Government Sector Finance Regulation 2024 (NSW)

Part 1Preliminary1Name of regulation

This regulation is the Government Sector Finance Regulation 2024.

2Commencement

This regulation commences on 30 June 2024.

3Definitions

In this regulation—

asset, contingent liability, expenses, income and liability, for Part 5, Division 2—see section 14.

assurer, for Part 4—see section 9.

bank guarantee, for Part 4—see section 9.

commitment, for Part 5, Division 2—see section 14.

common trust, for Part 5, Division 2—see section 14.

Crown land manager, for Part 5, Division 2—see section 14.

Crown Reserves Improvement Fund, for Part 5, Division 2—see section 14.

customer good means a good acquired or created by a GSF agency for the purpose of sale or resale to customers.

expenditure function, for Part 6—see section 24.

finance recipient, for Part 4—see section 9.

general guarantee, for Part 4—see section 9.

guarantee recipient, for Part 4—see section 9.

guarantor, for Part 4—see section 9.

lessee, for Part 4—see section 9.

letter of comfort, for Part 4—see section 9.

letter of financial support, for Part 4—see section 9.

operating or finance lease arrangement, for Part 4—see section 9.

relevant transaction, for Part 5, Division 2—see section 14.

retained State interest, for Part 5, Division 2—see section 14.

social benefit bond, for Part 4—see section 9.

supplier finance arrangement, for Part 4—see section 9.

Teaching Service has the same meaning as in the Teaching Service Act 1980.

the Act means the Government Sector Finance Act 2018.

Note—

The Act and the Interpretation Act 1987 also contain definitions and other provisions that affect the interpretation and application of this regulation.

s 3: Am 2024 (611), Sch 1[1].

Part 2Key concepts3APrescribed NSW Health entities—the Act, s 2.3(1)(f)

The Voluntary Assisted Dying Board is prescribed as a NSW Health entity.

Note—

The Act, section 2.4(1)(b) provides that a NSW Health entity is a GSF agency.

s 3A: Ins 2025 (503), Sch 1[1].

4Prescribed GSF agencies—the Act, s 2.4(1)(l)(1)

Each entity specified in Schedule 1 is a GSF agency.

(2)

The following entities are GSF agencies for the purposes of the Act, Divisions 6.4–6.6—

• (a)

  the corporation sole constituted under the Heritage Act 1977, section 102,

• (b)

  the Minister administering the Tweed River Entrance Sand Bypassing Act 1995, but only for the purposes of functions exercised in connection with the carrying into effect of that Act.

(3)

The Commissioner of Police is a GSF agency for the purposes of the Act, Divisions 6.4–6.6 to the extent the divisions apply to derivative arrangements.

(4)

Anabranch Water is a GSF agency for the purposes of the Act, Divisions 6.4–6.6 to the extent the divisions apply to investments.

(5)

The following are GSF agencies for the purposes of the Act, Part 7—

• (a)

  the Border Fence Maintenance Board,

• (b)

  the Statutory Trustee, or the Statutory Trustees, of a Fund within the meaning of the Technical Education Trust Funds Act 1967.

(6)

(Repealed)

(7)

In this section—

Anabranch Water means the board of management for the Great Anabranch of the Darling River Private Water Supply and Irrigation District, constituted by proclamation published in Gazette No 142 of 25 November 2005 at pages 9809–9810.

s 4: Am 2024 (611), Sch 1[2].

5Separate GSF agencies—the Act, s 2.5(1)(f)

The Independent Planning Commission of New South Wales is prescribed as a separate GSF agency.

6Accountable authorities—the Act, s 2.7(3)

For the Act, section 2.7(3)—

• (a)

  the Secretary of the Department of Climate Change, Energy, the Environment and Water is the accountable authority for the corporation sole constituted under the Heritage Act 1977, section 102, and

• (b)

  the Secretary of the Treasury is the accountable authority for the following GSF agencies, or kinds of GSF agencies—

  • (i)

    the Ministerial Holding Corporation constituted under the State Owned Corporations Act 1989, section 37B,

  • (ii)

    (Repealed)

  • (iii)

    the Electricity Assets Ministerial Holding Corporation constituted under the Electricity Generator Assets (Authorised Transactions) Act 2012, section 12,

  • (iv)

    the Ports Assets Ministerial Holding Corporation constituted under the Ports Assets (Authorised Transactions) Act 2012, section 13,

  • (v)

    a Ministerial Holding Corporation constituted under the Electricity Network Assets (Authorised Transactions) Act 2015, Schedule 7, clause 6,

  • (vi)

    a Ministerial Holding Corporation constituted under the Electricity Network Assets (Authorised Transactions) Act 2015, Schedule 7, clause 9.

s 6: Am 2024 (611), Sch 1[3]; 2025 No 66, Sch 3.2.

