15BState fiscal contribution—1997‑98

15B State fiscal contribution—1997‑98

(1) Financial assistance to which a State is entitled under section 9 (financial assistance grant) in relation to the grant year commencing on 1 July 1997 is granted on condition that the State will pay to the Commonwealth an amount of fiscal contribution (1997‑98 fiscal contribution) worked out in accordance with the applicable Schedule. (2) The Treasurer may deduct from any amount payable under this Act in respect of the financial assistance grant to the State for the grant year commencing on 1 July 1997 an amount that, together with the amounts (if any) paid, or taken (under this Act or any other Act) to have been paid, by the State in satisfaction of the State’s 1997‑98 fiscal contribution, does not exceed the amount of that contribution. (3) If part of the State’s 1997‑98 fiscal contribution remains unpaid on 1 July 1998, the Treasurer may deduct from any amount payable under this Act in respect of the financial assistance grant to the State for the grant year commencing on 1 July 1998 an amount that, together with the amounts (if any) paid, or taken (under this Act or any other Act) to have been paid, by the State in satisfaction of the State’s 1997‑98 fiscal contribution, does not exceed the amount of that contribution. (4) An amount deducted under subsection (2) or (3) from the State’s financial assistance grant is taken to have been paid by the State to the Commonwealth in satisfaction of the State’s 1997‑98 fiscal contribution.