Commonwealth Consolidated Acts

NATURAL HERITAGE TRUST OF AUSTRALIA ACT 1997 - SECT 6

Investments

  (1)   Amounts equal to income derived from the investment of an amount standing to the credit of the Account are to be credited to the Account.

Note:   An amount standing to the credit of the Account may be invested in accordance with the Public Governance, Performance and Accountability Act 2013 .

Fixed income--uninvested amounts

  (2)   Within 28 days after the end of a financial year, there is to be credited to the Account, in respect of the financial year, an amount equal to the fixed - income percentage of the uninvested amount standing to the credit of the Account as at the end of the financial year.

Fixed - income percentage

  (3)   For the purposes of the application of subsection   (2) to a particular financial year, the fixed - income percentage is:

  (a)   if the financial year begins on or before 1   July 2001:

  (i)   8%; or

  (ii)   if the Finance Minister, by written instrument made within 28 days after the end of the financial year, determines a higher percentage--that higher percentage; or

  (b)   if the financial year begins on or after 1   July 2002:

  (i)   the percentage equal to the rate of interest earned by the Commonwealth as at the end of the financial year on deposits held with the Reserve Bank of Australia; or

  (ii)   if the Finance Minister, by written instrument made within 28 days after the end of the financial year, determines a higher percentage--that higher percentage.

Advances on account of fixed income

  (4)   During a financial year, the Finance Minister may, by written instrument, determine that a specified amount is to be credited to the Account by way of an advance on account of the amount that may be credited to the Account under subsection   (2) in respect of the financial year. The determination has effect accordingly.

  (5)   For each $1 credited under subsection   (4) in respect of a financial year, the amount credited under subsection   (2) in respect of the financial year is to be reduced by $1.

  (6)   If, at the end of a financial year:

  (a)   the total amount credited to the Account under subsection   (4) in respect of the financial year;

exceeds:

  (b)   the amount (if any) that would have been credited to the Account under subsection   (2) in respect of the financial year if it were assumed that no amounts had been credited under subsection   (4) in respect of the financial year;

an amount equal to the excess must be debited from the Account.