FMA Act (Royal Australian Mint Special Account) Determination 2013/04
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 18th June 2013
Minister for Finance and Deregulation
1 Name of Determination
This determination is the FMA Act (Royal Australian Mint Special Account) Determination 2013/04 (this Determination).
Note: All Special Account determinations and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.comlaw.gov.au
This Determination commences at the time at which it takes effect in accordance with subsection 22 (4) of the Act.
Note Subsection 22(4) of the FMA Act requires that the Determination be tabled in Parliament for five full sitting days in each House 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 next following the last day upon which such a resolution could have been passed.
For paragraph 20 (1) (a) of the Act, a Special Account is established with the name Royal Australian Mint Special Account (this Special Account).
4 Amounts to be credited
For paragraph 20 (1) (b) of the Act, the following amounts may be credited to this Special Account:
(a) amounts received from any person for the purposes of subclauses 5 (1) (a) and 5 (1) (b) of this Determination;
(b) amounts received in the course of the performance of functions that relate to this Special Account;
(c) amounts received in the course of revenue raising activities undertaken by the Royal Australian Mint;
(d) amounts received from the Minting and Coinage Special Account.
Note 1 The Appropriation Acts provide that if any of the purposes of this Special Account are covered by an item in those Acts (whether or not the item expressly refers to this Special Account), then amounts may be debited against the appropriation for that item and credited to this Special Account.
Note 2 Subsection 39 (5) of the Act provides that upon realisation of an investment of an amount debited from this Special Account, the proceeds of the investment must be credited to this Special Account. Not all chief executives have been delegated powers to invest under section 39 of the Act.
Note 3 Section 30 of the Act has the effect that if an amount expended from this Special Account is repaid to the Commonwealth, that amount must be re-credited to this Special Account.
Note 4 Section 30A of the Act has the effect of increasing the appropriation under section 20 of the Act for the purposes of this Special Account (and thereby increasing this Special Account’s balance). The increase is of an amount equivalent to any GST amount that is recoverable in relation to a payment, and occurs immediately before the payment is made.
5 Purposes for which amounts are allowed to be debited
(1) 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 make payments in relation to purchasing, producing, supplying, storing, selling, and distributing coinage, medals, dies, tokens, plaques, and other like items;
(b) to make payments in relation to managing and operating the Royal Australian Mint;
(c) to make payments in relation to activities that are incidental to the purposes mentioned in subclauses 5 (1) (a) and 5 (1) (b) of this Determination;
(d) to reduce the balance of this Special Account without making a real or notional payment;
(e) to repay amounts received by the Commonwealth and credited to this Special Account where an Act or other law requires or permits the amounts to be repaid.
(2) To avoid doubt, the incidental activities mentioned in subclause 5 (1) (c) of this Determination include:
(a) the administration of this Special Account; and
(b) direct and indirect costs.
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 this Special Account, section 39 of the Act has the effect that this Special Account must be debited.
Subsection 39 (4) of the Act provides that if an amount has been invested by debiting this 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.
Note 3 An amount may be debited from this Special Account where:
(a) it has been incorrectly credited by virtue of a clerical mistake; or
(b) it has been credited through the exercise of a discretion by an official and the exercise of that discretion was actuated by a fundamental mistake of fact or law.
Legal advice should be obtained before an amount is debited on the basis of paragraph (b).
Note 4 Section 6 of the Act applies to a notional payment by an Agency (or part of an Agency) as if it were a real payment by the Commonwealth. Notional receipts and notional payments are transactions between different parts of the Commonwealth. Real receipts and real payments are transactions between the Commonwealth and other entities.
Note 5 The purpose of subclause 5 (1) (d) is to allow for the extinguishing of all or part of the appropriation under section 20 of the Act for this Special Account. When this Special Account is debited for this purpose, there is no payment or credit available to another party, account or appropriation.
In the Determination:
Act means the Financial Management and Accountability Act 1997.
Special Account has the meaning given by section 5 of the Act.