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This is a Bill, not an Act. For current law, see the Acts databases.

FINANCIAL FRAMEWORK LEGISLATION AMENDMENT BILL (NO. 1) 2012

2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Financial Framework Legislation
Amendment Bill (No. 1) 2012
No. , 2012
(Finance and Deregulation)
A Bill for an Act to amend the law relating to the
Commonwealth's financial framework and
governance arrangements, and for other purposes
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 i
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
3
Schedule 1--Auditor-General Act 1997
4
Schedule 2--Commonwealth Authorities and Companies Act
1997
5
Part 1--Estimates
5
Part 2--Requirement to notify of significant events
6
Schedule 3--Financial Framework Legislation Amendment Act
2010
9
Schedule 4--Financial Management and Accountability Act
1997
10
Schedule 5--Repeal of Acts
14
Appropriation (Development Bank) Act 1975
14
Car Dealership Financing Guarantee Appropriation Act 2009
14
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 1
A Bill for an Act to amend the law relating to the
1
Commonwealth's financial framework and
2
governance arrangements, and for other purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Financial Framework Legislation
6
Amendment Act (No. 1) 2012.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
A single day to be fixed by Proclamation.
However, if the provision(s) do not
commence within the period of 6 months
beginning on the day this Act receives the
Royal Assent, they commence on the day
after the end of that period.
3. Schedule 2,
Part 1
The day after this Act receives the Royal
Assent.
4. Schedule 2,
Part 2
A single day to be fixed by Proclamation.
However, if the provision(s) do not
commence within the period of 6 months
beginning on the day this Act receives the
Royal Assent, they commence on the day
after the end of that period.
5. Schedule 3,
item 1
Immediately after the time specified in the
Financial Framework Legislation
Amendment Act 2010 for the commencement
of item 7 of Schedule 5 to that Act.
1 March 2011
6. Schedule 3,
item 2
Immediately after the time specified in the
Financial Framework Legislation
Amendment Act 2010 for the commencement
of item 8 of Schedule 5 to that Act.
1 March 2011
7. Schedule 4
The day after this Act receives the Royal
Assent.
8. Schedule 5
The day this Act receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 3
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
6
Schedule 1 Auditor-General Act 1997
4 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
Schedule 1--Auditor-General Act 1997
1
2
1 Paragraph 21(1)(c)
3
Repeal the paragraph, substitute:
4
(c) any other company that the Commonwealth controls (as
5
defined in section 34 of the Commonwealth Authorities and
6
Companies Act 1997).
7
2 Application
8
The amendment made by item 1 of this Schedule applies in respect of
9
appointments accepted on or after the commencement of that item.
10
11
Commonwealth Authorities and Companies Act 1997 Schedule 2
Estimates Part 1
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 5
Schedule 2--Commonwealth Authorities and
1
Companies Act 1997
2
Part 1--Estimates
3
1 Subsection 14(1)
4
Omit "responsible Minister", substitute "Finance Minister".
5
2 Paragraph 14(2)(a)
6
Omit "responsible Minister", substitute "Finance Minister".
7
3 Paragraph 14(2)(b)
8
Omit "responsible Minister" (wherever occurring), substitute "Finance
9
Minister".
10
4 Subsection 39(1)
11
Omit "responsible Minister", substitute "Finance Minister".
12
5 Paragraph 39(2)(a)
13
Omit "responsible Minister", substitute "Finance Minister".
14
6 Paragraph 39(2)(b)
15
Omit "responsible Minister" (wherever occurring), substitute "Finance
16
Minister".
17
7 Application
18
The amendments made by this Part apply in relation to the following:
19
(a) budget estimates for a financial year starting on or after
20
1 July 2012;
21
(b) budget estimates for any other period starting after 1 July
22
2012 in respect of which a direction is given on or after the
23
commencement of this Part.
24
25
Schedule 2 Commonwealth Authorities and Companies Act 1997
Part 2 Requirement to notify of significant events
6 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
Part 2--Requirement to notify of significant events
1
8 Section 15
2
Repeal the section, substitute:
3
15 Responsible Minister to be notified of significant events
4
(1) If a Commonwealth authority, or any of its subsidiaries, decides to
5
do any of the following things, the directors of the Commonwealth
6
authority must immediately give the responsible Minister written
7
particulars of the decision:
8
(a) form a company or participate in the formation of a
9
company;
10
(b) participate in a significant partnership, trust, unincorporated
11
joint venture or similar arrangement;
12
(c) acquire or dispose of a significant shareholding in a
13
company;
14
(d) acquire or dispose of a significant business;
15
(e) commence or cease a significant business activity;
16
(f) make a significant change in the nature or extent of its
17
interest in a significant partnership, trust, unincorporated
18
joint venture or similar arrangement.
