Permitted credits to federal account for registered political party, State branch or nominated entity
292FAA Permitted credits to federal account for registered political party, State branch or nominated entity
For the purposes of subparagraph 292FA(4)(b)(ii), the following amounts may be credited to a federal account kept for the purposes of this Part in relation to a person or entity (the account beneficiary) covered by column 2 of item 2, 3 or 7 of the table in subsection 292FA(1):
interest earned on money standing to the credit of the account;
a loan;
a bequest;
an amount paid from another federal account kept for the purposes of this Part in relation to another person or entity that is a core member of the same expenditure group as the account beneficiary;
if the account beneficiary is a registered political party or a State branch of a registered political party—an amount paid from another federal account kept for the purposes of this Part in relation to another political party if:
the account beneficiary and the other political party are related to each other within the meaning of paragraph 123(2)(a) because one is a part of the other (while not being a State branch of the other); and
the one that is a part of the other is a registered political party;
an amount of a kind prescribed by the regulations for the purposes of this paragraph.
The effect of paragraph (b) is that a commercial loan or a non‑commercial loan can be credited to a federal account.
The effect of paragraph (d) is that any amount can be credited to the federal account of a registered political party, a State branch or a nominated entity if the amount is paid from the federal account of a candidate, a member of the House of Representatives, a Senator, or another registered political party, State branch or nominated entity, and both the recipient and the payer are core members of the same expenditure group.
There are penalties for crediting an amount to a federal account if the amount is not required or permitted to be credited: see subsections 292FA(4) and (8).
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- High Court Rules 2004 · under s 375
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