7Prescribed government officers(1)

For the Act, section 2.9(1)(e), a person who is a member of a GSF agency, or is appointed to the GSF agency, is prescribed as a government officer unless the person is referred to in the Act, section 2.9(2).

(2)

For the Act, section 2.9(1)(e) and (3)(b), each person specified in Schedule 2, table is prescribed as a government officer for the GSF agencies specified opposite in the table.

s 7: Am 2024 (611), Sch 1[4].

Part 3Roles and responsibilities8Treasurer’s directions—the Act, s 3.1(1)(c)(1)

The Treasurer’s directions may make provision about the following—

• (a)

  the establishment and operation of securities and securities registries by GSF agencies in respect of GSF agency issued securities, including the inspection of the registries,

• (b)

  the surrender, transfer, exchange and transmission of securities by GSF agencies in respect of GSF agency issued securities,

• (c)

  the purchase of GSF agency issued securities,

• (d)

  the making of payments, including interest payments, by GSF agencies in respect of GSF agency issued securities,

• (e)

  the form of GSF agency issued securities,

• (f)

  the making of payments by a GSF agency to the suppliers of goods and services to the GSF agency, including—

  • (i)

    the period within which payments must be made to suppliers, and

  • (ii)

    if payment is not made within the required period, the payment of penalty interest to suppliers.

(2)

In this section—

GSF agency issued security means a security issued by a GSF agency.

security includes an inscribed stock, debenture, promissory note or bank bill of exchange.

Part 4Financial services and arrangements9Definitions

In this part—

assurer—

• (a)

  under a letter of comfort—see definition of letter of comfort, or

• (b)

  under a letter of financial support—see definition of letter of financial support.

bank guarantee means an arrangement under which an entity that provides finance undertakes to do either of the following in relation to another entity (the guarantee recipient)—

• (a)

  guarantee to a third party the performance of an obligation by the guarantee recipient,

• (b)

  pay a third party on demand by the guarantee recipient.

finance recipient—see definition of supplier finance arrangement.

general guarantee means an arrangement under which an entity (a guarantor) promises to another entity to be responsible for performing the obligations of a third entity if the third entity fails to perform the obligations.

guarantee recipient—see definition of bank guarantee.

guarantor—see definition of general guarantee.

lessee—see definition of operating or finance lease arrangement.

letter of comfort means an arrangement—

• (a)

  under which an entity (the assurer) gives a document to a second entity that is intended to generally reassure the second entity about a state of affairs and the assurer’s intention to perform obligations to facilitate a proposed arrangement, and

• (b)

  that gives rise to a contingent liability for the assurer.

letter of financial support means an arrangement—

• (a)

  under which an entity (the assurer) gives a document to a second entity that verifies funding will be available for a third entity for the purposes of a proposed arrangement, and

• (b)

  that gives rise to a contingent liability for the assurer.

operating or finance lease arrangement means an arrangement under which an entity (the lessor) grants another entity (the lessee) for value—

• (a)

  a right for the lessee to use an asset, other than land, of the lessor for a specified period, and

• (b)

  any entitlements to the risks and rewards resulting from the use of the asset.

social benefit bond means an arrangement created by an instrument under which any financial return is made contingent on the achievement of specified social outcomes.

supplier finance arrangement means an agreement under which—

• (a)

  a party (the finance provider) assumes the liability of another party (the finance recipient) for the payment of invoices from suppliers for the finance recipient, and

• (b)

  the finance recipient has an obligation to repay the finance provider for any amounts paid, including interest or amounts in the form of interest.

10Prescribed borrowings—the Act, s 6.8(1)(c)

Each of the following arrangements is prescribed as a borrowing—

• (a)

  issuing a social benefit bond,

• (b)

  becoming a guarantee recipient under a bank guarantee,

• (c)

  becoming a finance recipient under a supplier finance arrangement,

• (d)

  becoming a lessee under an operating or finance lease arrangement.

11Prescribed investments—the Act, s 6.9(1)(b)

Each of the following arrangements is prescribed as an investment—

• (a)

  purchasing a social benefit bond,

• (b)

  depositing money in a banking account even if it is not primarily for the purpose or with the expectation of producing income, interest, profit, capital growth or any other financial benefit.

