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 directions relating to banking in Australia that are given to delegates of non‑corporate Commonwealth entities.

This section is made for section 54 of the Act.

(1) CSC must comply with all banking delegation directions, 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 Services for Other Entities and Trust Moneys – ComSuper Special Account established by the Financial Management and Accountability (Establishment of Special Account for ComSuper) Determination 2011/06.

Note 1: That Determination is continued in force and modified by item 36 of Schedule 2 to the Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014 and item 8 of Schedule 2 to the Governance of Australian Government Superannuation Schemes Legislation Amendment Act 2015.

Note 2: For other provisions relating to CSC, see section 29AA.

(2) A banking delegation direction is a direction, as in force at the time this section commences:

(a) that is given in a delegation of the Finance Minister’s power in subsection 53(1) of the Public Governance, Performance and Accountability Act 2013 to non‑corporate Commonwealth entities; and

(b) that relates to bank accounts opened or maintained in Australia.

Last updated: 09 August 2016