Commonwealth legislation

Financial Management and Accountability Act 1997 - Determination to Establish Component of the Reserved Money Fund (Comcover Reserve) (07/04/1998)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This determination establishes the Comcover Reserve, a dedicated government bank account that holds funds for the Commonwealth’s self-insurance scheme. It is funded by parliamentary appropriations, Comcover fees, and other specified cash contributions.

The Reserve is used to run Comcover and to pay claims and liabilities arising from its insurance role. Ring‑fencing these funds gives agencies certainty that their insurable risks are backed without tapping general revenue.

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Current sections

Direct links to the current provisions in Financial Management and Accountability Act 1997 - Determination to Establish Component of the Reserved Money Fund (Comcover Reserve) (07/04/1998).

I further determine that:

(a) amounts of the following kinds may be transferred from the Consolidated Revenue Fund to this component:

all money appropriated by law for the purpose of payment into the component;
all money received in consideration for any service, benefit, activity, transaction or other matter which is congruent with the expenditure purposes of the component;
all money paid to the Commonwealth by any person for the expenditure purposes of the component; and,

(b) the purposes for which amounts may be debited to the component are:

for expenditure relating to the administration of Comcover, including direct and indirect costs (both recurrent and capital) for staff and the Advisory Board;
for expenditure in relation to Comcover’s operations in meeting liabilities that arise from its function as the Commonwealth’s insurable risk claims manager.

Graham Millar

Delegate of the Finance Chief Executive

7/4/98

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

I further determine that: I further determine that: