Federal Financial Relations (Consequential Amendments and Transitional Provisions) Act 2009 (12 of 2009)

Schedule 4   Transitional provisions

2   Overpayments and underpayments for the 2008-09 GST year

(1) If a State has been paid an amount in excess of the amount that, under a provision of the Financial Arrangements Act, it was entitled to receive by way of financial assistance for the 2008-09 GST year, the Minister must deduct an amount equal to the excess from any amount that the State is entitled to receive by way of financial assistance under section 5 of the Federal Financial Relations Act 2009 for the financial year starting on 1 July 2009.

(2) If a State has been paid less than the amount that, under a provision of the Financial Arrangements Act, it was entitled to receive by way of financial assistance for the 2008-09 GST year, the Minister must add an amount equal to the shortfall to any amount that the State is entitled to receive by way of financial assistance under section 5 of the Federal Financial Relations Act 2009 for the financial year starting on 1 July 2009.

(3) Payments made under subitem (2) are to be made out of the Consolidated Revenue Fund, which is appropriated accordingly.

(4) In this item:

Financial Arrangements Act means the A New Tax System (Commonwealth-State Financial Arrangements) Act 1999.

GST year has the same meaning as in the Financial Arrangements Act.

State includes the Australian Capital Territory and the Northern Territory.