16Modification relating to net annotated appropriations

16 Modification relating to net annotated appropriations

Section 7 is repealed and the following section is substituted:

7 Net annotated appropriations

If:

(a) the description of the purpose of an appropriation set out in an item, subdivision or Division in Schedule 3 includes the words "net appropriation — see section 7"; and

(b) there is in force an agreement (entered into under the Financial Management and Accountability Act) between:

(i) the Minister; and

(ii) the Presiding Officer or Presiding Officers responsible for the Parliamentary Department for which the appropriation is made;

to the effect that payments to the Commonwealth in consideration for any service, benefit, activity, transaction or other matter specified in the agreement can be added to the amount appropriated to the Department under the item, subdivision or Division, to the extent and on the conditions set out in the agreement;

the item, subdivision or Division is taken to specify that those payments (whether real or notional) may be credited to the item, subdivision or Division to the extent and on the conditions set out in the agreement.