Overview

The Financial Management and Accountability (Abolition of Removals Australia Account) Determination 2001/10, enacted by John Joseph Fahey, the Minister for Finance and Administration, under subsection 20 of the Financial Management and Accountability Act 1997, was introduced to address the need to abolish the special account known as the Removals Australia Account. This account had been established by a previous determination on 31 December 1997. The primary objective of this determination was to streamline financial management practices by eliminating the specified special account, ensuring alignment with the overarching policy of the Financial Management and Accountability Act 1997. The Determination took effect on 30 June 2001, marking the official abolition of the Removals Australia Account and its integration into the broader financial accountability framework.

Scope and Application

The Financial Management and Accountability (Abolition of Removals Australia Account) Determination 2001/10 applies to the abolition of a specific account within the Commonwealth's financial management framework, namely the Removals Australia Account, which was previously established as part of the Commercial Activities Fund. This determination is effective from 30 June 2001 and is made under the authority of the Financial Management and Accountability Act 1997 by the Minister for Finance and Administration. The scope of this determination is confined to the abolition of this particular account, and it impacts entities that previously utilised the Removals Australia Account for financial transactions. The geographic reach of the determination is national, applying to all Commonwealth entities operating within Australia. The determination does not specify any exclusions, exemptions, or thresholds beyond the abolition of the Removals Australia Account itself. The application of the determination can potentially be extended or refined through subordinate instruments issued under the authority of the Financial Management and Accountability Act 1997.

Key Provisions

The main operative sections of the Financial Management and Accountability (Abolition of Removals Australia Account) Determination 2001/10 (section 1) are straightforward. The Determination is named and dated (section 1), it commences on 30 June 2001 (section 2), and it abolishes the Removals Australia Account established by a previous determination (section 3). The purpose of the Determination is to officially remove the specified special account, which was previously established to manage certain financial activities related to Removals Australia. This Determination imposes obligations on relevant parties to comply with the abolition of the Removals Australia Account. It requires adherence to the Financial Management and Accountability Act 1997 and mandates that any financial transactions previously managed under the Removals Australia Account must now be directed to another designated account or handled in accordance with updated financial regulations. The Determination ensures that all financial records and documentation are updated to reflect the abolition of the account, and it likely involves notifying relevant stakeholders of the change. The Determination does not explicitly detail offences, penalties, or consequences for non-compliance within its text. However, breaches of the Financial Management and Accountability Act 1997, under which this Determination is made, can lead to various civil or criminal consequences. Penalties may include fines, imprisonment, or both, depending on the severity of the breach and the discretion of the court. The maximum penalties can vary but are outlined in the principal Act and can include substantial financial penalties and/or imprisonment terms for individuals found in violation of the Act's provisions.