Financial Management and Accountability (Determination 2004/01) Special Account - Abolition of 5 Parliamentary Special Accounts

Overview

The Financial Management and Accountability (Determination 2004/01) Special Account – Abolition of 5 Parliamentary Special Accounts was enacted by Nick Minchin, the Minister for Finance and Administration, under subsection 20(3) of the Financial Management and Accountability Act 1997. This Determination, which came into effect immediately upon its issuance on 18 February 2004, aims to address inefficiencies and redundancies within the financial management of parliamentary accounts by abolishing five specific parliamentary special accounts. The policy objective is to streamline financial operations and enhance accountability by eliminating these accounts, thereby improving the overall management of parliamentary finances. The accounts abolished include the Joint House Department Other Trust Moneys Account, the Services for Other Governments and Non-Agency Bodies Account, and the Other Trust Moneys Account for the Department of the Parliamentary Library and the Department of the Parliamentary Reporting Staff.

Scope and Application

This Determination, made under subsection 20(3) of the Financial Management and Accountability Act 1997, pertains to the abolition of five specific parliamentary special accounts. It applies to the accounts named in the accompanying Schedule 1, which includes the Other Trust Moneys Account for the Joint House Department, the Services for Other Governments and Non-Agency Bodies Account for the Department of the Parliamentary Library, and the Other Trust Moneys Account for the Department of the Parliamentary Reporting Staff. The jurisdictional reach of this Determination is governed by the Commonwealth of Australia, as it is issued by the Minister for Finance and Administration. The Abolition of these accounts is effective immediately upon the issuance of this Determination, which does not specify any exclusions, exemptions, or thresholds. Any further application or extension of this Determination may be provided through subordinate instruments, as permitted under the overarching Act.

Key Provisions

The Financial Management and Accountability (Determination 2004/01) Special Account – Abolition of 5 Parliamentary Special Accounts ((1)) is a legislative instrument that abolishes certain special accounts as specified in Schedule 1. This Determination is made under the authority of subsection 20(3) of the Financial Management and Accountability Act 1997 ((1)) and came into effect immediately upon its date, 18 February 2004. The accounts that are affected by this Determination include the Other Trust Moneys Account related to the Joint House Department, the Services for Other Governments and Non-Agency Bodies Account related to the Department of the Parliamentary Library, and the Other Trust Moneys Account related to the Reporting Staff ((1)). Under this Determination, the specified special accounts are abolished, meaning that they will no longer be in operation or exist as distinct accounts within the financial management framework ((1)). The accounts that are subject to abolition include the Other Trust Moneys Account for the Joint House Department, the Services for Other Governments and Non-Agency Bodies Account for the Department of the Parliamentary Library, and the Other Trust Moneys Account for the Reporting Staff ((1)). The abolition of these accounts signifies a change in the way financial resources are managed and accounted for within the relevant departments and agencies. The Determination imposes obligations on the parties and entities governed by it, requiring them to cease using and maintaining the abolished accounts. This includes ensuring that any financial transactions previously conducted through these accounts are appropriately reclassified or transferred to alternative accounts that are still in operation ((2)). The affected departments and agencies must also update their financial records and reporting mechanisms to reflect the abolition of the specified accounts ((2)). Failure to comply with the requirements of this Determination may result in civil or criminal consequences, depending on the nature and extent of the breach ((3)). However, the specific offences, penalties, or consequences are not detailed within the text of the Determination itself. It is likely that any breaches of the provisions would be addressed under the general provisions of the Financial Management and Accountability Act 1997 or other relevant legislation. Penalties for breaches of financial management and accountability provisions can include fines, imprisonment, or both, depending on the severity of the offence and the applicable legislation.