Financial Management and Accountability (Abolition of Special Accounts) Determination 2001/02

Overview

The Financial Management and Accountability (Abolition of Special Accounts) Determination 2001/02 was enacted to address the need for streamlining financial management practices within the Australian government. This legislative instrument was introduced by Charles Roderick Kemp, the Assistant Treasurer, acting on behalf of the Minister for Finance and Administration, under the authority granted by the Financial Management and Accountability Act 1997. The primary objective of this Determination is to abolish certain special accounts that were previously established to manage specific funds, aiming to enhance overall financial accountability and efficiency by consolidating these accounts into the broader financial framework of the government. By doing so, the Determination seeks to ensure that financial resources are managed more effectively and transparently, aligning with the overarching goals of the Financial Management and Accountability Act.

Scope and Application

The Financial Management and Accountability (Abolition of Special Accounts) Determination 2001/02 applies to specific special accounts within the Australian government, which were previously established under the Financial Management and Accountability Act 1997. This Determination, made by the Assistant Treasurer on behalf of the Minister for Finance and Administration, serves to abolish the listed special accounts as of the date of the Determination. The accounts affected by this legislation include the Australian Greenhouse Office Account, the Business Against Domestic Violence Account, the Federation Fund Account, and the National Trade and Investment Outlook Conference 1996 Account. These accounts, which were established by various determinations to create components of the Reserved Money Fund, are thus abolished with immediate effect from the date of the Determination. The scope of this legislation is confined to the abolition of these particular accounts, and there are no specified exclusions or exemptions within the text provided. The jurisdictional reach of this Determination is national, as it applies to accounts established under Commonwealth legislation.

Key Provisions

The Financial Management and Accountability (Abolition of Special Accounts) Determination 2001/02 primarily focuses on the abolition of specific special accounts, as outlined in section 3. This Determination names and identifies the special accounts to be abolished, including the Australian Greenhouse Office Account, the Business Against Domestic Violence Account, the Federation Fund Account operated by the Department of the Prime Minister and Cabinet, and the National Trade and Investment Outlook Conference 1996 Account, each of which was established by the Initial Determination to Establish Components of the Reserved Money Fund dated 31 December 1997, with the exception of the Australian Greenhouse Office Account which was established by a separate Determination on 12 May 1998. The abolition of these accounts means that the funds held within them are no longer to be managed under their specific mandates and are instead to be consolidated into other appropriate accounts as determined by the relevant authorities. In terms of obligations and requirements, section 3 of the Determination places a clear directive on the abolition of the specified special accounts. It requires that the funds previously held in these accounts be reallocated and managed under the general financial management framework as outlined by the Financial Management and Accountability Act 1997. This entails a procedural shift in financial management practices, where the specific purposes for which these accounts were established are no longer to be maintained. The authorities responsible for these accounts must ensure that the transition is managed smoothly and that any residual funds are appropriately accounted for within the broader financial management system. The Determination also outlines the consequences of non-compliance with its provisions. While the Determination itself does not specify particular offences, penalties, or civil or criminal consequences for breaches, any failure to comply with the requirements to abolish and reallocate these accounts could be subject to the broader provisions of the Financial Management and Accountability Act 1997. This may include administrative penalties, fines, or other sanctions under the Act, which could vary depending on the nature and extent of the non-compliance. The specific penalties are not detailed within the Determination but are governed by the overarching legislation, which may include civil or criminal sanctions, as appropriate.