Page:Commonwealth of Australia Constitution Act (The Constitution) as at 2013.pdf/44

Chapter IV Finance and Trade

Section 86 (iii) the Commonwealth shall compensate the State for the value of any property passing to the Commonwealth under this section; if no agreement can be made as to the mode of compensation, it shall be determined under laws to be made by the Parliament;

(iv) the Commonwealth shall, at the date of the transfer, assume the current obligations of the State in respect of the department transferred.

86 [Customs, excise, and bounties] [see Note 13] On the establishment of the Commonwealth, the collection and control of duties of customs and of excise, and the control of the payment of bounties, shall pass to the Executive Government of the Commonwealth.

87 [Revenue from customs and excise duties] [see Note 13] During a period of ten years after the establishment of the Commonwealth and thereafter until the Parliament otherwise provides, of the net revenue of the Commonwealth from duties of customs and of excise not more than one-fourth shall be applied annually by the Commonwealth towards its expenditure.

The balance shall, in accordance with this Constitution, be paid to the several States, or applied towards the payment of interest on debts of the several States taken over by the Commonwealth.

88 Uniform duties of customs Uniform duties of customs shall be imposed within two years after the establishment of the Commonwealth.

89 Payment to States before uniform duties Until the imposition of uniform duties of customs:

(i) the Commonwealth shall credit to each State the revenues collected therein by the Commonwealth;

(ii) the Commonwealth shall debit to each State:

(a) the expenditure therein of the Commonwealth incurred solely for the maintenance or continuance, as at the time 34