292UMinerals and Petroleum Administrative Fund

292U Minerals and Petroleum Administrative Fund

292U Minerals and Petroleum Administrative Fund

(1) There is to be established in the Special Deposits Account a fund called the Minerals and Petroleum Administrative Fund (the Administrative Fund).

(2) The Administrative Fund is to be administered by the Secretary.

(3) There is payable into the Administrative Fund—

(a) administrative levies payable under Part 14A of this Act or under Part 7A of the Petroleum (Onshore) Act 1991, and

(b) all money directed or authorised to be paid into the Administrative Fund by or under this or any other Act, and

(c) the proceeds from the investment of money in the Administrative Fund.

(4) There is payable from the Administrative Fund—

(a) such amounts as the Secretary authorises for the purpose of funding minerals and petroleum administrative costs, and

(b) administrative expenses incurred in relation to the Administrative Fund, and

(c) administrative expenses incurred in relation to the collection and recovery of amounts payable into the Administrative Fund, and

(d) any refund required under this Act or the Petroleum (Onshore) Act 1991 of an amount paid as an administrative levy, and

(e) such amounts as the Secretary authorises for payment into the Derelict Mine Sites Fund.

(5) The Secretary may invest money in the Administrative Fund—

(a) if the Department is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way that the Department is permitted to invest money under that Part, or

(b) if the Department is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way approved by the Treasurer.

(6) The annual report of the Department is to include details of the amounts paid from the Administrative Fund during the financial year to which the report relates and the purposes for which those payments were made.