Commonwealth legislation

Financial Management and Accountability Determination 2008/11 - Federation Fund - Department of Communications, Information Technology and the Arts Special Account 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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

This determination closes a dedicated government bank account (called a "Special Account") known as the Federation Fund, which belonged to the Department of Communications, Information Technology and the Arts.

What this means:

Special Accounts are separate pots of money that government departments use to manage specific funds, kept distinct from general government revenue
This instrument formally abolishes that specific account
Any remaining balance would be dealt with according to the Financial Management and Accountability Act 1997 (usually transferred back to consolidated revenue)

Who is affected:

The Department of Communications, Information Technology and the Arts (responsible for managing the account)
The Minister for Finance and Deregulation (who oversees government financial management)

Why it matters: This is an administrative tidy-up that removes an unused or unnecessary financial mechanism, simplifying the department's financial structures.

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Direct links to the current provisions in Financial Management and Accountability Determination 2008/11 - Federation Fund - Department of Communications, Information Technology and the Arts Special Account Abolition.

Financial Management and Accountability Determination 2008/11 - Federation Fund - Department of Communications, Information Technology and the Arts Special Account Abolition

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Financial Management and Accountability Determination 2008/11 – Federation Fund –Department of Communications, Information Technology and the Arts Special Account 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 21 May 2008

LINDSAY TANNER

Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Financial Management and Accountability Determination 2008/11 – Federation Fund – Department of Communications, Information Technology and the Arts Special Account Abolition.

2 Commencement

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

3 Abolition

The Federation Fund – Department of Communications, Information Technology and the Arts Special Account is abolished.

Source text

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

1 Financial Management and Accountability Determination 2008/11 - Federation Fund - Department of Communications, Information Technology and the Arts Special Account Abolition