Commonwealth legislation

Financial Management and Accountability Determination 2008/16 - 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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

This determination cleans up the government's books by closing several Special Accounts (separate money pots within the government's main bank account used for specific purposes like holding trust funds or payments for services to other governments).

What it does:

Abolishes six specific accounts held by the Department of the Prime Minister and Cabinet and the Department of Education, Employment and Workplace Relations (including accounts originally held by its predecessor departments).
The accounts close automatically once their balance hits zero — so they shut down only when completely empty.

Who it affects:

Finance teams in these government departments who manage the accounts.
Any state governments, foreign governments, or non-agency bodies that had funds deposited in these specific accounts.

Why it matters: This is administrative housekeeping that simplifies the Commonwealth's financial structure by removing redundant account mechanisms, reducing red tape in government financial management.

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Current sections

Direct links to the current provisions in Financial Management and Accountability Determination 2008/16 - Special Accounts Abolition.

Financial Management and Accountability Determination 2008/16 - Special Accounts Abolition

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Financial Management and Accountability Determination 2008/16 – 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 3rd June 2008

Lindsay Tanner

Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Financial Management and Accountability – Determination 2008/16 – Special Accounts Abolition.

2 Commencement

This Determination commences on the day on which it is registered on the Federal Register of Legislative Instruments.

3 Abolition of Special Accounts

Each of the Special Accounts specified in Schedule 1 is abolished from the time at which the balance of that Special Account reaches zero.

Schedule 1 Special Accounts to be abolished

Agency Special Account

View image in the official source

Department of the Prime Minister and Cabinet Other Trust Moneys Account

Services for other Governments and

Non-Agency Bodies Account

Department of Education, Employment and Workplace Other Trust Moneys Account

Relations (formerly Department of Education, Science Services for other Governments and and Training) Non-Agency Bodies Account

Department of Education, Employment and Workplace Other Trust Moneys Account

Relations (formerly Department of Employment and Services for other Governments and Workplace Relations) 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 2008/16 - Special Accounts Abolition

Financial Management and Accountability Determination 2008/16 – 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 3rd June 2008

Lindsay Tanner

Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Financial Management and Accountability – Determination 2008/16 – Special Accounts Abolition.

2 Commencement

This Determination commences on the day on which it is registered on the Federal Register of Legislative Instruments.

3 Abolition of Special Accounts

Each of the Special Accounts specified in Schedule 1 is abolished from the time at which the balance of that Special Account reaches zero.

Schedule 1 Special Accounts to be abolished

Agency Special Account

Department of the Prime Minister and Cabinet Other Trust Moneys Account

Services for other Governments and

Non-Agency Bodies Account

Department of Education, Employment and Workplace Other Trust Moneys Account

Relations (formerly Department of Education, Science Services for other Governments and and Training) Non-Agency Bodies Account

Department of Education, Employment and Workplace Other Trust Moneys Account

Relations (formerly Department of Employment and Services for other Governments and Workplace Relations) Non-Agency Bodies Account