12Prescribed joint ventures—the Act, s 6.12(2)(c)

Each of the following common understandings is prescribed as a joint venture—

• (a)

  becoming a guarantor under a general guarantee,

• (b)

  becoming an assurer under a letter of comfort,

• (c)

  becoming an assurer under a letter of financial support,

• (d)

  an arrangement involving a combination of 2 or more of the common understandings specified in paragraphs (a)–(c), whether those understandings form the whole subject of the understanding or form only part of an understanding.

Part 5Reporting GSF agenciesDivision 1Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements13Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)

For the Act, section 7.3(4)(a)–(c), the following criteria are prescribed—

• (a)

  whether there are users of information contained in the annual GSF financial statements for the relevant agencies,

• (b)

  whether the relevant agencies are subject to the direction and control of—

  • (i)

    a responsible Minister, or

  • (ii)

    another GSF agency,

• (c)

  whether the financial position and financial performance of the relevant agencies are consolidated within the financial statements of other GSF agencies,

• (d)

  whether the relevant agencies generally hold cash or cash equivalents.

Division 2Excluded GSF agencies—the Act, s 7.314Definitions

In this division—

asset, contingent liability, expenses, income and liability have the same meanings as in the Australian Accounting Standards.

commitment means a contractual commitment required to be disclosed in financial statements prepared in accordance with the Australian Accounting Standards.

common trust means a trust established under the Commons Management Act 1989, section 4(1).

Crown land manager has the same meaning as in the Crown Land Management Act 2016.

Crown Reserves Improvement Fund means the Crown Reserves Improvement Fund established under the Crown Land Management Act 2016, Division 12.5.

relevant transaction means a transaction, approved or directed by the Premier or Treasurer or other Minister, for the sale, lease, assignment, transfer or other disposal of assets or liabilities of the State to an entity that is not a government sector entity.

retained State interest, in relation to a transaction, means an interest or right in, or related to, an asset or liability disposed of under the transaction that is held by or on behalf of the State as a result of the transaction.

s 14: Am 2024 (611), Sch 1[5].

15Small agencies—the Act, s 7.3(2)

A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—

• (a)

  the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $5,000,000,

• (b)

  the total cash or cash equivalents held by the agency is less than $2,500,000,

• (c)

  if the agency has income—less than $500,000 of the agency’s income is from sources other than the following—

  • (i)

    money paid out of the Consolidated Fund,

  • (ii)

    money provided by other GSF agencies,

  • (iii)

    money paid out of an SDA account.

• (d)

  (Repealed)

s 15: Am 2025 (503), Sch 1[2].

15ASmall controlled agencies—the Act, s 7.3(2)

A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—

• (a)

  the agency is a controlled entity of a reporting GSF agency (the parent agency),

• (b)

  the agency’s financial position and financial performance are consolidated within the financial statements of the parent agency,

• (c)

  the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $20,000,000,

• (d)

  the total cash or cash equivalents held by the agency is less than $10,000,000,

• (e)

  if the agency has income—less than $2,000,000 of the agency’s income is from sources other than the following—

  • (i)

    money paid out of the Consolidated Fund,

  • (ii)

    money provided by other GSF agencies,

  • (iii)

    money paid out of an SDA account.

s 15A: Ins 2025 (503), Sch 1[3].

16Crown land managers—the Act, s 7.3(2)(1)

A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—

• (a)

  the agency is a Crown land manager,

• (b)

  the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $20,000,000,

• (c)

  the total cash or cash equivalents held by the agency is less than $2,500,000,

• (d)

  the income of the agency, excluding income derived from the following sources, is less than $2,000,000—

  • (i)

    money paid out of the Consolidated Fund,

  • (ii)

    money paid out of the Crown Reserves Improvement Fund,

  • (iii)

    money provided by other GSF agencies,

  • (iv)

    money provided by Commonwealth entities, within the meaning of the Public Governance, Performance and Accountability Act 2013 of the Commonwealth.

• (e)

  (Repealed)

(2)

In this section—

assets, of a GSF agency, does not include land held by the agency.

s 16: Am 2025 (503), Sch 1[4]–[8].

17Common trusts—the Act, s 7.3(2)(1)

A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—

• (a)

  the agency is a common trust,

• (b)

  the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $20,000,000,

• (c)

  the total cash or cash equivalents held by the agency is less than $2,500,000,

• (d)

  the income of the agency, excluding income derived from the following sources, is less than $2,000,000—

  • (i)

    money paid out of the Consolidated Fund,

  • (ii)

    money paid out of the Crown Reserves Improvement Fund,

  • (iii)

    money provided by other GSF agencies,

  • (iv)

    money provided by Commonwealth entities, within the meaning of the Public Governance, Performance and Accountability Act 2013 of the Commonwealth.

