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Financial Management and Accountability Act 1997
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C2004A05251
24 October 1997
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30 June 1999
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Part 1—Preliminary
1 Short title
2 Commencement
3 This Act binds the Crown
4 This Act extends to things outside Australia
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Part 2—General provisions about definitions and offences
5 Definitions
6 Notional payments and receipts by Agencies
7 Offences
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Part 3—Collection, custody etc. of public money
8 Agreements with banks about receipt, transmission etc. of public money
9 Official bank accounts
10 Public money must be promptly banked etc.
11 Public money not to be paid into non-official account
12 Finance Minister’s authority needed for arrangements for receipt etc. of public money by outsiders
13 Money not to be withdrawn from official account without authority
14 Misapplication or improper use of public money
15 Liability for loss of public money
16 Special Instructions by Finance Minister about handling etc. of special public money
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Part 4—Fund accounting, appropriations and payments
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Division 1—Fund accounting
17 Accounting classifications of public money
18 Public money must initially be credited to the Consolidated Revenue Fund
19 The Loan Fund
20 The Reserved Money Fund
21 The Commercial Activities Fund
22 Disallowance of determinations dealing with Fund components
23 Set-offs ignored for Fund accounting purposes
24 Finance Minister must keep accounts and records of Fund transactions
25 References in other Acts etc. to payments into or out of Funds
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Division 2—Drawing rights
26 Drawing rights required for payment etc. of public money
27 Issue of drawing rights
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Division 3—Appropriations
28 Appropriation for repayments required or permitted by law
29 Uncommitted advances lapse at end of appropriation period
30 Appropriation to be reinstated for amounts re-credited to Fund
31 Agreements for “net appropriations”
32 Adjustment of appropriations on change of Agency functions
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Division 4—Miscellaneous
33 Finance Minister may approve act of grace payments
34 Finance Minister may waive debts etc.
35 Finance Minister may approve payments pending probate etc.
36 Presiding Officers may approve expenditure
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Part 5—Borrowing and investment
37 Unauthorised borrowing agreements are invalid
38 Finance Minister may borrow for short periods
39 Finance Minister may invest public money
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Part 6—Control and management of public property
40 Custody etc. of securities
41 Misapplication or improper use of public property
42 Liability for loss etc. of public property
43 Gifts of public property
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Part 7—Special responsibilities of Chief Executives
44 Promoting efficient, effective and ethical use of Commonwealth resources
45 Fraud control plan
46 Audit committee
47 Recovery of debts
48 Accounts and records
49 Annual financial statements
50 Additional financial statements and information
51 Reporting requirements on change of Agency functions
52 Chief Executive’s instructions
53 Chief Executive may delegate powers
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Part 8—Reporting and audit
54 Preparation and publication of monthly statement of fund transactions
55 Preparation of annual statements by Finance Minister
56 Audit of Finance Minister’s annual financial statements
57 Audit of annual financial statements of Agency
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Part 9—Miscellaneous
58 Modifications of Act for intelligence or security agency
59 Advisory Committees for reporting on large waivers etc.
60 Misuse of Commonwealth credit card
61 Official must not falsify accounts etc.
62 Finance Minister may delegate powers
63 Finance Minister’s Orders
64 Guidelines by Ministers
65 Regulations
Appendix A—Fund accounting system
