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

Superannuation Industry (Supervision) Act 1993

423   Sections 236 and 237

Repeal the sections, substitute:

236 Purposes of Account

The purposes of the Account are:

(a) to make payments of financial assistance under a determination by the Minister under subsection 235(1); and

(b) to apply any excess referred to in subsection 237(2) in accordance with that subsection.

237 Separate notional accounts to be kept within the Account

(1) A separate notional account is to be kept within the Account in respect of each levy.

(2) If:

(a) the total of the amounts credited to the Account from amounts paid by funds in respect of a levy that was imposed because of one or more determinations made by the Minister to grant financial assistance;

exceeds:

(b) the total amount of that financial assistance;

then the excess is to be debited from the Account and applied in such manner as the Minister determines.