• (e)

  (Repealed)

(2)

In this section—

assets, of a GSF agency, does not include land held by the agency.

s 17: Am 2025 (503), Sch 1[4] [5] [9]–[11].

18Special purpose staff agencies—the Act, s 7.3(2)

A GSF agency comprised solely of persons who are employed to enable another GSF agency to exercise its functions is prescribed not to be a reporting GSF agency.

19Retained State interests—the Act, s 7.3(2)

A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—

• (a)

  the sole purpose of the agency is to hold and manage retained State interests arising from a relevant transaction and all of the agency’s activities relate to the purpose,

• (b)

  the agency’s financial position and financial performance are consolidated within the financial statements of another GSF agency (the second agency),

• (c)

  the agency has the same accountable authority as the second agency,

• (d)

  if there is another GSF agency (a controlled agency) that is a controlled entity of the second agency—the agency has the same sole purpose as the controlled agency.

19AERIC subsidiaries—the Act, s 7.3(2)

A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—

• (a)

  the agency is a controlled entity of a corporation constituted by the Electricity Retained Interest Corporations Act 2015 (an ERIC subsidiary),

• (b)

  the agency’s financial position and financial performance are consolidated within the financial statements of another GSF agency (the second agency),

• (c)

  the agency has the same accountable authority as the second agency.

s 19A: Ins 2025 (503), Sch 1[12].

Division 3Prescribed reporting exemption criteria—criteria for exempting SDA accounts from financial reporting requirements20Prescribed reporting exemption criteria—the Act, s 7.3(4)(d)

For the Act, section 7.3(4)(d), the following criteria are prescribed—

• (a)

  whether there are users of information contained in the financial reports for the relevant SDA accounts,

• (b)

  whether the relevant SDA accounts are subject to the direction and control of a responsible Minister or GSF agency,

• (c)

  whether the financial position and financial performance of the relevant SDA accounts are—

  • (i)

    consolidated within the financial statements of a GSF agency, or

  • (ii)

    disclosed as administered activities by a GSF agency in the notes to the financial statements of the GSF agency.

Division 421, 22

(Repealed)

pt 5, div 4: Rep 2024 (251), sec 22.

s 21: Rep 2024 (251), sec 22.

s 22: Rep 2024 (251), sec 22.

Division 5Annual reporting information23Presentation of annual reporting information—the Act, s 7.11(2)

A reporting GSF agency must present the annual reporting information for the reporting GSF agency under the following high-level headings—

• (a)

  Overview,

• (b)

  Strategy,

• (c)

  Operations and performance,

• (d)

  Management and accountability,

• (e)

  Sustainability,

• (f)

  Financial performance.

Part 6Delegations24Definition

In this part—

expenditure function, of a Minister, means a function conferred or imposed on the Minister by or under an Act or other legislation, including an annual Appropriation Act, regarding the expenditure of money, including out of the Consolidated Fund.

25Prescribed delegates and subdelegates for Judicial Commission(1)

For the Act, section 9.9(5), table, item 3, paragraph (b), a member of staff of the Judicial Commission is prescribed as an entity to which the accountable authority for the Commission may subdelegate.

(2)

For the Act, section 9.11(1)(b), a member of staff of the Judicial Commission is prescribed as an entity to which the accountable authority for the Commission may delegate.

(3)

For the Act, section 9.11(4), table, item 2, a member of staff of the Judicial Commission is prescribed as an entity to which a delegate prescribed by subsection (2) may subdelegate.

s 25: Am 2025 No 48, Sch 4.7.

26Prescribed delegates and subdelegates for transport GSF agencies(1)

For the Act, section 9.9(2)(f), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency for which the Minister is the responsible Minister is prescribed.

(2)

For the Act, section 9.9(5), table, item 4, paragraph (b), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency is prescribed.

(3)

For the Act, section 9.9(5), table, item 6, paragraph (b), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency is prescribed.

(4)

For the Act, section 9.11(1)(b), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency is prescribed.

(5)

For the Act, section 9.11(4), table, item 1, paragraph (b), a member of the Transport Service of New South Wales who is not a government officer of the agency concerned is prescribed.

(6)

In this section—

transport GSF agency means—

• (a)

  a transport authority within the meaning of the Transport Administration Act 1988, Part 6B, or

• (b)

  a public subsidiary corporation within the meaning of the Transport Administration Act 1988, section 55C.

27Prescribed delegates for Premier

For the Act, section 9.9(2)(f), a person employed under the Members of Parliament Staff Act 2013, Part 2 is prescribed.

