Medicare Guarantee (2021‑22 Credits to the Special Account No. 2) Determination 2022
I, Josh Frydenberg, Treasurer, make the following determination.
Dated 31 March 2022
Josh Frydenberg
Treasurer
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Determination of amount to be credited to the Medicare Guarantee Fund (Treasury) Special Account in relation to 2021‑22
5 Crediting of amounts to the Medicare Guarantee Fund (Treasury) Special Account
Part 1—Preliminary
1 Name
This instrument is the Medicare Guarantee (2021‑22 Credits to the Special Account No. 2) Determination 2022.
2 Commencement
(1) Each provision of instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Medicare Guarantee Act 2017.
4 Definitions
Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Medicare Guarantee Act 2017 as in force from time to time.
In this instrument:
the Act means the Medicare Guarantee Act 2017.
Part 2—Determination of amount to be credited to the Medicare Guarantee Fund (Treasury) Special Account in relation to 2021-22
5 Crediting of amounts to the Medicare Guarantee Fund (Treasury) Special Account
Under subsection 7(1) of the Act, an amount of $2,349,676,000 is specified to be credited to the Medicare Guarantee Fund (Treasury) Special Account on the day this instrument commences for the budget year beginning on 1 July 2021.
Note: The Medicare Guarantee Fund (Treasury) Special Account is the special account established by section 6 of the Medicare Guarantee Act 2017.
Overview
The Medicare Guarantee (2021-22 Credits to the Special Account No. 2) Determination 2022 was enacted to provide for the crediting of a specified amount to the Medicare Guarantee Fund (Treasury) Special Account for the budget year beginning on 1 July 2021, as required under the Medicare Guarantee Act 2017. This determination was made by Josh Frydenberg, the Treasurer, and came into effect on the day after it was registered. The determination addresses the need to ensure that the Medicare Guarantee Fund, established by the Medicare Guarantee Act, receives the necessary financial allocations to support its objectives. The policy objective of this determination is to facilitate the effective administration of the Medicare Guarantee Fund by providing the specified funding required for the financial year in question.
Scope and Application
The Medicare Guarantee (2021-22 Credits to the Special Account No. 2) Determination 2022 applies to the crediting of funds to the Medicare Guarantee Fund (Treasury) Special Account for the budget year commencing 1 July 2021. This instrument, made under the Medicare Guarantee Act 2017, specifies the amount to be credited to the special account, which is $2,349,676,000. The determination comes into effect the day after it is registered, with the specified amount to be credited on that commencement date. This instrument does not alter the definitions or interpretations of terms as provided in the Medicare Guarantee Act 2017. The scope of the legislation is confined to the financial crediting process related to the Medicare Guarantee Fund, without any stated exclusions or exemptions within the text provided. The application of the Act is not extended or restricted through subordinate instruments in this particular determination.
Key Provisions
The Medicare Guarantee (2021-22 Credits to the Special Account No. 2) Determination 2022 outlines the specific amount to be credited to the Medicare Guarantee Fund (Treasury) Special Account for the budget year commencing on 1 July 2021. This amount, determined under subsection 7(1) of the Medicare Guarantee Act 2017, is set at $2,349,676,000. The instrument, which is named the Medicare Guarantee (2021-22 Credits to the Special Account No. 2) Determination 2022, will commence on the day it is registered, as per the commencement details provided in the instrument. This timing is crucial for ensuring that the financial obligations are met as per the legislative requirements.
The Medicare Guarantee Act 2017 serves as the authority for this determination, and the terms used in this instrument are consistent with those defined in the Act. The instrument also specifies that the commencement details are set forth in a table within the instrument, which provides the date and details for when each provision comes into effect. The instrument is structured to ensure clarity and legal precision, facilitating the smooth implementation of the financial obligations it dictates.
Entities governed by this Act are required to ensure that the specified amount is credited to the Medicare Guarantee Fund (Treasury) Special Account. This obligation is fundamental to maintaining the integrity of the Medicare system, as the Special Account is established to hold funds specifically for Medicare purposes. The Act mandates that these credits are made precisely as outlined, which is essential for compliance and to avoid any potential financial discrepancies.
Failure to comply with the requirements set out in this instrument could result in legal consequences. While specific penalties are not detailed within the instrument, breaches of the Medicare Guarantee Act 2017 can lead to both civil and criminal penalties. Civil penalties might include fines, while criminal penalties could involve imprisonment, reflecting the seriousness with which the Act treats non-compliance. It is important for all parties to adhere strictly to the provisions to avoid any adverse legal outcomes.