A NEW TAX SYSTEM (COMMONWEALTH-STATE FINANCIAL ARRANGEMENTS) ACT 1999 - SECT 17 Overpayment or underpayment of grant

Commonwealth Numbered Acts

Overpayment or underpayment of grant

(1): If a State has been paid an amount in excess of the amount that, under a provision of this Act, it was entitled to receive by way of financial assistance for a GST year, the Treasurer must deduct an amount equal to the excess from any amount that the State is entitled to receive by way of financial assistance under this Act for the year immediately following the GST year.
(2): If a State has been paid less than the amount that, under a provision of this Act, it was entitled to receive by way of financial assistance for a GST year, the Treasurer must add an amount equal to the shortfall to any amount that the State is entitled to receive by way of financial assistance under this Act for the year immediately following the GST year.