Financial Management and Accountability (Determination 2004/15 — Federation Fund Account) Abolition 2004

Overview

The Financial Management and Accountability (Determination 2004/15 — Federation Fund Account) Abolition 2004I, enacted by Nick Minchin, the Minister for Finance and Administration, under the Financial Management and Accountability Act 1997, addresses the need to streamline and modernise the financial management systems within the Australian government. This Determination, which came into effect on the day of its enactment, 9 July 2004, seeks to abolish the Federation Fund Account, previously administered by the Department of the Environment and Heritage. The policy objective of this Determination is to enhance financial accountability and efficiency by removing an outdated and potentially redundant account from the federal financial framework.

Scope and Application

The Financial Management and Accountability (Determination 2004/15 — Federation Fund Account) Abolition 2004 applies to the Federation Fund Account, which was administered by the Department of the Environment and Heritage. This Determination was made under subsection 20(3) of the Financial Management and Accountability Act 1997 by Nick Minchin, the Minister for Finance and Administration. It specifies that the Federation Fund Account is to be abolished, with the Determination coming into effect on the day it was made. This legislative instrument is significant in its targeted scope, directly affecting the administration and operations of the Federation Fund Account within the Australian Commonwealth. While the primary application is to the abolition of this specific account, the broader impact may influence financial management practices and accountability within the relevant department and its associated entities. The jurisdictional reach is limited to the Commonwealth level, and there are no stated exclusions or exemptions in this Determination. Subordinate instruments may further extend or restrict the application of this legislation, although no such instruments are specified in the provided text.

Key Provisions

The Financial Management and Accountability (Determination 2004/15 — Federation Fund Account) Abolition 2004 (the Determination) is a legislative instrument made by the Minister for Finance and Administration under the Financial Management and Accountability Act 1997. This Determination specifically addresses the abolition of the Federation Fund Account, which was previously administered by the Department of the Environment and Heritage. It came into effect on the day it was made, which was 9 July 2004. The main operative section of the Determination is section 1, which formally names the Determination as the Financial Management and Accountability (Determination 2004/15 — Federation Fund Account) Abolition 2004. Section 2 is the pivotal provision, as it formally abolishes the Federation Fund Account. This means that the account is no longer recognised or administered under the previous arrangements and will no longer be in operation. Under the Act, the obligations and requirements imposed by this Determination are primarily related to the cessation of operations concerning the Federation Fund Account. Entities or individuals who were previously involved in managing or using the Federation Fund Account must now comply with the new arrangements that take effect from the date of the Determination. This includes ensuring that any financial transactions or obligations related to the Federation Fund Account are appropriately managed, closed, or transferred to other accounts as necessary. In terms of potential consequences, the Determination itself does not explicitly detail offences, penalties, or civil or criminal consequences for breaches. However, under the Financial Management and Accountability Act 1997, breaches of financial management and accountability provisions can lead to civil penalties, criminal charges, or other legal consequences. For instance, failure to comply with financial management directives can result in fines, imprisonment, or both, depending on the severity and nature of the breach. The specific penalties would be determined in the context of any subsequent legal proceedings under the broader Act.