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

Lands Acquisition Act 1989

170   Subsections 90(2) to (5)

Repeal the subsections, substitute:

(2) The Minister may direct that an amount equal to the compensation be credited to the Account.

(3) The Minister may pay rates, taxes or similar amounts charged on the land and due at the time of the acquisition and must deduct the amount of the payment from the amount of compensation that would otherwise be credited to the Account.

(4) On crediting the Account with the amount calculated under subsection (3), the compensation must, for the purposes of sections 91 and 92, be taken to have been paid to the person.

(5) If the person rectifies the default or delay referred to in subsection (1), the Commonwealth must pay the person an amount equal to the amount credited to the Account and debit the Account accordingly.

Note: The heading to section 90 is replaced by the heading " Crediting of amounts of compensation to the Account ".