19
(2) The responsible Minister may give written guidelines to the
20
directors that are to be used by the directors in deciding whether
21
particulars are required to be given under subsection (1).
22
9 Paragraph 33A(2)(b)
23
Omit "of a proposal mentioned in subsection 15(1)", substitute "under
24
subsection 15(1)".
25
10 Section 40
26
Repeal the section, substitute:
27
40 Responsible Minister to be notified of significant events
28
(1) If a wholly-owned Commonwealth company, or any of its
29
subsidiaries, decides to do any of the following things, the directors
30
of the Commonwealth company must immediately give the
31
responsible Minister written particulars of the decision:
32
Commonwealth Authorities and Companies Act 1997 Schedule 2
Requirement to notify of significant events Part 2
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 7
(a) form a company or participate in the formation of a
1
company;
2
(b) participate in a significant partnership, trust, unincorporated
3
joint venture or similar arrangement;
4
(c) acquire or dispose of a significant shareholding in a
5
company;
6
(d) acquire or dispose of a significant business;
7
(e) commence or cease a significant business activity;
8
(f) make a significant change in the nature or extent of its
9
interest in a significant partnership, trust, unincorporated
10
joint venture or similar arrangement.
11
(2) The responsible Minister may give written guidelines to the
12
directors that are to be used by the directors in deciding whether
13
particulars are required to be given under subsection (1).
14
11 Application
15
The amendments made by this Part apply in respect of decisions made
16
on or after 1 July 2012.
17
12 Transitional--guidelines under section 15
18
(1)
This item applies to guidelines if:
19
(a) the guidelines were made under section 15 of the
20
Commonwealth Authorities and Companies Act 1997; and
21
(b) the guidelines were in force immediately before the
22
commencement of this Part.
23
(2)
The guidelines have effect, after the commencement of this Part, as if
24
they had been made under section 15 of the Commonwealth Authorities
25
and Companies Act 1997 as amended by this Part.
26
13 Transitional--regulations under section 33A
27
(1)
This item applies to regulations if:
28
(a) the regulations were made under section 33A of the
29
Commonwealth Authorities and Companies Act 1997; and
30
(b) the regulations were in force immediately before the
31
commencement of this Part.
32
Schedule 2 Commonwealth Authorities and Companies Act 1997
Part 2 Requirement to notify of significant events
8 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
(2)
The regulations continue in force, after the commencement of this Part,
1
as if they had been made under section 33A of the Commonwealth
2
Authorities and Companies Act 1997 as amended by this Part.
3
14 Transitional--guidelines under section 40
4
(1)
This item applies to guidelines if:
5
(a) the guidelines were made under section 40 of the
6
Commonwealth Authorities and Companies Act 1997; and
7
(b) the guidelines were in force immediately before the
8
commencement of this Part.
9
(2)
The guidelines have effect, after the commencement of this Part, as if
10
they had been made under section 40 of the Commonwealth Authorities
11
and Companies Act 1997 as amended by this Part.
12
13
Financial Framework Legislation Amendment Act 2010 Schedule 3
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 9
Schedule 3--Financial Framework Legislation
1
Amendment Act 2010
2
3
1 Item 7 of Schedule 5
4
Omit "or", substitute "and".
5
Note:
This item fixes a misdescribed amendment.
6
2 Item 8 of Schedule 5
7
Omit "and", substitute "or".
8
Note:
This item fixes a misdescribed amendment.
9
10
Schedule 4 Financial Management and Accountability Act 1997
10 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
Schedule 4--Financial Management and
1
Accountability Act 1997
2
3
1 Section 5
4
Insert:
5
designated Special Account appropriation means an appropriation
6
under section 21 of this Act that relates to:
7
(a) the COAG Reform Fund established by the COAG Reform
8
Fund Act 2008; or
9
(b) a Special Account established by the Nation-building Funds
10
Act 2008.
11
2 Subsection 12(2) (note)
12
Repeal the note.
