sec.460Payment to consolidated fund

### sec.460 Payment to consolidated fund For any financial year, WorkCover may pay to the consolidated fund a proportion of a surplus in WorkCover’s funds. WorkCover may only make a payment under this section if WorkCover is fully funded, and the payment does not stop WorkCover being fully funded. WorkCover’s payment must not exceed profits after provision has been made for— payment of income tax and its equivalents; and exclusion of unrealised capital gains from upward revaluation of non-current assets. Within 4 months after the end of each financial year, the board must— recommend to the Minister whether or not WorkCover may make a payment; and if the board recommends WorkCover make a payment—recommend to the Minister the amount WorkCover should pay. The board must consult with the Minister before giving the recommendation. Within 1 month after receiving the recommendation, the Minister must— approve the recommendation; or direct the board to pay an amount the Minister specifies. The Minister must cause a copy of the direction to be published in the gazette within 21 days after it is given. s 460 amd 2009 No. 38 s 60 (sec.460-ssec.1) For any financial year, WorkCover may pay to the consolidated fund a proportion of a surplus in WorkCover’s funds. (sec.460-ssec.2) WorkCover may only make a payment under this section if WorkCover is fully funded, and the payment does not stop WorkCover being fully funded. (sec.460-ssec.3) WorkCover’s payment must not exceed profits after provision has been made for— payment of income tax and its equivalents; and exclusion of unrealised capital gains from upward revaluation of non-current assets. (sec.460-ssec.4) Within 4 months after the end of each financial year, the board must— recommend to the Minister whether or not WorkCover may make a payment; and if the board recommends WorkCover make a payment—recommend to the Minister the amount WorkCover should pay. (sec.460-ssec.5) The board must consult with the Minister before giving the recommendation. (sec.460-ssec.6) Within 1 month after receiving the recommendation, the Minister must— approve the recommendation; or direct the board to pay an amount the Minister specifies. (sec.460-ssec.7) The Minister must cause a copy of the direction to be published in the gazette within 21 days after it is given. - (a) payment of income tax and its equivalents; and - (b) exclusion of unrealised capital gains from upward revaluation of non-current assets. - (a) recommend to the Minister whether or not WorkCover may make a payment; and - (b) if the board recommends WorkCover make a payment—recommend to the Minister the amount WorkCover should pay. - (a) approve the recommendation; or - (b) direct the board to pay an amount the Minister specifies.