Finance Legislation Repeal Regulation 2012

Administered by Department of Finance

Legislation au F2012L01030 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Select Legislative Instrument 2012 No. 65

Issued by the Authority of the Minister for Finance and Deregulation

 

Airports (Transitional) Act 1996

 

Albury-Wodonga Development Act 1973

 

Audit (Transitional and Miscellaneous) Amendment Act 1997

 

Australian Industry Development Corporation Act 1970

 

Commonwealth Funds Management Limited Act 1990

 

Territory Authorities (Financial Provisions) Act 1978

 

Commonwealth Vehicles (Registration and Exemption from Taxation) Act 1997

 

Finance Legislation Repeal Regulation 2012

 

The following provisions of the respective Acts provide in part that the Governor-General may make regulations prescribing matters required or permitted by their corresponding Acts to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to their respective Acts:

-          section 93 of the Airports (Transitional) Act 1996;

-          subsection 34(1) of the Albury-Wodonga Development Act 1973;

-          paragraph 8 of Schedule 4 to the Audit (Transitional and Miscellaneous) Amendment Act 1997;

-          section 38 of the Australian Industry Development Corporation Act 1970;

-          subsection 48(1) of the Commonwealth Funds Management Limited Act 1990;

-          section 10 of the Territory Authorities (Financial Provisions) Act 1978; and

-          subsection 17(1) of the Commonwealth Vehicles (Registration and Exemption from Taxation) Act 1997.

Subsection 33(3) of the Acts Interpretation Act 1901 in general terms provides that where an Act confers a power to make an instrument of a legislative character, including regulations, the power shall be construed as including a power to repeal the instrument.

The purpose of the Finance Legislation Repeal Regulation 2012 (the Regulation) is to repeal six clusters of redundant regulations.  The Regulation also amends the Commonwealth Vehicles (Registration and Exemption from Taxation) Regulations 1997.

Details of the Regulation are set out in the Attachment.

The authorising Acts do not specify any conditions that must be satisfied before the power to make the Regulation may be exercised. 

The Regulation is a legislative instrument for the purposes of the Legislative Instruments Act 2003. 

The Regulation will commence the day after it is registered on the Federal Register of Legislative Instruments.

Consultation

The areas within Finance responsible for the regulations have been consulted in relation to the Regulation.  Wider consultation was not necessary for this legislative instrument as this instrument is of a technical/machinery nature.

Regulatory Impact

The Regulation does not have a direct or significant indirect impact on business and does not restrict competition. 

The Office of Best Practice Regulation has confirmed that the preparation of a Regulation Impact Statement is not necessary, as the Regulations is of a technical/machinery nature and does not change the regulatory burden placed on business or the non-profit sector. 

Statement of Compatibility with Human Rights

 

The Regulation is compatible with the human rights and freedoms recognised or declared by the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny)
Act 2011, as it does not engage any of those rights or freedoms.  


Attachment

 

Details of the Finance Legislation Repeal Regulation 2012

 

1 - Name of Regulation

 

Section 1 provides that the title of the Regulation is the Finance Legislation Repeal Regulation 2012.

 

2 - Commencement

 

Section 2 provides that the Regulation commences on the day after it is registered.

 

3 - Airports (Transitional) Regulations 1998 - repeal

 

Section 3 repeals the Airports (Transitional) Regulations 1998 (Statutory Rules 1998 No. 206). 

 

These regulations specify five airports that were subject to the framework for granting airport leases to airport lessee companies.  These regulations are redundant, as the transitional period has passed.

 

4 - Albury-Wodonga Development Regulations - repeal

 

Section 4 repeals the Albury-Wodonga Development Regulations which include the Albury-Wodonga Development Regulations (Statutory Rules 1974 No. 11) and the Albury-Wodonga Development Regulations (Statutory Rules 1974 No. 70).

 

These regulations provided the remuneration and travelling allowances of the board of the Albury-Wodonga Development Corporation (AWDC).  These regulations were redundant, as the remuneration and travelling allowances for the board of AWDC are now set by the Remuneration Tribunal.

 

5 - Audit (Transitional and Miscellaneous) Regulations - repeal

 

Section 5 repeals the Audit (Transitional and Miscellaneous) Regulations (Statutory Rules 1997  No. 390).

 

These regulations provided transitional audit requirements for Commonwealth agencies, statutory authorities and Commonwealth companies by the enactment of the Financial Management and Accountability Act 1997 and the Commonwealth Authorities and Companies Act 1997.  These regulations are redundant, as the transitional period has passed.

 

6 - Australian Industry Development Corporation (Liability to Taxation) Regulations - repeal

 

Section 6 repeals the Australian Industry Development Corporation (Liability to Taxation) Regulations (Statutory Rules 1976 No. 156).

 

These regulations provided that the Australian Industry Development Corporation (AIDC) is subject to payroll tax in each of the States and ensured that it was subject to similar taxes and charges as other financial market participants.  This regulation was redundant, as the AIDC has now been wound up and is a non-operating company.

 

7 - Commonwealth Funds Management Limited (Conversion from SFIT) Regulations - repeal

 

Section 7 repeals the Commonwealth Funds Management Limited (Conversion from SFIT) Regulations (Statutory Rules 1991 No. 136).

 

These regulations specified those elements of the previous Australian Capital Territory corporation law that Commonwealth Funds Management Limited needed to adhere to.  This regulation was redundant, as the Government has now fully privatised the Commonwealth Funds Management Limited. 

