Commonwealth legislation

Financial Management and Accountability Act 1997 - Determination to Establish Component of the Reserved Money Fund (PBPA - Factor (f) Funds 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This Act has been repealed and is no longer in force. It is retained for historical reference.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 creates a dedicated reserve—the "PBPA – Factor (f) Funds Reserve"—within the Commonwealth’s accounts to hold and manage monies for a pharmaceutical industry support program. Funded by parliamentary appropriations and program receipts, the reserve finances the Factor (f) scheme under the Pharmaceutical Industry Development Program to encourage domestic manufacturing, research and product development. It mainly affects the Department of Health and participating pharmaceutical companies.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

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

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

SECTION 20 OF THE FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997

DETERMINATION TO ESTABLISH COMPONENT OF THE RESERVED MONEY FUND

I, Graham Millar, Branch Manager, Financial Framework, pursuant to powers delegated to me by the Finance Chief Executive under section 53 of the Financial Management and Accountability Act 1997, determine, for the purposes of section 20 of that Act, that the Department of Health and Family Services – PBPA – Factor (f) Funds Reserve is established as a component of the Reserved Money Fund.

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 in relation to the Factor (f) scheme, part of the Pharmaceutical Industry Development Program, to facilitate increases in manufacture, research and product and process development in Australia.

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.

1 Financial Management and Accountability Act 1997 - Determination to Establish Component of the Reserved Money Fund (PBPA - Factor (f) Funds Reserve) (07/04/1998)