28

(Repealed)

s 28: Rep 2024 (611), Sch 1[6].

29Delegated expenditure functions—Independent Commission Against Corruption

For the Act, section 9.9(5), table, item 3, paragraph (b), a Commissioner of the Independent Commission Against Corruption is prescribed as an entity to which the accountable authority for the Commission may subdelegate an expenditure function of a Minister in relation to the Commission.

30Delegated expenditure functions—Inspector of the Independent Commission Against Corruption

For the Act, section 9.9(2)(f), the Inspector of the Independent Commission Against Corruption is prescribed as an entity to which a Minister may delegate an expenditure function of the Minister in relation to the Inspector.

31Delegated expenditure functions—Law Enforcement Conduct Commission(1)

For the Act, section 9.9(2)(f), a Commissioner of the Law Enforcement Conduct Commission is prescribed as an entity to which a Minister may delegate an expenditure function of the Minister in relation to the Commission.

(2)

For the Act, section 9.9(5), table, item 4, paragraph (b), a Commissioner of the of the Law Enforcement Conduct Commission is prescribed as an entity to which the accountable authority for the Commission may subdelegate an expenditure function of a Minister in relation to the Commission.

32

(Repealed)

s 32: Rep 2024 (611), Sch 1[7].

32APrescribed delegates and subdelegates for corporations constituted under Electricity Retained Interest Corporations Act 2015(1)

For the Act, section 9.11(1)(b), a government officer of the Treasury is prescribed as an entity to which the accountable authority of a corporation or subsidiary constituted by the Electricity Retained Interest Corporations Act 2015 may delegate delegable functions.

(2)

For the Act, section 9.11(4), table, item 2, a government officer of the Treasury is prescribed as an entity to which a delegate prescribed by subsection (1) may subdelegate.

s 32A: Ins 2024 (611), Sch 1[8].

Part 7Budget, appropriations and Special Deposits Account33Consumer price adjustments for payments authorised on lapse of appropriation—the Act, section 4.10(4)(a)(1)

This section provides for the adjustment for changes in consumer prices in an annual reporting period for the NSW Government (the current period) of amounts appropriated under the annual Appropriation Act for the previous annual reporting period (the previous appropriated amount).

(2)

The previous appropriated amount is to be adjusted by the percentage change in the Consumer Price Index (All Groups Index) for Sydney published by the Australian Bureau of Statistics between the March quarter immediately before the beginning of the current period compared with the March quarter immediately before the beginning of the previous annual reporting period.

34Deemed appropriations—the Act, s 4.7(1)

For the Act, section 4.7(3), definition of deemed appropriation money, paragraphs (a) and (b), each of the following kinds of government money received or recovered by a GSF agency is prescribed—

• (a)

  money from a fee, rent or charge for a service or customer good provided by the GSF agency to a customer, including—

  • (i)

    money from a surcharge charged for the use of a credit card to pay for a supplied service or good, and

  • (ii)

    money from interest or a charge paid for any overdue fee, rent or charge for a supplied service or good,

• (b)

  money from a bequest, donation, sponsorship or gift made to the GSF agency by another entity, including money allocated to the GSF agency under the Legal Profession Uniform Law Application Regulation 2015, clause 63,

• (c)

  money from the proceeds of a sale or other disposal by the GSF agency of a minor asset,

• (d)

  money paid to the GSF agency from the Treasury Managed Fund or by an insurer, including—

  • (i)

    any repayment to the agency of some or all of a contribution or premium paid to the Fund or an insurer, and

  • (ii)

    any payments made by MetLife Insurance Limited in full or partial settlement of any entitlement of a police officer in respect of injuries or other loss sustained by the officer,

• (e)

  money paid to the GSF agency as compensation under a judgment of a court or tribunal or in a settlement of proceedings for compensation, including any interest payable on the amount of compensation,

• (f)

  money from a Commonwealth grant or other payment, except a general purpose Commonwealth grant, paid to the GSF agency for its benefit,

• (g)

  money from returns on investments and derivative arrangements made by or on behalf of the GSF agency, including—

  • (i)

    interest received by the agency from a banking account of the agency, and

  • (ii)

    interest payments made to the agency by the Treasury instead of interest received by the agency from a banking account of the agency as a result of the operation of banking account structuring under a State financial service agreement, and

  • (iii)

    interest from a loan made by or on behalf of the agency,

• (h)

  money from a grant, contribution or subsidy provided to the GSF agency to cover some or all of the cost of a service or good the agency is responsible for providing,

• (i)

  money from a refund or rebate received or recovered by the GSF agency in respect of a purchase made by the agency

• (j)

  money received or recovered by a GSF agency (the delivering agency) from another GSF agency for the purposes of meeting some or all of the costs and expenses of a program, project, service or good that the delivering agency delivers or provides.

