Commonwealth legislation

Future Fund (Crediting of Additional Amounts) Determination 2008

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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What this does

This determination authorises a $3.9 billion payment into Australia's Future Fund — the sovereign wealth fund established to help cover future superannuation (pension) costs for public servants and defence personnel.

Key details

Amount: $3,900,000,000 to be credited to the Fund Account
Timing: The money is transferred on 25 June 2008
Accounting date: Sets a "balance day" of 30 April 2008 (a cutoff date used for calculating earnings or interest accrual before the transfer)

Why it matters

This is a capital injection into the nation's long-term savings pool. The Future Fund invests government money to grow the assets available for future pension liabilities. This document is essentially a formal instruction to the government's bank accounts to move a specific sum of money into the fund on a specific date.

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Current sections

Direct links to the current provisions in Future Fund (Crediting of Additional Amounts) Determination 2008.

Future Fund (Crediting of Additional Amounts) Determination 2008

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Future Fund (Crediting of Additional Amounts) Determination 20081

Future Fund Act 2006

We, WAYNE SWAN, Treasurer, and LINDSAY TANNER, Minister for Finance and Deregulation, make this Determination under paragraph 3 (1) (a) and subparagraph 3 (2) (a) (i) of Schedule 1 to the Future Fund Act 2006.

Dated 17 June 2008

WAYNE SWAN LINDSAY TANNER

Treasurer Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Future Fund (Crediting of Additional Amounts) Determination 2008.

2 Commencement

This Determination commences on the day on which it is registered.

Note Section 42 of the Legislative Instruments Act 2003 (which deals with disallowance of legislative instruments) does not apply to this instrument: see subclause 3 (5) of Schedule 1 to the Future Fund Act 2006.

3 Crediting of additional amounts

For paragraph 3 (1) (a) of Schedule 1 to the Future Fund Act 2006, $3 900 000 000 is to be credited to the Fund Account on 25 June 2008.

Note The Fund Account is the Future Fund Special Account established by section 12 of the Future Fund Act 2006.

4 Balance day

For subparagraph 3 (2) (a) (i) of Schedule 1 to the Future Fund Act 2006, the balance day for this Determination is 30 April 2008.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Future Fund (Crediting of Additional Amounts) Determination 2008