Commonwealth legislation

Financial Management and Accountability Determination 2007/07 - Protective Services Special Account Variation and Abolition 2007

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 closes down a special government bank account called the Protective Services Special Account.

What it does:

Changes the rules: It updates a 2006 decision that originally created this account
Closes the account: It abolishes (shuts down) the account once two things happen: (1) the new rules take effect, and (2) the account balance drops to zero
How: By removing Section 4 from the previous rules (Schedule 1 simply deletes that section)

Why it matters: This is financial housekeeping. Special Accounts are dedicated buckets of government money set aside for specific purposes. When that purpose ends and the money is spent, the account needs to be formally closed. This determination does that for the Protective Services Special Account.

Who made it: The Minister for Finance and Administration under the Financial Management and Accountability Act 1997 (the main law governing how the Commonwealth manages money).

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Financial Management and Accountability Determination 2007/07 - Protective Services Special Account Variation and Abolition 2007

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Financial Management and Accountability Determination 2007/07 — Protective Services Special Account Variation and Abolition 2007

I, NICK MINCHIN, Minister for Finance and Administration, make this Determination under subsections 20 (2) and (3) of the Financial Management and Accountability Act 1997.

Dated 21 June 2007

Nick Minchin

Minister for Finance and Administration

1 Name of Determination

This Determination is the Financial Management and Accountability Determination 2007/07 — Protective Services Special Account Variation and Abolition 2007.

2 Commencement

This Determination commences at the time at which subsection 22 (4) of the Financial Management and Accountability Act 1997 is complied with.

Note This Determination takes effect in accordance with section 22 of the Financial Management and Accountability Act 1997. The Parliament must consider the Determination before it can take effect, and either House may pass a resolution disallowing the Determination. If neither House passes such a resolution, the Determination takes effect on the day immediately after the last day upon which such a resolution could have been passed.

3 Variation

Schedule 1 varies the Determination by the Minister for Finance and Administration under section 20 of the Financial Management and Accountability Act 1997, made on 8 November 2006 that established the Protective Services Special Account.

4 Abolition

The Protective Services Special Account is abolished with effect from the time at which:

(a) Schedule 1 has taken effect; and

(b) the balance of the appropriation for the Protective Services Special Account reaches zero.

Schedule 1 Variation

(section 3)

Do not delete : Schedule Part Placeholder

[1] Section 4

omit

Source text

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

1 Financial Management and Accountability Determination 2007/07 - Protective Services Special Account Variation and Abolition 2007