22Annual payments to the Indigenous Land and Sea Corporation

22 Annual payments to the Indigenous Land and Sea Corporation

Financial year beginning on 1 July 2018 (1) On the first business day in October in the financial year beginning on 1 July 2018, the Indigenous Affairs Minister must, on behalf of the Commonwealth, pay to the Indigenous Land and Sea Corporation an amount equal to the amount that would have been the relevant funding amount for the financial year within the meaning of repealed subsection 193(2) of the Aboriginal and Torres Strait Islander Act 2005 if section 193 of that Act had not been repealed.

Note: Repealed subsection 193(2) of the Aboriginal and Torres Strait Islander Act 2005 provided for annual payments.

Later financial years (2) On the first business day in October in: (a) the financial year beginning on 1 July 2019; or (b) a later financial year; the Indigenous Affairs Minister must, on behalf of the Commonwealth, pay to the Indigenous Land and Sea Corporation the amount worked out using the formula: start formula Indexation factor times Designated funding amount end formula where:

designated funding amount means:

(a) for the financial year beginning on 1 July 2019—the amount worked out under subsection (1); or
(b) for a later financial year—the amount worked out under this subsection for the previous financial year.

indexation factor means the indexation factor for the financial year worked out under section 24.

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