Financial Management and Accountability Act 1997 - Determination to Abolish Special Accounts (15/06/2000)

Overview

The F2007B00062 (Legislative instrument) represents a determination under subsection 20(3) of the Financial Management and Accountability Act 1997. Enacted by the Parliament of Australia, this legislative instrument addresses the need for efficient and streamlined financial management within governmental frameworks. Specifically, it targets the abolition of certain special accounts to ensure that public funds are managed with greater accountability and transparency. This determination was made by Gavin Back, the Special Adviser of the Financial Framework Branch, acting on the delegation of powers from the Chief Executive of the Department of Finance and Administration under section 53 of the Act. The overarching policy objective is to rationalise and consolidate financial accounts, thereby enhancing the overall efficacy of financial management within the government.

Scope and Application

The determination to abolish the Bertrand Albert Lindholt Bequest Account and the Louisa Jane Cave Bequest Account under subsection 20(3) of the Financial Management and Accountability Act 1997 applies to these specific accounts and is made by Gavin Back, the Special Adviser of the Financial Framework Branch. This action is taken pursuant to the powers delegated by the Chief Executive of the Department of Finance and Administration under section 53 of the Act. The abolishment of these accounts signifies a revision in the financial management structure, potentially impacting how funds from these bequests are accounted for and managed within the framework of the Act. This determination applies nationally within the Commonwealth jurisdiction and affects entities or individuals directly associated with the administration and management of these special accounts. There are no stated exclusions, exemptions, or thresholds mentioned in the legislative instrument, indicating a direct and comprehensive application to the specified accounts. The scope of this determination is limited to the accounts explicitly mentioned, with no indication of broader application through subordinate instruments or additional legislation.

Key Provisions

The key provisions of the legislative instrument, F2007B00062, involve the abolition of two specific special accounts as outlined in subsection 20(3) of the Financial Management and Accountability Act 1997 (FM&A Act). According to the determination made by Gavin Back, Special Adviser of the Financial Framework Branch, the Bertrand Albert Lindholt Bequest Account and the Louisa Jane Cave Bequest Account are to be abolished (subsection 20(3)). This action is taken under the authority granted by the Chief Executive of the Department of Finance and Administration, pursuant to section 53 of the FM&A Act. The abolition of these accounts entails the cessation of their existence as separate entities within the financial framework of the government. This means that any funds or transactions previously associated with these accounts will now need to be re-assigned or integrated into other existing accounts or financial arrangements. This determination is aimed at streamlining financial management and ensuring that all funds are accounted for under a more unified and manageable system. Entities or parties governed by the FM&A Act are required to comply with this determination by ensuring that no further transactions are recorded under the abolished accounts. They must re-direct any funds or financial activities that were previously managed through these accounts to other appropriate accounts that are still in operation. This will involve updating financial records, notifying relevant stakeholders, and ensuring that all financial activities are in line with the provisions of the FM&A Act. Failure to comply with this determination could lead to legal consequences, although the specific offences, penalties, or consequences are not detailed within this legislative instrument. Generally, under the FM&A Act, breaches of financial management provisions can result in both civil and criminal penalties. Civil penalties can include fines and other financial penalties, while criminal penalties can involve imprisonment, depending on the severity of the breach and the intent behind it. The exact penalties would be determined by the courts based on the specific circumstances of any breach.