WORKERS' COMPENSATION AND REHABILITATION ACT 2003 - SECT 460
Payment to consolidated fund
WORKERS' COMPENSATION AND REHABILITATION ACT 2003 - SECT 460
Payment to consolidated fund
460 Payment to consolidated fund
(1) For any financial year, WorkCover may
pay to the consolidated fund a proportion of a surplus in WorkCover’s funds.
(2) WorkCover may only make a payment under this section if WorkCover is fully
funded, and the payment does not stop WorkCover being fully funded.
(3)
WorkCover’s payment must not exceed profits after provision has been made
for— (a) payment of income tax and its equivalents; and
(b) exclusion of
unrealised capital gains from upward revaluation of non-current assets.
(4)
Within 4 months after the end of each financial year, the board must— (a)
recommend to the Minister whether or not WorkCover may make a payment; and
(b) if the board recommends WorkCover make a payment—recommend to the
Minister the amount WorkCover should pay.
(5) The board must consult with the
Minister before giving the recommendation.
(6) Within 1 month after receiving
the recommendation, the Minister must— (a) approve the recommendation; or
(b) direct the board to pay an amount the Minister specifies.
(7) The
Minister must cause a copy of the direction to be published in the gazette
within 21 days after it is given.
