FMA Act (Anzac Centenary Public Fund Special Account) Determination 2013/02

Link to law: https://www.comlaw.gov.au/Details/F2013L00942

FMA Act (Anzac Centenary Public Fund Special Account) Determination 2013/02
Financial Management and Accountability Act 1997
I, PENELOPE YING YEN WONG, Minister for Finance and Deregulation, make this Determination under subsection 20 (1) of the Financial Management and Accountability Act 1997.
Dated 5th June 2013
 
PENELOPE YING YEN WONG
Minister for Finance and Deregulation
 
1              Name of Determination
This Determination is the FMA Act (Anzac Centenary Public Fund Special Account) Determination 2013/02 (the Determination).
Note       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.comlaw.gov.au.
2              Definitions
                In the Determination:
Act means the Financial Management and Accountability Act 1997.
Special Account has the meaning given by section 5 of the Act.
Fund means the Anzac Centenary Public Fund referred to in subsection 30-50(2) of the ITAA 1997.
ITAA 1997 means the Income Tax Assessment Act 1997.
Note       Subsection 30-50 (2) of the ITAA 1997 provides that the Fund is a deductible gift recipient for income tax purposes.
 
3              Commencement
                The Determination commences at the time at which it takes effect in accordance with subsection 22 (4) of the Act.
4              Establishment
                For paragraph 20 (1) (a) of the Act, a Special Account is established with the name Anzac Centenary Public Fund Special Account (this Special Account).
5              Amounts to be credited
                For paragraph 20 (1) (b) of the Act, the amounts to be credited to this Special Account are:
(a)     gifts or contributions of money for the purposes of the Fund; and
(b)     amounts equal to interest received by the Commonwealth from the investment of amounts standing to the credit of this Special Account
Note 1:  The Appropriation Acts provide that if any of the purposes of a Special Account are covered by an item in those Acts (whether or not the item expressly refers to the Special Account), then amounts may be debited against the appropriation for that item and credited to the Special Account.
6              Purposes for which amounts are allowed be debited
                For paragraph 20 (1) (c) of the Act, the purposes for which amounts are allowed to be debited from this Special Account are:
(a)     to provide funding for events, projects, initiatives and activities relating to the Anzac Centenary including, but not limited to:
(i)      travelling exhibitions, other art exhibitions and commemorative displays;
(ii)     commemorative events, re-enactments and services;
(iii)    redevelopment and refurbishment of existing memorials;
(iv)    digitisation of repatriation records;
(v)     education grants and scholarship programs;
(vi)    conferences;
(vii)   concerts and festivals;
(viii)  multimedia and interactive websites and web platforms;
(ix)    documentaries; and
(b)     to repay amounts where an Act or other law requires or permits the repayment of an amount received. 
Note 1:  Subsection 20 (4) of the Act appropriates the Consolidated Revenue Fund (CRF) for expenditure for the purposes of this Special Account up to the balance for the time being of this Special Account.  Subsection 20 (5) of the Act provides that whenever an amount is debited against the appropriation, the amount is taken to be also debited from this Special Account.
Note 2    In addition to the purposes specified in this Determination, other provisions of the Act provide authority for amounts to be debited from this Special Account.
               Subsection 39 (1) of the Act provides the Finance Minister with the power to invest public money in any authorised investment. Where such an investment is made of an amount standing to the credit of a Special Account, section 39 of the Act has the effect that the Special Account must be debited.
               Subsection 39 (4) of the Act provides that if an amount has been invested by debiting a Special Account, then the expenses of the investment may be debited from the Account.
               Subsection 39 (9) of the Act appropriates the CRF for this investment activity.
               Not all chief executives have been delegated powers to invest under section 39 of the Act.
Read Entire Law on www.comlaw.gov.au