 

8 - Territory Authorities (Financial Provisions) Regulations - repeal

 

Section 8 repeals the Territory Authorities (Financial Provisions) Regulations which include the following regulations:

-          Territory Authorities (Financial Provisions) Regulations (Statutory Rules 1978 No. 82);

-          Territory Authorities (Financial Provisions) Regulations (Statutory Rules 1978 No. 183);

-          Territory Authorities (Financial Provisions) Regulations (Amendment) (Statutory Rules 1978 No. 260);

-          Territory Authorities (Financial Provisions) Regulations (Amendment) (Statutory Rules 1978 No. 149); and

-          Territory Authorities (Financial Provisions) Regulations (Amendment) (Statutory Rules 1978 No. 150).

 

The Territory Authorities (Financial Provisions) Act 1978 allows for the appropriation of funds for loans to the Australian Capital Territory and the Northern Territory.  These regulations specified the organisations to which loans were given.  These regulations were redundant, as once the funds for a loan have been appropriated the regulations serve no further function in respect of that loan. 

 

9 – Amendment of Commonwealth Vehicles (Registration and Exemption from Taxation) Regulations 1997

 

Section 9 and Schedule 1 would amend the Commonwealth Vehicles (Registration and Exemption from Taxation) Regulations 1997.  

 

The Regulation substitutes regulations 3 to 15 with a new regulation 3.  The new regulation 3 lists the bodies corporate that are excluded from the definition of Commonwealth authority under the Commonwealth Vehicles (Registration and Exemption from Taxation) Act 1997.

Current regulations 4 to 15 refer to Commonwealth registration of Commonwealth vehicles.  These provisions were redundant, as the Commonwealth now uses State and Territory registration facilities for Commonwealth vehicles.

 

The Regulation also omits the definition of motor cycle in regulation 2, as this term only appears in regulations 4 to 15 which is repealed and replaced with new regulation 3.

 

10 – Expiry of regulation

 

Section 10 provides that the Regulation expires at the end of the day it commences as if it had been repealed by another legislative instrument.

Overview

The Finance Legislation Repeal Regulation 2012, issued under the authority of the Minister for Finance and Deregulation, was enacted to address the redundancy of several clusters of regulations that were no longer necessary due to the passage of time or changes in the relevant circumstances. This regulation aims to streamline the legislative framework by repealing outdated regulations while also amending existing ones to reflect current practices. The enacting body is the Parliament of Australia, and the policy objective is to ensure that the regulatory framework remains current and efficient by removing obsolete regulations. The Regulation is a legislative instrument under the Legislative Instruments Act 2003 and will come into effect the day after its registration on the Federal Register of Legislative Instruments. It is of a technical and machinery nature, with no significant impact on business or competition, and has been deemed compatible with human rights as it does not engage any of the rights or freedoms recognised by the international instruments listed in the Human Rights (Parliamentary Scrutiny) Act 2011.

Scope and Application

The Finance Legislation Repeal Regulation 2012 is a legislative instrument that repeals six clusters of redundant regulations and amends the Commonwealth Vehicles (Registration and Exemption from Taxation) Regulations 1997. The Regulation is made under the authority of several Acts including the Airports (Transitional) Act 1996, the Albury-Wodonga Development Act 1973, and the Audit (Transitional and Miscellaneous) Amendment Act 1997, among others. It applies to the Commonwealth of Australia and its instrumentalities and is of a technical and machinery nature, meaning it does not have a direct or significant indirect impact on business or restrict competition. The Regulation also does not engage any of the human rights and freedoms recognised or declared by the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. The Regulation will commence the day after it is registered on the Federal Register of Legislative Instruments and will expire at the end of the day it commences as if it had been repealed by another legislative instrument.

Key Provisions

The Finance Legislation Repeal Regulation 2012 serves to repeal six clusters of regulations that are no longer in effect and to amend one set of regulations. Specifically, section 3 of the Regulation repeals the Airports (Transitional) Regulations 1998, which had specified five airports subject to the framework for granting airport leases, now redundant as the transitional period has passed. Section 4 repeals the Albury-Wodonga Development Regulations, which previously set the remuneration and travelling allowances for the board of the Albury-Wodonga Development Corporation, now managed by the Remuneration Tribunal. Section 5 repeals the Audit (Transitional and Miscellaneous) Regulations, which had provided transitional audit requirements for Commonwealth agencies and statutory authorities, now redundant following the enactment of other legislation. Section 6 repeals the Australian Industry Development Corporation (Liability to Taxation) Regulations, which had regulated the corporation's tax liabilities, now redundant since the AIDC's winding up. Section 7 repeals the Commonwealth Funds Management Limited (Conversion from SFIT) Regulations, which specified the previous Australian Capital Territory corporation law elements the company needed to adhere to, now redundant due to the full privatisation of the company. Finally, section 8 repeals the Territory Authorities (Financial Provisions) Regulations, which had specified organisations to which loans were given, now redundant as the regulations serve no further function once funds have been appropriated. The Regulation imposes no new obligations on parties or entities beyond the repeal of the specified regulations and the amendment of the Commonwealth Vehicles (Registration and Exemption from Taxation) Regulations 1997. The repeal of these regulations eliminates the need for compliance with now redundant provisions. The amendment to the Commonwealth Vehicles Regulations, substituting regulations 3 to 15 with a new regulation 3, also reduces regulatory burden by streamlining the definitions and exclusions relevant to the Commonwealth’s vehicle registration and taxation exemption. The Regulation does not specify any offences or penalties for non-compliance, as its primary function is to repeal existing regulations that are no longer necessary. However, continued adherence to the repealed regulations could potentially lead to non-compliance with current laws, which could incur civil or criminal penalties depending on the context and relevant legislation. The Regulation itself does not create new offences but ensures that entities are no longer bound by outdated regulatory requirements. Overall, the Regulation is designed to streamline and modernise the legislative framework by removing obsolete regulations and updating current ones, thereby reducing the regulatory burden on businesses and entities without introducing new compliance obligations.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.