(2)

Subsection (1)(d), (e), (f) and (h) apply regardless of whether the money concerned was paid to the GSF agency for its own benefit or for the benefit of another entity.

(3)

An appropriation under the Act, section 4.7 of money of the kind referred to in subsection (1)(h) is subject to the condition that it may only be spent in accordance with any terms or conditions applicable to the grant, contribution or subsidy concerned.

(4)

The kinds of government money prescribed by this section extend to government money received or recovered before the commencement of the Act, section 4.7.

(5)

An appropriation under the Act, section 4.7 of government money is taken to have been given—

• (a)

  for money received or recovered before the commencement of the Act, section 4.7 for which expenditure occurred before that commencement—on the day the money was received or recovered, and

• (b)

  for money received or recovered after the commencement of the Act, section 4.7—on the day the money was received or recovered, and

• (c)

  otherwise—on the day which the Act, section 4.7 commenced.

(6)

In this section—

minor asset means an asset with an acquisition cost of less than $200,000, but does not include—

• (a)

  a customer good, or

• (b)

  a building, or an interest in land or a building.

s 34: Am 2025 (503), Sch 1[13].

35Working accounts—the Act, s 4.17(1)

For the Act, section 4.17(1) and (4), a GSF agency may establish and operate a working account only if—

• (a)

  the accountable authority for the agency applies to the Treasurer, in a form approved by the Treasurer, for authorisation to establish and operate the account, and

• (b)

  the Treasurer gives written authorisation for the account to be established and operated.

(2)

Without limiting subsection (1)(b), the written authorisation may specify—

• (a)

  the kinds of working account money that may be paid into the working account, and

• (b)

  the purposes for which money may be paid out of the working account, and

• (c)

  the use of investment returns on the money in the working account, and

• (d)

  any other terms or conditions relating to the establishment or operation of the working account.

(3)

For the Act, section 4.17(4)(d), the Treasurer may, by written order given to the accountable authority for a GSF agency, direct that—

• (a)

  the working account specified in the order is to be dissolved, and

• (b)

  money in the account is to be paid into—

  • (i)

    the Consolidated Fund, or

  • (ii)

    another specified working account of a GSF agency.

(4)

For the Act, section 4.17(2), definition of working account money, each of the following sources of money is prescribed regardless of whether or not the money is also deemed appropriation money—

• (a)

  money from a fee, rent or charge for a service or customer good provided by the GSF agency to a customer, including—

  • (i)

    money from a surcharge charged for the use of a credit card to pay for a supplied service or good, and

  • (ii)

    money from interest or a charge paid for any overdue fee, rent or charge for a supplied service or good,

• (b)

  money from rent for land or a building paid to the GSF agency by another entity for a lease the other entity has over the land or building,

• (c)

  money from a bequest, donation, sponsorship or gift made to the GSF agency by another entity, including money allocated to the GSF agency under the Legal Profession Uniform Law Application Regulation 2015, clause 63,

• (d)

  money from the proceeds of a sale or other disposal by the GSF agency of an asset unless legislation, other than the Act or the Constitution Act 1902, specifically requires the money to be paid into the Consolidated Fund,

• (e)

  money paid to the GSF agency from the Treasury Managed Fund or by an insurer, including—

  • (i)

    any repayment to the agency of some or all of a contribution or premium paid to the Fund or an insurer, and

  • (ii)

    any payments made by MetLife Insurance Limited in full or partial settlement of any entitlement of a police officer in respect of injuries or other loss sustained by the officer,

• (f)

  money paid to the GSF agency as compensation under a judgment of a court or tribunal or in a settlement of proceedings for compensation, including any interest payable on the amount of compensation,

• (g)

  money from a Commonwealth grant or other payment, except a general purpose Commonwealth grant, paid to the GSF agency for its benefit,

• (h)

  money from returns on investments and derivative arrangements made by or on behalf of the GSF agency, including—

  • (i)

    interest received by the agency from a banking account of the agency, and

  • (ii)

    interest payments made to the agency by the Treasury instead of interest received by the agency from a banking account of the agency as a result of the operation of banking account structuring under a State financial service agreement, and

  • (iii)

    interest from a loan made by or on behalf of the agency,

• (i)

  money from a grant, contribution or subsidy provided to the GSF agency to cover some or all of the cost of a service or good the agency is responsible for providing,

• (j)

  money from a refund or rebate received or recovered by the GSF agency in respect of a purchase made by the agency,

• (k)

  money from a loan provided to the GSF agency under a financial arrangement that is authorised for the purposes of the Act, section 6.22,

• (l)

  money directed to be paid into the working account concerned in an order made by the Treasurer under subsection (3),

• (m)

  money received or recovered by the GSF agency (the delivering agency) from another GSF agency for the purposes of meeting some or all of the costs and expenses of a program, project, service or good the delivering agency delivers or provides.