13
3 Subsection 22(4)
14
Repeal the subsection, substitute:
15
(4) If neither House passes such a resolution, the determination takes
16
effect:
17
(a) on the day immediately after the last day upon which such a
18
resolution could have been passed; or
19
(b) if a later day is specified in the determination--on that later
20
day.
21
4 Paragraphs 26(b) and (c)
22
Omit "an appropriation", substitute "a designated Special Account
23
appropriation".
24
5 Section 26 (penalty)
25
Repeal the penalty.
26
6 Section 26 (note)
27
Repeal the note.
28
7 Paragraphs 27(1)(b) and (c)
29
Financial Management and Accountability Act 1997 Schedule 4
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 11
Omit "an appropriation", substitute "a designated Special Account
1
appropriation".
2
8 Subsection 27(5)
3
Repeal the subsection, substitute:
4
(5) A drawing right has no effect to the extent to which it purports to
5
authorise the making of a payment of public money for which there
6
is no available appropriation.
7
9 Subsection 32A(4) (heading)
8
Repeal the heading, substitute:
9
Retaining prescribed receipts
10
10 After section 34
11
Insert:
12
35 Set off
13
(1)
If:
14
(a) an amount (the first amount) is owing to the Commonwealth
15
by a person; and
16
(b) an amount (the second amount) is owing by the
17
Commonwealth to the person;
18
the Finance Minister may, on behalf of the Commonwealth, set off
19
the whole or a part of the first amount against the whole or a part
20
of the second amount.
21
Exceptions
22
(2) Paragraph (1)(b) does not apply in relation to a payment if:
23
(a) a law of the Commonwealth provides that the payment is
24
absolutely inalienable; or
25
(b) a law of the Commonwealth provides that the payment is
26
inalienable; or
27
(c) a law of the Commonwealth provides that the right to the
28
payment cannot be assigned; or
29
(d) a law of the Commonwealth provides that the payment
30
cannot be assigned.
31
Schedule 4 Financial Management and Accountability Act 1997
12 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
Definitions
1
(3) In this section:
2
amount owing by the Commonwealth includes an amount that is
3
owing but not yet due for payment.
4
amount owing to the Commonwealth includes an amount that is
5
owing but not yet due for payment.
6
Note:
See also subparagraph 65(2)(a)(iaa) (which allows regulations to be
7
made about the Finance Minister considering a report from specified
8
persons before setting off under this section, in a case where the
9
amount of the set-off is more than a specified amount).
10
11 Section 44 (heading)
11
Repeal the heading, substitute:
12
44 Promoting proper use of Commonwealth resources
13
12 Subsection 62(1)
14
Repeal the subsection, substitute:
15
(1) The Finance Minister may, by written instrument, delegate to an
16
official any of the Finance Minister's powers or functions under
17
this Act, except:
18
(a) the power to issue Special Instructions under section 16; or
19
(b) the power to make a determination under section 20; or
20
(c) a function under subsection 39A(1); or
21
(d) the power to make Orders under section 63.
22
13 After subparagraph 65(2)(ia)
23
Insert:
24
(iaa) the Finance Minister considering a report from specified
25
persons before setting off under section 35, in a case
26
where the amount of the set-off is more than a specified
27
amount;
28
14 Application--item 3
29
The amendment made by item 3 of this Schedule applies to
30
determinations made on or after the commencement of that item.
31
Financial Management and Accountability Act 1997 Schedule 4
Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012 13
15 Transitional--delegations under section 62
1
(1)
This item applies to a delegation if:
2
(a) the delegation was made under subsection 62(1) of the
3
Financial Management and Accountability Act 1997; and
4
(b) the delegation was in force immediately before the
5
commencement of item 12 of this Schedule.
6
(2)
The delegation has effect, after the commencement of this item, as if it
7
had been made under subsection 62(1) of the Financial Management
8
and Accountability Act 1997 as amended by item 12 of this Schedule.
9
10
Schedule 5 Repeal of Acts
14 Financial Framework Legislation Amendment Bill (No. 1) 2012 No. , 2012
Schedule 5--Repeal of Acts
1
2
Appropriation (Development Bank) Act 1975
3
1 The whole of the Act
4
Repeal the Act.
5
Car Dealership Financing Guarantee Appropriation Act
6
2009
7
2 The whole of the Act
8
Repeal the Act.
9

 

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