Financial Management and Accountability Determination 2005/08 - Energy Special Account Establishment 2005

Financial Management and Accountability Determination 2005/08—Energy Special Account Establishment 2005

This determination was originally made under subsection 20(1) of the Financial Management and Accountability Act 1997 and from 1 July 2014 is taken to have been made under subsection 78(1) of the Public Governance, Performance and Accountability Act 2013 (see Schedule 2, Part 2, item 36 of the Public Governance, Performance and Accountability (Consequential and Transitional Provisions) Act 2014). 

Compilation No. 3

Compilation date:    16 September 2015

Includes amendments up to: F2015L01322

Registered:    16 September 2015

About this compilation

This compilation

This is a compilation of the Financial Management and Accountability Determination 2005/08—Energy Special Account Establishment 2005 that shows the text of the law as amended and in force on 16 September 2015 (the compilation date).

This compilation was prepared on 15 September 2015.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Name of Determination

2 Commencement

3 Definitions

4 Establishment of the Energy Special Account

5 Amounts to be credited to the Energy Special Account

6 Purposes of the Energy Special Account

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

1  Name of Determination

  This Determination is the Financial Management and Accountability Determination 2005/08—Energy Special Account Establishment 2005.

2  Commencement

  This Determination commences at the time at which subsection 22(4) of the FMA Act is complied with.

Note: This Determination takes effect in accordance with section 22 of the FMA Act. The Parliament must consider the Determination before it can take effect, and either House may pass a resolution disallowing the Determination. If neither House passes such a resolution, the Determination takes effect on the day immediately after the last day upon which such a resolution could have been passed.

3  Definitions

  In this Determination:

FMA Act means the Financial Management and Accountability Act 1997.

Note: Agency is defined in section 5 of the FMA Act. The Goods and Services Tax is defined as the GST in section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999.

4  Establishment of the Energy Special Account

  For subsection 20(1) of the FMA Act, a Special Account is established with the name Energy Special Account.

5  Amounts to be credited to the Energy Special Account

  The following amounts may be credited to the Energy Special Account:

 (a) amounts received in the course of the performance of functions that relate to the purposes of the Energy Special Account; and

 (b) amounts received from any person for the purposes of the Energy Special Account.

Note 1: The Appropriation Acts provide that if any of the purposes of a Special Account are covered by an item in those Acts (whether or not the item expressly refers to the Special Account), then amounts may be debited against the appropriation for that item and credited to the Special Account.

Note 2: Subsection 39(5) of the FMA Act provides that upon realisation of an investment of an amount debited from a Special Account, the proceeds of the investment must be credited to that Special Account.

Note 3: Section 30 of the FMA Act has the effect that if an amount expended from a Special Account is repaid to the Commonwealth, that amount must be re-credited to that Special Account.

Note 4: Section 30A of the FMA Act has the effect of increasing the appropriation under section 20 of the FMA Act for the purposes of this Special Account (and thereby increasing this Special Account’s balance). The increase is of an amount equivalent to any GST amount that is recoverable in relation to a payment, and occurs immediately before the payment is made.

6  Purposes of the Energy Special Account

 (1) The purposes of the Energy Special Account, in relation to which amounts may be debited from the Special Account, are:

 (a) conducting activities that contribute to policy development in the energy and resources sectors, including, but not limited to:

 (i) energy market reform;

 (ii) energy efficiency;

 (iii) energy security;

 (iv) renewable and distributed energy generation;

 (v) resource exploration and development;

 (vi) petroleum (oil and gas);

 (vii) clean energy technology;

 (viii) land access;

 (ix) mining and minerals;

 (x) other forms of resource extraction; and

 (b) activities that are incidental to the purpose mentioned in paragraph (a); and

 (c) to reduce the balance of the Special Account (and therefore the available appropriation for the Special Account) without making a real or notional payment; and

 (d) to repay amounts where an Act or other law requires or permits the repayment of an amount received; and

 (e) to repay to any person any amount received from that person for a purpose of the Energy Special Account and which is no longer required for that purpose; and

 (f) to credit amounts to the Energy Special Account 2015.

 (2) To avoid doubt, an incidental activity includes:

 (a) the administration of the Special Account; and

 (b) dealing with direct and indirect costs.

Note 1: Subsection 20(4) of the FMA Act appropriates the Consolidated Revenue Fund (CRF) for expenditure for the purposes of the Special Account up to the balance for the time being of the Special Account.  Subsection 20(5) of the FMA Act provides that whenever an amount is debited against the appropriation, the amount is taken to be also debited from the Special Account.

Note 2: In addition to the purposes specified in this Determination, other provisions of the FMA Act provide authority for amounts to be debited from this Special Account.

 Subsection 39(1) of the FMA Act provides the Finance Minister with the power to invest public money in any authorised investment. Where such an investment is made of an amount standing to the credit of a Special Account, section 39 of the FMA Act has the effect that the Special Account must be debited.

 Subsection 39(4) of the FMA Act provides that if an amount has been invested by debiting a Special Account, then the expenses of the investment may be debited from the Account.

 Subsection 39(9) of the FMA Act appropriates the CRF for this investment activity.

 Not all chief executives have been delegated powers to invest under section 39 of the FMA Act.

Note 3: An amount may be debited from a Special Account where:

(a) it has been incorrectly credited by virtue of a clerical mistake; or

(b) it has been credited through the exercise of a discretion by an official and the exercise of that discretion was actuated by a fundamental mistake of fact or law.

 Legal advice should be obtained before an amount is debited on the basis of paragraph (b).

Note 4: Section 6 of the FMA Act applies to a notional payment by an Agency (or part of an Agency) as if it were a real payment by the Commonwealth. Notional receipts and notional payments are transactions between different parts of the Commonwealth.  Real receipts and real payments are transactions between the Commonwealth and other entities.

Note 5: The purpose set out above, ‘to reduce the balance of the Special Account (and, therefore, the available appropriation for the Special Account) without making a real or notional payment’, is solely for extinguishing all or part of the appropriation under section 20 of the FMA Act for the purposes of this Special Account. When this Special Account is debited for this purpose, there is no payment or credit available to another party, account or appropriation.

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history