Note—

The fact that money is prescribed to be working account money does not mean it must be paid into a working account. The Act, section 4.17(1) provides that a GSF agency may establish and operate a working account in the circumstances permitted by the regulations.

(5)

Subsection (4)(b), (e), (f), (g) and (i) apply regardless of whether the money concerned was paid to the GSF agency for its own benefit or for the benefit of another entity.

(6)

To avoid doubt, subsection (4) includes money received by the GSF agency from any other entity, including from another GSF agency.

Part 8Expenditure and gifts36Relevant tax-equivalent regimes(1)

For the Act, section 5.3(5), definition of relevant tax-equivalent regime, the following arrangements are prescribed—

• (a)

  the national tax-equivalent regime,

• (b)

  the State tax-equivalent regime.

(2)

In this section—

Intergovernmental Agreement means the Intergovernmental Agreement on Federal Financial Relations entered into by the parties to the Council of Australian Governments, as in force from time to time.

national tax-equivalent regime means the arrangements between the Commonwealth and the States and Territories relating to income tax-equivalent payments to be made by government businesses under a National Tax-Equivalent Regime, as referred to in Schedule B of the Intergovernmental Agreement and given effect to from time to time by a memorandum of understanding between the Commonwealth, the Commissioner of Taxation of the Commonwealth and the States and Territories.

State tax-equivalent regime means the arrangements approved from time to time by the Treasurer relating to income tax-equivalent payments to be made by government businesses that are not subject to the national tax-equivalent regime.

37Act of grace payments—the Act, s 5.7(4)(c)

The following are prescribed—

• (a)

  a person employed in or by the NSW Health Service,

• (b)

  a member of the NSW Police Force.

Part 9Miscellaneous38Repeal and savings(1)

The Government Sector Finance Regulation 2018 is repealed

(2)

An act, matter or thing that, immediately before the repeal of the Government Sector Finance Regulation 2018, had effect under that regulation continues to have effect under this regulation.

Schedule 1Entities that are GSF agencies

section 4(1)

Agricultural industry services committee constituted by the Agricultural Industry Services Act 1998

C. B. Alexander Foundation

The FANMAC trustee within the meaning of the Housing Act 2001, Schedule 4

Legal Profession Admission Board constituted under the Legal Profession Uniform Law Application Act 2014

Liability Management Ministerial Corporation constituted under the General Government Liability Management Fund Act 2002

Luna Park Reserve Trust

Mental Health Commission of New South Wales

Natural Resources Commission

NSW Architects Registration Board

Office of Transport Safety Investigations

Rice Marketing Board constituted under the Rice Marketing Act 1983

The Trustee of the Home Purchase Assistance Fund

The Trustees of the Anzac Memorial Building

The Trustees of the Museum of Applied Arts and Sciences

The Trustees of the Parliamentary Contributory Superannuation Fund

Veterinary Practitioners Board

Wentworth Park Sporting Complex Land Manager constituted under the Crown Land Management Act 2016

Schedule 2Prescribed government officers

section 7(2)

1Definitions

In this schedule—

expenditure function means a function conferred or imposed on a person or other entity by or under the Act or any other legislation, including an annual Appropriation Act, regarding the expenditure of money, including out of the Consolidated Fund.

insurance services contract means an agreement or arrangement entered into by the NSW Self Insurance Corporation under the NSW Self Insurance Corporation Act 2004, section 8(1)(b).

statutory health organisation has the same meaning as in the Health Services Act 1997.

