Financial Framework Legislation Amendment Act 2005 (8 of 2005)

Schedule 1   Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts

Part 2   Special Accounts and references to paid to the Consolidated Revenue Fund

Higher Education Funding Act 1988

153   Sections 59 and 60

Repeal the sections, substitute:

59 Higher Education Account

(1) There is continued in existence the Higher Education (HECS) Account. The purpose of the Account is to make payments under section 61.

Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.

(2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.

60 Credit of amounts to Account

There must be credited to the Account amounts equal to the following:

(a) money paid to the Commonwealth under this Chapter, Chapter 4A, 4B or 5A, otherwise than:

(i) in discharge of an HEC assessment debt; or

(ii) by virtue of the operation of section 106U;

(b) amounts payable in respect of HEC assessment debts;

(c) amounts necessary to enable payments to be debited from the Account under section 61;

(d) money paid by any person to the Commonwealth for the purposes of the Account;

(e) interest from the investment of an amount standing to the credit of the Account.