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LAND AND PROPERTY INFORMATION NSW (AUTHORISED TRANSACTION) ACT 2016 - SECT 5
Payment and application of proceeds of transaction
5 Payment and application of proceeds of transaction
(1) The proceeds of the authorised transaction that are payable to the State (
"the transaction proceeds" ) are to be paid into the Restart NSW Fund (
"the Restart Fund" ) established under the Restart NSW Fund Act 2011 .
(2)
The following deductions are authorised to be made from
the transaction proceeds: (a) deduction of such amounts as the Treasurer
approves to repay debt and satisfy other liabilities of a public sector agency
in respect of titling and registry assets transferred for the purposes of the
authorised transaction,
(b) deduction of such amounts as the Treasurer
approves to reimburse public sector agencies for payments made by them in
respect of any tax, duty, fee or charge imposed by any Act or law of the State
or any other jurisdiction in connection with a transaction arrangement,
(c)
deduction of such amounts as the Treasurer approves to satisfy any liability
of a public sector agency arising under or in connection with a transaction
arrangement,
(d) deduction of such amounts as the Treasurer approves to meet
expenses reasonably incurred by public sector agencies for the purposes of the
authorised transaction.
(3) The transaction proceeds do not include any
amount certified by the Treasurer as paid or payable to a public sector agency
as a tax, duty, fee or charge imposed by any Act or law of the State in
connection with a transaction arrangement.
(4) The deductions authorised to
be made from the transaction proceeds may be made before payment of
the transaction proceeds into the Restart Fund, or may be made by payment from
the Restart Fund.
(5) The requirements of this section do not affect the
validity of a transaction arrangement.
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