Column 1	Column 2
GSF agency	Prescribed government officer
1	Premier’s Department	Public Service Commissioner appointed under the Government Sector Employment Act 2013.
2	Department of Education	Each of the following is prescribed for the Department— (a) a member of the Teaching Service, (b) a person employed under the Education (School Administrative and Support Staff) Act 1987.
3	Department of Communities and Justice	Each of the following is prescribed for the Department— (a) the Advocate for Children and Young People appointed under the Advocate for Children and Young People Act 2014, (b) the Registrar appointed under the Community Housing Providers (Adoption of National Law) Act 2012, section 10 (c) the Ageing and Disability Commissioner appointed under the Ageing and Disability Commissioner Act 2019.
4	Department of Planning, Housing and Infrastructure	The Valuer-General.
5	Department of Primary Industries and Regional Development	Each of the following is prescribed for the Department— (a) the Independent Biosecurity Commissioner appointed under the Biosecurity Act 2015, (b) the Agriculture Commissioner appointed under the Agriculture Commissioner Act 2024.
6	Transport for NSW	Each of the following is prescribed for Transport for NSW— (a) the Point to Point Transport Commissioner appointed under the Point to Point Transport (Taxis and Hire Vehicles) Act 2016, (b) an employee of Serco Australia Pty Limited (ABN 44 003 677 352), but only in connection with the exercise of expenditure functions for or on behalf of Transport for NSW, (c) an employee of Cubic Transportation Systems (Australia) Pty Limited (ABN 82 003 617 561), but only in connection with the exercise of expenditure functions for or on behalf of Transport for NSW.
7	NSW Self Insurance Corporation	A person authorised under an insurance services contract to exercise expenditure functions (regardless of whether the person is a party to that contract) is prescribed for the Corporation, but only in connection with the exercise of those functions that the person is authorised to exercise under the contract.
8	Office of the NSW State Emergency Service	Each of the following is prescribed for the Service— (a) a NSW State Emergency Service Local and Unit Commander (volunteer role), (b) a NSW State Emergency Service Local and Unit Deputy Commander (volunteer role), (c) during and for an operational event— (i) a State Duty Operations Controller, (ii) a Deputy State Duty Operations Controller, (iii) a State Logistics Officer, (iv) an Incident Controller (Zone or Area of Operations), (v) a Deputy Incident Controller (Zone or Area of Operations), (vi) a Logistics Officer (Zone or Area of Operations), (vii) a Unit Incident Officer, (viii) a Unit Logistics Officer.
9	Statutory health organisation	A person appointed under the Health Services Act 1997, Chapter 8 as a visiting practitioner.

sch 2: Am 2024 No 77, Sch 3.3.

Schedule 3

(Repealed)

sch 3: Am 2024 (611), Sch 1[9]. Rep 2024 (251), sec 22.

Historical notesTable of amending instruments

Government Sector Finance Regulation 2024 (251). LW 28.6.2024. Date of commencement, 30.6.2024, sec 2. This Regulation has been amended by this Regulation, sec 22 and as follows—

2024	No 77	Agriculture Commissioner Act 2024. Assented to 31.10.2024. Date of commencement, assent, sec 2.
(611)	Government Sector Legislation Amendment (Miscellaneous) Regulation 2024. LW 4.12.2024. Date of commencement, on publication on LW, sec 2.
2025	No 48	Statute Law (Miscellaneous Provisions) Act 2025. Assented to 15.8.2025. Date of commencement of Sch 4, assent, sec 2(e).
(503)	Government Sector Legislation Amendment (Reporting Requirements) Regulation 2025. LW 19.9.2025. Date of commencement, on publication on LW, sec 2.
No 66	Transport Legislation Amendment Act 2025. Assented to 28.10.2025. Date of commencement of Sch 3, assent, sec 2(b).

Table of amendments

Sec 3	Am 2024 (611), Sch 1[1].
Sec 3A	Ins 2025 (503), Sch 1[1].
Sec 4	Am 2024 (611), Sch 1[2].
Sec 6	Am 2024 (611), Sch 1[3]; 2025 No 66, Sch 3.2.
Sec 7	Am 2024 (611), Sch 1[4].
Sec 14	Am 2024 (611), Sch 1[5].
Sec 15	Am 2025 (503), Sch 1[2].
Sec 15A	Ins 2025 (503), Sch 1[3].
Sec 16	Am 2025 (503), Sch 1[4]–[8].
Sec 17	Am 2025 (503), Sch 1[4] [5] [9]–[11].
Sec 19A	Ins 2025 (503), Sch 1[12].
Part 5, Div 4	Rep 2024 (251), sec 22.
Sec 21	Rep 2024 (251), sec 22.
Sec 22	Rep 2024 (251), sec 22.
Sec 25	Am 2025 No 48, Sch 4.7.
Sec 28	Rep 2024 (611), Sch 1[6].
Sec 32	Rep 2024 (611), Sch 1[7].
Sec 32A	Ins 2024 (611), Sch 1[8].
Sec 34	Am 2025 (503), Sch 1[13].
Sch 2	Am 2024 No 77, Sch 3.3.
Sch 3	Am 2024 (611), Sch 1[9]. Rep 2024 (251), sec 22.