Financial Management and Accountability Determination 2006/65 — IP Australia Account Variation and Abolition 2006

I, NICK MINCHIN, Minister for Finance and Administration, make this Determination under subsections 20 (2) and (3) of the Financial Management and Accountability Act 1997.

Dated 11 October 2006

Nick Minchin

Minister for Finance and Administration

1 Name of Determination

  This Determination is the Financial Management and Accountability Determination 2006/65 — IP Australia Account Variation and Abolition 2006.

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 Financial Management and Accountability Act 1997. 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 Variation

  Schedule 1 varies the determination entitled Initial Determination to Establish Components of the Reserved Money Fund which established, among others, the  IP Australia Account.

4 Abolition

  The  IP Australia Account is abolished with effect from the time at which:

(a)         Schedule 1 has taken effect; and

(b)        the balance of the appropriation for the IP Australia Account reaches zero.

Schedule 1 Variation

(section 3)

Do not delete : Schedule Part Placeholder

[1] Determination, attachment, IP Australia, item for IP Australia Reserve, second column

omit

(1)                      For expenditure related to the development and administration of intellectual and industrial property systems, including the provision of property rights in inventions, trademarks and designs, and matters incidental thereto; and

(2)                      For expenditure comprising notional payments of moneys to the Official Public Account, as agreed from time to time by the Minister for Finance and Administration and the relevant Minister.

insert

(1)                      For expenditure related to the development and administration of intellectual and industrial property systems, including the provision of property rights in inventions, trademarks and designs, and matters incidental thereto.

(2)                      For expenditure comprising notional payments of moneys to the Official Public Account, as agreed from time to time by the Minister for Finance and Administration and the relevant Minister.

(3)                      To credit amounts to the Intellectual Property Special Account.