7Accounting errors etc. may be corrected after close of financial year

7 Accounting errors etc. may be corrected after close of financial year

Despite section 36 of the Audit Act 1901, the Minister may take action after 30 June 1997:

(a) to correct errors or mispostings in the official accounting records of the Commonwealth for the year ending on that day; or

(b) to balance the Consolidated Revenue Fund, the Trust Fund or the Loan Fund;

if the action does not result in an amount being debited from one of those Funds otherwise than for the purpose of being credited to another of those Funds.

Note: Section 36 of the Audit Act 1901 provides that (except in a particular case provided for in that section) every appropriation out of the Consolidated Revenue Fund for the service of a financial year lapses and ceases to have effect at the end of that year (the unspent balance of any appropriated amount lapsing) and that the accounts of the year are then closed.