New South Wales Consolidated Acts

BUILDING AND CONSTRUCTION INDUSTRY LONG SERVICE PAYMENTS ACT 1986 - SECT 10

10 Building and Construction Industry Long Service Payments Fund

(1) The Corporation shall establish, administer and control a fund to be called the “Building and Construction Industry Long Service Payments Fund”.

(2) There shall be paid into the Fund:

(a) the long service levies paid under this Act,

(b) any money borrowed by the Corporation under this Act,

(c) the proceeds of any investment of the Fund, and

(d) any other amounts received by the Corporation in the course of its administration of this Act.

(3) There shall be paid from the Fund:

(a) the long service payments provided for by this Act,

(b) the expenses incurred in the administration of this Act and management of the Fund, and

(c) any other payments authorised by this Act to be made from the Fund.

(4) Where, in respect of an instrument relating to a transaction, the Corporation, or a broker, dealer or other person acting on behalf of the Corporation in respect of the transaction, would, but for this subsection, be liable to stamp duty under the Stamp Duties Act 1920 in respect of the instrument, the Corporation, broker, dealer or other person, as the case may be, shall not be so liable.