Commonwealth Consolidated Acts

ABORIGINAL AND TORRES STRAIT ISLANDER ACT 2005 - SECT 193

Financial year beginning on 1 July 2010

             (1)  On the first business day in October in the financial year beginning on 1 July 2010, there is to be paid to the Indigenous Land Corporation, out of the Land Account, $45 million.

Later financial years

             (2)  On the first business day in October in a financial year beginning on or after 1 July 2011, there is to be paid to the Indigenous Land Corporation, out of the Land Account, the amount worked out using the following formula:

where:

"indexation factor" means the indexation factor for the financial year worked out under section 192Y.

"relevant funding amount" means:

                     (a)  for the financial year beginning on 1 July 2011--$45 million; or

                     (b)  for a later financial year--the amount worked out under this subsection for the previous financial year.

Additional payments

             (3)  On the first business day in December in a financial year (the current year ) beginning on or after 1 July 2011, an amount is to be paid to the Indigenous Land Corporation, out of the Land Account, if the actual capital value of the Land Account for the current year exceeds the real capital value of the Land Account for the current year. The amount to be paid is an amount equal to the excess.

             (4)  For the purposes of subsection (3), the real capital value of the Land Account for the current year is the actual capital value of the Land Account for the financial year (the base year ) beginning on 1 July 2010 multiplied, in turn, by the indexation factor for each financial year after the base year up to and including the current year.

             (5)  For the purposes of subsections (3) and (4), the actual capital value of the Land Account for a financial year is the sum of:

                     (a)  the amount standing to the credit of the Land Account immediately before the start of that year; and

                     (b)  the value, immediately before the start of that year, of current investments made under section 39 of the Financial Management and Accountability Act 1997 using amounts from the Land Account.

Rounding

             (6)  If an amount to be paid under subsection (2) or (3) is an amount of dollars and cents, the cents are to be disregarded.

Definition

             (7)  In this section:

"business day" means a day that is not a Saturday, a Sunday or a public holiday in the Australian Capital Territory.