Commonwealth legislation

Financial Management and Accountability Act 1997 - Determination to Establish Component of the Commercial Activities Fund (12/05/1998)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 document creates a dedicated bank account (called the Commonwealth Superannuation Administration Fund) within the government's larger Commercial Activities Fund.

What it does:

Sets up the fund: Establishes a specific pool of money to manage superannuation (retirement savings) administration for Australian public servants and military personnel.
Allows money in: Permits transfers from the government's main account (the Consolidated Revenue Fund) when Parliament specifically allocates money, or when the fund earns money by selling services.
Controls spending: Limits withdrawals to two specific purposes:
1. Running superannuation services for government and defence employees (and their families)
2. Providing support to the Boards of Trustees who manage these superannuation schemes

Why it matters: This ensures that money collected for managing public sector superannuation is kept separate from general government revenue and can only be spent on specified administration activities, providing financial accountability for retirement funds.

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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 Commercial Activities Fund (12/05/1998).

Financial Management and Accountability Act 1997 - Determination to Establish Component of the Commercial Activities Fund (12/05/1998)

SECTION 21 OF THE FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997

DETERMINATION TO ESTABLISH COMPONENT OF THE COMMERCIAL ACTIVITIES 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 21 of that Act, that the Commonwealth Superannuation Administration Fund is established as a component of the Commercial Activities 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;

(b) the purposes for which amounts may be debited to the component are for expenditure relating to the provision of:

superannuation administration services in respect of the superannuation schemes provided for public sector and military employees and their dependants; and,
support services to the Superannuation Schemes Boards of Trustees.

Graham Millar

Delegate of the Finance Chief Executive

12/5/98

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 Commercial Activities Fund (12/05/1998)