act 2008 has effect as if:
13
(a) immediately after the commencement of this item,
14
Infrastructure Australia had advised the Communications
15
Minister, under section 117 of that Act, that the payment
16
satisfies the relevant BAF evaluation criteria; and
17
(b) any requirements imposed by that Act in relation to that
18
advice had been complied with.
19
Definition
20
(3)
In this item:
21
Communications Minister has the same meaning as in the
22
Nation-building Funds Act 2008.
23
11 Transitional
--
advice given by Infrastructure Australia to
24
the Energy Minister
25
Scope
26
(1)
This item applies if:
27
(a) before the commencement of this item, criteria known as the
28
interim BAF evaluation criteria were published on a
29
Commonwealth website; and
30
(b) after the publication, but before the commencement of this
31
item, Infrastructure Australia advised the Energy Minister
32
Schedule 3 Transitional and application provisions etc.
22 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
that a payment satisfies the relevant interim BAF evaluation
1
criteria.
2
Advice
3
(2)
The Nation-building Funds Act 2008 has effect as if:
4
(a) immediately after the commencement of this item,
5
Infrastructure Australia had advised the Energy Minister,
6
under section 118 of that Act, that the payment satisfies the
7
relevant BAF evaluation criteria; and
8
(b) any requirements imposed by that Act in relation to that
9
advice had been complied with.
10
Definition
11
(3)
In this item:
12
Energy Minister has the same meaning as in the Nation-building Funds
13
Act 2008.
14
12 Transitional
--
advice given by Infrastructure Australia to
15
the Water Minister
16
Scope
17
(1)
This item applies if:
18
(a) before the commencement of this item, criteria known as the
19
interim BAF evaluation criteria were published on a
20
Commonwealth website; and
21
(b) after the publication, but before the commencement of this
22
item, Infrastructure Australia advised the Water Minister that
23
a payment satisfies the relevant interim BAF evaluation
24
criteria.
25
Advice
26
(2)
The Nation-building Funds Act 2008 has effect as if:
27
(a) immediately after the commencement of this item,
28
Infrastructure Australia had advised the Water Minister,
29
under section 119 of that Act, that the payment satisfies the
30
relevant BAF evaluation criteria; and
31
(b) any requirements imposed by that Act in relation to that
32
advice had been complied with.
33
Transitional and application provisions etc. Schedule 3
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 23
Definition
1
(3)
In this item:
2
Water Minister has the same meaning as in the Nation-building Funds
3
Act 2008.
4
13 Transitional
--
advice given by the Interim EIF Advisory
5
Board to the Education Minister
6
Scope
7
(1)
This item applies if:
8
(a) before the commencement of this item:
9
(i) a committee known as the Interim EIF Advisory Board
10
was established under the executive power of the
11
Commonwealth; and
12
(ii) criteria known as the interim EIF evaluation criteria
13
were published on a Commonwealth website; and
14
(b) after the publication, but before the commencement of this
15
item, the Board advised the Education Minister that a
16
payment satisfies the relevant interim EIF evaluation criteria.
17
Advice
18
(2)
The Nation-building Funds Act 2008 has effect as if:
19
(a) immediately after the commencement of this item, the EIF
20
Advisory Board had advised the Education Minister, under
21
paragraph 171(1)(a) of that Act, that the payment satisfies the
22
relevant EIF evaluation criteria; and
23
(b) any requirements imposed by that Act in relation to that
24
advice had been complied with.
25
Definitions
26
(3)
In this item:
27
Education Minister has the same meaning as in the Nation-building
28
Funds Act 2008.
29
EIF Advisory Board has the same meaning as in the Nation-building
30
Funds Act 2008.
31
Schedule 3 Transitional and application provisions etc.
24 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
14 Transitional
--
advice given by the Interim EIF Advisory
1
Board to the Research Minister
2
Scope
3
(1)
This item applies if:
4
(a) before the commencement of this item:
5
(i) a committee known as the Interim EIF Advisory Board
6
was established under the executive power of the
7
Commonwealth; and
8
(ii) criteria known as the interim EIF evaluation criteria
9
were published on a Commonwealth website; and
10
(b) after the publication, but before the commencement of this
11
item, the Board advised the Research Minister that a payment
12
satisfies the relevant interim EIF evaluation criteria.
13
Advice
14
(2)
The Nation-building Funds Act 2008 has effect as if:
15
(a) immediately after the commencement of this item, the EIF
16
Advisory Board had advised the Research Minister, under
17
paragraph 171(1)(b) of that Act, that the payment satisfies the
18
relevant EIF evaluation criteria; and
19
(b) any requirements imposed by that Act in relation to that
20
advice had been complied with.
21
Definitions
22
(3)
In this item:
23
EIF Advisory Board has the same meaning as in the Nation-building
24
Funds Act 2008.
25
Research Minister has the same meaning as in the Nation-building
26
Funds Act 2008.
27
15 Transitional
--
advice given by the Higher Education
28
Endowment Fund Advisory Board
29
Scope
30
(1)
This item applies if:
31
Transitional and application provisions etc. Schedule 3
Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008 25
(a) before the commencement of this item, the Higher Education
1
Endowment Fund Advisory Board gave advice about a
2
payment by way of a grant of financial assistance; and
3
(b) the Board did so under section 41 of the Higher Education
4
Endowment Fund Act 2007; and
5
(c) in giving that advice, the Board complied with the document
6
that:
7
(i) is entitled "Higher Education Endowment Fund (HEEF)
8
Application and Assessment Procedures for the 2009
9
Funding Round"; and
10
(ii) was attached to the Higher Education Endowment Fund
11
Advisory Board Directions No. 1 of 2008 as in force
12
before the commencement of this item.
13
Advice
14
(2)
The Nation-building Funds Act 2008 has effect as if:
15
(a) immediately after the commencement of this item, the EIF
16
Advisory Board had, under subsection 171(6) of that Act,
17
given advice to the EIF designated Ministers about the
18
payment; and
19
(b) any requirements imposed by that Act in relation to that
20
advice had been complied with.
21
Definitions
22
(3)
In this item:
23
EIF Advisory Board has the same meaning as in the Nation-building
24
Funds Act 2008.
25
EIF designated Ministers has the same meaning as in the
26
Nation-building Funds Act 2008.
27
16 Transitional
--
advice given by the Interim HHF Advisory
28
Board to the Health Minister
29
Scope
30
(1)
This item applies if:
31
(a) before the commencement of this item:
32
Schedule 3 Transitional and application provisions etc.
26 Nation-building Funds (Consequential Amendments) Bill 2008 No. , 2008
(i) a committee known as the Interim HHF Advisory Board
1
was established under the executive power of the
2
Commonwealth; and
3
(ii) criteria known as the interim HHF evaluation criteria
4
were published on a Commonwealth website; and
5
(b) after the publication, but before the commencement of this
6
item, the Board advised the Health Minister that a payment
7
satisfies the interim HHF evaluation criteria.
8
Advice
9
(2)
The Nation-building Funds Act 2008 has effect as if:
10
(a) immediately after the commencement of this item, the HHF
11
Advisory Board had advised the Health Minister, under
12
paragraph 246(1)(a) of that Act, that the payment satisfies the
13
HHF evaluation criteria; and
14
(b) any requirements imposed by that Act in relation to that
15
advice had been complied with.
16
Definitions
17
(3)
In this item:
18
Health Minister has the same meaning as in the Nation-building Funds
19
Act 2008.
20
HHF Advisory Board has the same meaning as in the Nation-building
21
Funds Act 2008.
22

 

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