18ABanking by CSC

#### 18A Banking by CSC Guide to this section The purpose of this section is to require CSC, in relation to amounts received by CSC on behalf of the Commonwealth or others, to comply with certain requirements relating to banking in Australia. This section is made for section 54 of the Act. (1A) This section applies in relation to CSC bank accounts opened and maintained in Australia. (1) CSC must comply with subsections (2) to (4), in relation to the following amounts: (a) amounts received by CSC for the purposes of making payments mentioned in section 29A of the Governance of Australian Government Superannuation Schemes Act 2011 (which deals with making payments on behalf of the Commonwealth); (b) amounts received by CSC under section 29B of that Act (which deals with receiving payments or other amounts on behalf of the Commonwealth); (c) any other amounts received by CSC (whether for the purpose of making payments or for any other purpose) on behalf of the Commonwealth for the purpose of performing CSC’s function under paragraph 8(1)(c) of that Act; (d) amounts received by CSC that are referable or equivalent to amounts credited to the special account established by the PGPA Act Determination (Commonwealth Superannuation Corporation SOETM Special Account 2021). > Note: For other provisions relating to CSC, see section 29AA. (2) An agreement with a bank relating to the conduct of the banking business of CSC must provide for the following in relation to amounts specified in subsection (1): (a) for cash to be managed in an effective manner, consistent with any written requirements issued by the Department of Finance for that purpose; (b) for processes to be in place to allow cash held in Australia to be consolidated each day within the Official Public Account held with the Reserve Bank of Australia. (3) Any interest earned on CSC bank accounts must be transferred to the Official Public Account. (4) CSC must notify the Department of Finance as soon as practicable when a new bank account is opened or an existing bank account is closed.