Overview

The Financial Management and Accountability (Special Accounts) (Abolition of COMCAR Account) Determination 2000/16 was enacted to address the need for restructuring the financial management framework within the government, specifically targeting the COMCAR Account. This legislation, made by John Joseph Fahey, the Minister for Finance and Administration under subsection 20(3) of the Financial Management and Accountability Act 1997, aimed to streamline and enhance accountability within the financial management system. By abolishing the COMCAR Account, established by a prior determination on 31 December 1997, the legislation sought to rationalise the financial accounts and ensure better oversight and management of government funds. This determination commenced on 30 November 2000, marking the formal abolition of the COMCAR Account as part of a broader policy objective to refine financial management practices.

Scope and Application

The Financial Management and Accountability (Special Accounts) (Abolition of COMCAR Account) Determination 2000/16 applies to the abolition of the COMCAR Account, which was previously established under the Initial Determination to Establish Components of the Commercial Activities Fund. This determination is a legislative instrument made under the authority of the Financial Management and Accountability Act 1997. The legislation applies to the Commonwealth government and its entities, particularly those involved in the financial management and accountability framework. The geographic and jurisdictional reach of this Act is national, as it pertains to the Commonwealth of Australia. The stated exclusions or exemptions from this determination are limited to accounts and entities not specifically mentioned within the scope of the COMCAR Account. The application of this Act may be further extended or restricted through subordinate instruments as deemed necessary by the Minister for Finance and Administration.

Key Provisions

The Financial Management and Accountability (Special Accounts) (Abolition of COMCAR Account) Determination 2000/16, made under section 20(3) of the Financial Management and Accountability Act 1997, establishes the abolition of a specific special account known as the COMCAR Account. This determination, which was enacted by the Minister for Finance and Administration on 8 December 2000, officially commences on 30 November 2000. The primary purpose of this legislation is to officially abolish the COMCAR Account, which was established by a previous determination on 31 December 1997. Under the provisions of this determination, the COMCAR Account, which was part of the Commercial Activities Fund, is no longer recognised as a special account within the framework of the Financial Management and Accountability Act 1997. This change means that any funds previously allocated to the COMCAR Account must now be re-evaluated and reallocated according to the new financial management structures or other relevant accounts as specified by the Act. The obligations imposed by this legislation include the formalisation of the account's abolition and the requirement for any remaining funds or records associated with the COMCAR Account to be transferred or disposed of in accordance with the Financial Management and Accountability Act 1997. The determination also imposes certain obligations on the parties involved, such as the requirement for the Minister for Finance and Administration to ensure that the abolition of the COMCAR Account is properly documented and communicated to relevant stakeholders. Additionally, any entities or individuals who had previously managed or used the COMCAR Account must now comply with the new financial management protocols as outlined in the Act. In terms of consequences for non-compliance, the determination does not explicitly outline specific offences, penalties, or civil/criminal consequences for breach. However, any failure to comply with the provisions of the Financial Management and Accountability Act 1997, including the requirements of this determination, could potentially result in administrative or legal repercussions as prescribed by the overarching legislation. This could include financial penalties, administrative sanctions, or other legal actions as determined by the relevant authorities. The exact nature and severity of these consequences would depend on the specific circumstances and the provisions of the Act.