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29. Other CRF money
Guide to this section
The purpose of this section is to set out requirements which the accountable authority of a non-corporate Commonwealth entity needs to comply with when entering into arrangements relating to the use or management (including the receipt, custody or expenditure) of other CRF money by a person who is outside of the Commonwealth.
An example of this situation is where the accountable authority engages an agent to sell relevant property. When the agent receives an amount for the sale, that money is other CRF money. The accountable authority must ensure that the arrangement it enters into with the agent complies with the requirements in this section about how the agent is to deal with the money.
This section is made for subsection 105(1) of the Act.
(1) The accountable authority of a non-corporate Commonwealth entity must ensure that any arrangement it enters into relating to the use or management of other CRF money complies with subsection (2).
(2) The arrangement must:
(a) promote the proper use and management of the other CRF money; and
(b) be in writing; and
(c) require the other CRF money to be deposited in a bank as soon as is practicable; and
(d) require the other party to the arrangement:
(i) to cause records to be kept that properly record and explain the receipt, custody or expenditure of the other CRF money; and
(ii) to allow those records to be conveniently and properly audited; and
(e) require any interest earned on the other CRF money to be remitted in full to the Commonwealth (including a requirement about the timing and frequency of remitting such interest); and
(f) include a requirement about the timing and frequency of any remittance of the other CRF money to the Commonwealth required under the arrangement; and
(g) include a requirement about the timing and frequency of any payments of the other CRF money to another person required under the arrangement.
(3) Proper, when used in relation to the use or management of other CRF money, means efficient, effective, economical and ethical.
Last updated: 14 January 2016