Commonwealth legislation

Financial Management and Accountability Determination 2008/01 - Special Accounts Abolition

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument shuts down specific bank accounts (called "Special Accounts") held by five Australian Government agencies.

What it does:

Abolishes 10 Special Accounts across:
- Australia-Japan Foundation
- Australian Security Intelligence Organisation (ASIO)
- Classification Board
- Classification Review Board
- Office of Film and Literature Classification

Types of accounts being closed:

"Other Trust Moneys" accounts (used to hold money held in trust for others)
"Services for other Governments and Non-Agency Bodies" accounts (used to manage money received from state governments or private bodies for specific services)

Why it matters: Special Accounts are separate pools of money that agencies manage outside their ordinary budgets. Abolishing them typically means either transferring the remaining funds elsewhere or closing dormant accounts that are no longer needed. This is essentially administrative housekeeping to tidy up the government's financial structures.

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Current sections

Direct links to the current provisions in Financial Management and Accountability Determination 2008/01 - Special Accounts Abolition.

Financial Management and Accountability Determination 2008/01 - Special Accounts Abolition

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Financial Management and Accountability Determination 2008/01 – Special Accounts Abolition

I, LINDSAY TANNER, Minister for Finance and Deregulation, make this Determination under subsection 20 (3) of the Financial Management and Accountability Act 1997.

Dated 18th February 2008

Lindsay Tanner

Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Financial Management and Accountability – Determination 2008/01 - Special Accounts Abolition.

2 Commencement

This Determination will commence upon registration on the Federal Register of Legislative Instruments.

3 Abolition of Special Accounts

The Special Accounts specified in Schedule 1 are abolished.

Schedule 1 Special Accounts to be abolished

Agency Special Account

View image in the official source

Australia-Japan Foundation Other Trust Moneys Account

Services for other Governments and

Non-Agency Bodies Account

Australian Security Intelligence Organisation Other Trust Moneys Account

Services for other Governments and Non-Agency Bodies Account

Classification Board Other Trust Moneys Account

Services for other Governments and

Non-Agency Bodies Account

Classification Review Board Other Trust Moneys Account

Services for other Governments and Non-Agency Bodies Account

Office of Film and Literature Classification Other Trust Moneys Account

Services for other Governments and Non-Agency Bodies Account

Source text

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

1 Financial Management and Accountability Determination 2008/01 - Special Accounts Abolition

Financial Management and Accountability Determination 2008/01 – Special Accounts Abolition

I, LINDSAY TANNER, Minister for Finance and Deregulation, make this Determination under subsection 20 (3) of the Financial Management and Accountability Act 1997.

Dated 18th February 2008

Lindsay Tanner

Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Financial Management and Accountability – Determination 2008/01 - Special Accounts Abolition.

2 Commencement

This Determination will commence upon registration on the Federal Register of Legislative Instruments.

3 Abolition of Special Accounts

The Special Accounts specified in Schedule 1 are abolished.

Schedule 1 Special Accounts to be abolished

Agency Special Account

Australia-Japan Foundation Other Trust Moneys Account

Services for other Governments and

Non-Agency Bodies Account

Australian Security Intelligence Organisation Other Trust Moneys Account

Services for other Governments and Non-Agency Bodies Account

Classification Board Other Trust Moneys Account

Services for other Governments and

Non-Agency Bodies Account

Classification Review Board Other Trust Moneys Account

Services for other Governments and Non-Agency Bodies Account

Office of Film and Literature Classification Other Trust Moneys Account

Services for other Governments and Non-Agency Bodies Account