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House of Representatives

Financial Framework Legislation Amendment Bill 2004

Financial Framework Legislation Amendment Act 2005

Explanatory Memorandum

(Circulated by authority of the Minister for Finance and Administration, Senator the Honourable Nick Minchin)

Notes on Schedule 1, Part 25

Item 58 - Aboriginal Land (Lake Condah and Framlingham Forest) Act 1987

Background

104. The amendments to the Act mainly cover the following Special Accounts:

•: the Condah Land Account;
•: the Framlingham Forest Account; and
•: the Aboriginal Advancement Account.

105. The Act establishes the first two mentioned Accounts and provides for the Minister responsible for the Act to establish the Aboriginal Advancement Account.

106. The outline of the amendments below is arranged under separate subheadings, including a subheading covering each of the three Special Accounts.

107. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Special Accounts - general amendments

108. Item 58 amends and restructures section 38. The heading of the section is "Payments into and out of Reserves". This is replaced with "Credit of amounts to and debits from Accounts".

109. Subsection 38(1), in the FFLA Bill, provides that the three Accounts established in section 38 are Special Accounts "for the purposes of the Financial Management and Accountability Act 1997". The subsection replaces subsection 38(11) of the Act which provides that "A reserve established by this section is a component of the Reserved Money Fund".

Condah Land Account

110. Subsection (1) of the Act establishes a reserve known as the "Condah Land Reserve". This is replaced, in subsection 38(2) in the FFLA Bill, with the continued existence of the "Condah Land Account". A Note is included under the amended subsection (2) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

111. The reference, in subsection (2) of the Act, to "There shall be paid into the Condah Land Reserve, from time to time, out of the Consolidated Revenue Fund" is replaced with "There must be credited to the Condah Land Account, from time to time" (numbered subsection (3) in the FFLA Bill).

112. The reference, in subsection (7) before the paragraph (a), to "Moneys in the Condah Land Reserve shall be distributed by the Minister" is replaced with "The amount standing to the credit of the Condah Land Account must be applied".

113. The reference, in paragraph (7)(a), to: "one-half shall be paid to the Kerrup-Jmara Elders Aboriginal Corporation" is replaced with "one-half must be debited and paid by the Commonwealth to an Aboriginal Corporation nominated by the Minister". The reference to the Kerrup-Jmara Elders Aboriginal Corporation is replaced because the Corporation went into liquidation in 2001.

114. The reference, in paragraph (7)(b), to "one half shall be credited to the Consolidated Revenue Fund" is replaced with "one half must be debited for crediting under subsection (8)", that is, credited to the Aboriginal Advancement Account (explained in next paragraph).

115. Subsection (7A) of the Act is: "Whenever an amount is credited to the Consolidated Revenue Fund under paragraph 7(b)" (that is from the Condah Land Reserve) "an equal amount must be transferred to the Aboriginal Advancement Reserve from the Consolidated Revenue Fund". This is replaced, in the FFLA Bill in subsection (8), with "Whenever an amount is debited from the Condah Land Account under paragraph (7)(b), an equal amount must be credited to the Aboriginal Advancement Account".

116. Part of paragraph 10(b) of the Act is "one-half of the royalties paid into the ... Condah Land Reserve (which would otherwise be credited to the Consolidated Revenue Fund under paragraph (7)(b) ... ) [is] to be paid to". This is replaced, in the FFLA Bill in paragraph (12)(b), with "one-half of the royalties credited to the Condah Land Account ... (which would otherwise be debited from the Account under paragraph (7)(b) ... ) [is] to be debited and paid by the Commonwealth to".

Framlingham Forest Account

117. Subsection (3) of the Act establishes a reserve known as the "Framlingham Forest Reserve". This is replaced, in subsection 38(4) in the FFLA Bill, with the continued existence of the "Framlingham Forest Account". A Note is included under the amended subsection (4) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

118. The reference, in subsection (4) of the Act, to "There shall be paid into the Framlingham Forest Reserve, from time to time, out of the Consolidated Revenue Fund" is replaced with: "There must be credited to the Framlingham Forest Account, from time to time" (renumbered subsection (5) in the FFLA Bill).

119. The reference, in subsection (8) before paragraph (a) in the Act, to "Moneys in the Framlingham Forest Reserve shall be distributed by the Minister" is replaced with "The amount standing to the credit of the Framlingham Forest Account must be applied" (renumbered subsection (9) in the FFLA Bill).

