A Bill for an Act to deal with consequential matters arising from the enactment of the Asset Recycling Fund, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Asset Recycling Fund (Consequential Amendments) Act 2014.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| 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 this Act receives the Royal Assent. | |
| 2. Schedule 1 | Immediately after the commencement of section 3 of the Asset Recycling Fund Act 2014. | |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
COAG Reform Fund Act 2008
1 Subsection 5(2) (before note 3)
Insert:
Note 2B: An amount originating in the Asset Recycling Fund may be transferred to the COAG Reform Fund—see the Asset Recycling Fund Act 2014.
2 Before paragraph 7(1)(c)
Insert:
(bb) the grant is not covered by subsection 20(2) of the Asset Recycling Fund Act 2014; and
3 Subsection 7(3) (before note 2)
Insert:
Note 1B: The provision referred to in paragraph (1)(ca) deals with the channelling, through the COAG Reform Fund, of State/Territory grants payments from the Asset Recycling Fund established by the Asset Recycling Fund Act 2014. For terms and conditions of those grants, see the Asset Recycling Fund Act 2014.
DisabilityCare Australia Fund Act 2013
4 At the end of paragraph 16(a)
Add:
or (vii) paragraph 17(a) of the Asset Recycling Fund Act 2014;
5 At the end of paragraph 16(b)
Add:
or (vii) paragraph 17(b) of the Asset Recycling Fund Act 2014;
6 At the end of paragraph 16(c)
Add:
or (vii) paragraph 17(c) of the Asset Recycling Fund Act 2014;
Future Fund Act 2006
7 Section 4 (note)
After “under the”, insert “Asset Recycling Fund Act 2014, the”.
8 Section 5
Insert:
Asset Recycling Fund means the Asset Recycling Fund established by section 11 of the Asset Recycling Fund Act 2014.
9 Section 5
Insert:
Asset Recycling Fund Special Account means the Asset Recycling Fund Special Account established by section 12 of the Asset Recycling Fund Act 2014.
10 Section 13 (note 2A)
After “from the Future Fund to”, insert “the Asset Recycling Fund,”.
11 After paragraph 28(5)(a)
Insert:
(aa) the Asset Recycling Fund Act 2014;
12 After paragraph 28(5)(c)
Insert:
(ca) subsection 46(1) of the Asset Recycling Fund Act 2014;
13 Section 33 (note)
After “under”, insert “the Asset Recycling Fund Act 2014,”.
14 After subparagraph 35(b)(i)
Insert:
(ia) the Asset Recycling Fund Act 2014; or
15 Before paragraph 55(3)(a)
Insert:
(aa) the Asset Recycling Fund Act 2014; and
16 After paragraph 63(1)(a)
Insert:
(aa) the Asset Recycling Fund Act 2014; or
17 After paragraph 63(2)(a)
Insert:
(aaa) the Asset Recycling Fund Act 2014; or
18 Before subsection 81(1A)
Insert:
Asset Recycling Fund
(1AA) A report under subsection (1) for a financial year must include a report of:
(a) the performance of the investments of the Asset Recycling Fund; and
(b) the total amount debited from the Asset Recycling Fund Special Account for the purpose mentioned in paragraph 16(d) of the Asset Recycling Fund Act 2014; and
(c) the total amount debited from the Asset Recycling Fund Special Account for the purpose mentioned in paragraph 17(d) of the Asset Recycling Fund Act 2014; and
(d) the total amount debited from the Asset Recycling Fund Special Account for the purpose mentioned in paragraph 17(e) of the Asset Recycling Fund Act 2014; and
(e) the total amount debited from the Asset Recycling Fund Special Account for the purpose mentioned in paragraph 17(f) of the Asset Recycling Fund Act 2014;
during the financial year.
19 After subsection 81(2)
Insert:
(2AA) A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1AA)(b) to (e).
20 After paragraph 83B(1)(a)
Insert:
(aa) subsection 46(1) of the Asset Recycling Fund Act 2014; or
21 After subparagraph 84(1)(b)(i)
Insert:
(ia) a provision of the Asset Recycling Fund Act 2014;
22 After subparagraph 84(1)(b)(iii)
Insert:
(iiia) the Asset Recycling Fund Special Account; or
23 After subsection 84(1)
Insert:
Transfer of amounts to the Asset Recycling Fund Special Account
(1A) If an amount is credited to the Fund Account under subsection (1), the nominated Minister may, by writing, direct that a specified amount is to be:
(a) debited from the Fund Account; and
(b) credited to the Asset Recycling Fund Special Account;
on a specified day.
24 Paragraph 84(5)(b)
After “subsections”, insert “(1A),”.
25 Subsection 84(6)
After “subsection”, insert “(1A),”.
26 After subparagraph 2(2)(a)(i) of Schedule 2
Insert:
(ia) paragraph 16(e) of the Asset Recycling Fund Act 2014; or
27 After subparagraph 2(2)(b)(i) of Schedule 2
Insert:
(ia) paragraph 16(f) of the Asset Recycling Fund Act 2014; or
28 After subparagraph 2(2)(c)(i) of Schedule 2
Insert:
(ia) a paragraph of section 16 of the Asset Recycling Fund Act 2014;
29 Clause 1 of Schedule 2A
After “Future Fund to the”, insert “Asset Recycling Fund, the”.
30 After clause 1 of Schedule 2A
Insert:
1A Transfers from the Future Fund to the Asset Recycling Fund
(1) If an amount is debited from the Asset Recycling Fund Special Account for a purpose mentioned in section 17 of the Asset Recycling Fund Act 2014, the nominated Minister may, by writing, direct that a specified amount is to be:
(a) debited from the Fund Account; and
(b) credited to the Asset Recycling Fund Special Account;
on a specified day.
(2) The specified amount must not exceed the amount debited from the Asset Recycling Fund Special Account as mentioned in subsection (1).
(3) A direction under subsection (1) is not a legislative instrument.
Nation‑building Funds Act 2008
31 At the end of paragraph 20(a)
Add:
or (vii) paragraph 16(e) of the Asset Recycling Fund Act 2014;
32 At the end of paragraph 20(b)
Add:
or (vii) paragraph 16(f) of the Asset Recycling Fund Act 2014;
33 At the end of paragraph 20(c)
Add:
or (vii) a paragraph of section 16 of the Asset Recycling Fund Act 2014;
34 At the end of paragraph 138(a)
Add:
or (vii) paragraph 16(e) of the Asset Recycling Fund Act 2014;
35 At the end of paragraph 138(b)
Add:
or (vii) paragraph 16(f) of the Asset Recycling Fund Act 2014;
36 At the end of paragraph 138(c)
Add:
or (vii) a paragraph of section 16 of the Asset Recycling Fund Act 2014;
37 At the end of paragraph 219(a)
Add:
or (vii) paragraph 16(e) of the Asset Recycling Fund Act 2014;
38 At the end of paragraph 219(b)
Add:
or (vii) paragraph 16(f) of the Asset Recycling Fund Act 2014;
39 At the end of paragraph 219(c)
Add:
or (vii) a paragraph of section 16 of the Asset Recycling Fund Act 2014;