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

Dated  30^th May 2012

1              Name of Determination

                This Determination is the Financial Management and Accountability (Abolition of 24 Special Accounts) Determination 2012/02.

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 Act. 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              Definition

                In this Determination:

Act means the Financial Management and Accountability Act 1997.

Special Account has the meaning given by section 5 of the Financial Management and Accountability Act 1997.

4                 Abolition – Schedule 1

                Each Special Account mentioned in Schedule 1 is abolished on the earlier of:

                 (a)   the time when its balance reaches zero; and

                 (b)   30 June 2012.

5                 Abolition – Schedule 2

                Each Special Account mentioned in Schedule 2 is abolished on the earlier of:

                (a)    the time when its balance reaches zero; and

                (b)    30 June 2013.

Schedule 1        Special Accounts abolished on the earlier of the balance reaching zero and 30 June 2012

(section 4)

Schedule 2        Special Accounts abolished on the earlier of the balance reaching zero and 30 June 2013

(section 5)