120. The reference, in paragraph (8)(a) in the Act, to "one-half shall be paid to the Kirrae Whurrong Aboriginal Corporation" is replaced with "one half must be debited and paid by the Commonwealth to the Kirrae Whurrong Aboriginal Corporation" (renumbered paragraph (9)(a) in the FFLA Bill);

121. The reference, in paragraph (8)(b) in the Act, to "one half shall be credited to the Consolidated Revenue Fund" is replaced with "one half must be debited for crediting under subsection (10)", that is, credited to the Aboriginal Advancement Account (renumbered paragraph 9(b) in the FFLA Bill; explained in next paragraph).

122. Subsection (8A) of the Act is: "Whenever an amount is credited to the Consolidated Revenue Fund under paragraph (8)(b)" (that is from the Framlingham Forest Reserve) "an equal amount must be transferred to the Aboriginal Advancement Reserve from the Consolidated Revenue Fund". This is replaced, in the FFLA Bill in subsection (10), with "Whenever an amount is debited from the Framlingham Forest Account under paragraph (9)(b), an equal amount must be credited to the Aboriginal Advancement Account".

123. Part of paragraph 10(b) of the Act is "one-half of the royalties paid into the Framlingham Forest Reserve ... (which would otherwise be credited to the Consolidated Revenue Fund under paragraph ... (8)(b)) [is] to be paid to". This is replaced, in the FFLA Bill in paragraph (12)(b), with "one-half of the royalties credited to the ... Framlingham Forest Account (which would otherwise be debited from the Account under paragraph ... (9)(b)), [is] to be debited and paid by the Commonwealth to".

Aboriginal Advancement Account

124. Item 58 amends subsection 38(6) of the Act by establishing the Aboriginal Advancement Account. This replaces the authority, in subsection 38(6) of the Act, for the Minister (that is, the Minister responsible for the Act) to establish the Aboriginal Advancement Account. This is proposed because the framework for Special Accounts does not recognize a Special Account established by a responsible Minister. Special Accounts are established either by Acts or by determinations of the Finance Minister. The proposal reflects the Government's agreement to recommendation 4 of JCPAA Report 395.

125. Subsection (9) of the Act is "The Minister may pay money out of the Aboriginal Advancement Reserve for any of the purposes mentioned in subsection (6)". This is replaced, in the FFLA Bill in subsection (11), with "The Minister may debit the Aboriginal Advancement Account for the purpose mentioned in subsection (6). Amounts equal to the amounts debited are paid by the Commonwealth."

126. The reference, in paragraph (10)(a) of the Act, to "the funds of the Aboriginal Advancement Reserve at that date are to be transferred to" is replaced with "amounts standing to the credit of the Aboriginal Advancement Account at that date are to be debited and paid by the Commonwealth to" (renumbered paragraph (12)(a) in the FFLA Bill).

Investment of balances of Accounts

127. The reference, in subsection (12) of the Act, to "the investment of money from a reserve established by this section, an amount equal to the interest must be transferred to that reserve from the Consolidated Revenue Fund" is replaced with "the investment of an amount standing to the credit of an Account continued in existence or established by or under this section, an amount equal to the interest must be credited to that Account" (renumbered subsection (13) in the FFLA Bill).

Items 59 to 69 - Aboriginal Land Rights (Northern Territory) Act 1976

Aboriginals Benefit Account

128. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

129. Items 59 and 60 amend subsection 3(1) by replacing the definition of "Reserve" with a definition of "Account" - the Aboriginals Benefit Account.

130. Item 61 amends subsection 35(2A) by replacing the reference to "subsection 64(7)" with "subsection 64(8)", to reflect the amendments made to section 64. Item 64 amends section 64 (explained below).

131. Item 62 replaces the heading of Part VI, "Aboriginals Benefit Reserve", with "Aboriginals Benefit Account".

132. Item 63 amends section 62 by:

•: replacing the references, in subsections (1) and (2), to the establishment of the "Aboriginals Benefit Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "Aboriginals Benefit Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), as follows: "The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing the reference, in subsection (3), to "investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund" with "investment of an amount standing to the credit of the Account, an amount equal to the interest must be credited to the Account".

133. Item 63 also replaces the heading of the section 62, "Aboriginals Benefit Reserve", with "Aboriginals Benefit Account".

134. Item 63 repeals section 62A because it is redundant. The section repeals section 21 of the Northern Territory (Administration) Act 1910 and contains consequential provisions covering transfers of amounts from the Trust Fund to the Trust Account.

