EXPLANATORY STATEMENT
1989 No. 237
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
Subject - Audit Act 1901
Finance Regulations (Amendment)
Subsection 71(1) of the Audit Act 1901 (the Act) provides that the Governor-General may make regulations (not inconsistent with the provisions of the Act) for carrying out the provisions of the Act.
Section 49 of the Act provides that the format of the Monthly Statement of Financial Transactions, which is published each month by the Minister for Finance, shall be as prescribed in the Regulations. Finance Regulation 14 provides that Form 2 in the Schedule to the Finance Regulations shall be the prescribed form.
The amendments to Form 2 made by these regulations will ensure that the form is consistent with Budget Paper No 1; this will facilitate comparisons being made between the information contained in the two documents. The amendments, which reflect changes to Budget Paper No 1, are as follows:-
(a) The inclusion under the heading “Taxation Revenue” of a new item entitled “Superannuation Funds”. This item will record receipts of tax from the new superannuation funds tax which commenced on 1 July 1989.
(b) The omission of the current heading “ACT Taxes and Charges” under Taxation Revenue. With the introduction of self-government in the ACT, the collection of moneys under this heading will virtually cease. It is intended that such ACT taxes and charges as are collected in the future will be reclassified as “Other Taxes, Fees and Fines”.