135. Item 64 amends sections 63, 64 and 64A. Section 63 is amended by:

•: replacing the reference, in subsection (2) of the Act, to "Subject to subsection (3), there shall be paid into the Reserve, from time to time, out of the Consolidated Revenue Fund" with "Subject to subsection (2), there must be credited to the Account, from time to time" (renumbered subsection (1) in the FFLA Bill);
•: replacing two references in subsection (3) of the Act:
•: The reference to "since the commencement of this section" is replaced with "since 26 January 1977". The inclusion of the date of the commencement of the subsection avoids confusion arising from the commencement of this amendment to the provision;
•: The reference to "payable into the Reserve under subsection (2)" is replaced with "credited to the Account under subsection (1)".
•: In the FFLA Bill the provision is renumbered subsection (2).
•: replacing the reference, in paragraph (3A)(a) of the Act to "after the commencement of this subsection" with "after 17 January 1990" (renumbered paragraph (3)(a) in the FFLA Bill). The inclusion of the date of the commencement of the subsection avoids confusion arising from the commencement of this amendment to the provision;
•: replacing the reference, in subsection (3A) after paragraph (b) of the Act, to "payable into the Reserve under subsection (2)" with "to be credited to the Account under subsection (1)" (renumbered subsection (3) in the FFLA Bill);
•: replacing the reference, in subsection (4), to "paid into the Reserve from time to time, out of the Consolidated Revenue Fund" with "credited to the Account, from time to time";
•: replacing the reference, in paragraph (5)(a), to "before the commencement of this section" with "before 26 January 1977". The inclusion of the date of the commencement of the section avoids confusion arising from commencement of this amendment to the provision;
•: replacing subsection (5A) of the Act. The provision in the Act is:

There shall be transferred to the Reserve from the Consolidated Revenue Fund amounts equal to any moneys paid to any person to the Commonwealth for the purposes of the Trust Account.

•: The replacement provision is:

There must be credited to the Account amounts equal to any money paid by any person to the Commonwealth for the purposes of the Account (renumbered subsection (6) in the FFLA Bill);

•: replacing the reference, in subsection (5B) of the Act, to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account" (renumbered subsection (7) in the FFLA Bill).

136. Item 64 also replaces the heading of section 63, "Payments into Reserve", with "Credit of amounts to Account".

137. Item 64 also amends section 64 by:

•: replacing two references in subsection (1):
•: The reference to "paid out of the Reserve from time to time" is replaced with "debited from the Account from time to time, and paid by the Commonwealth".
•: The reference to "paid into the Reserve in accordance with subsection 63(2) or (4)" is replaced with "credited to the Account in accordance with subsection 63(1) or (4)". Subsection 63(2) is renumbered 63(1) by this Item (explained above);
•: replacing two references, in subsection (3) before paragraph (a):
•: The reference to "paid out of the Reserve" is replaced with "debited from the Account and paid by the Commonwealth".
•: The reference to "subsection 63(2)" is replaced with "subsection 63(1)". Subsection 63(2) is renumbered 63(1) by this Item (explained above).
•: replacing the references, in paragraphs (3)(a) and (b) to "paid into the Reserve" with "credited to the Account". The reference, in paragraph (3)(a), to "subsection 63(2)" is also replaced with "subsection 63(1)". Subsection 63(2) is renumbered 63(1) by this Item (explained above);
•: replacing the reference, in subsection (4) to "paid out of the Reserve" with "debited from the Account and paid by the Commonwealth";
•: replacing the reference, in subsection (4A) of the Act, to "out of the Reserve" with "debited from the Account" (renumbered subsection (5) in the FFLA Bill);
•: replacing the reference, in subsection (5) of the Act, to "paid out of the Reserve" with "debited from the Account and paid by the Commonwealth" (renumbered subsection (6) in the FFLA Bill);
•: replacing the reference, in subsection (6) of the Act, to "paid out of the Reserve under subsection (4) or (5)" with "debited from the Account under subsection (4) or (6)" (renumbered subsection (7) in the FFLA Bill);
•: replacing the reference, in subsection (7), to "shall be paid to the Land Council out of the Reserve" with "must be paid to the Land Council by the Commonwealth and debited from the Account" (renumbered subsection (8) in the FFLA Bill).

138. Item 64 also replaces the heading of the section, "Payments out of Reserve", with "Debits from the Account".

139. Item 64 also amends to section 64A by:

•: deleting the reference, in subsection (1), to "after 30 June 1982". The reference is redundant because the date has passed;
•: replacing the reference, in subsection (1), to "transfer of such amount as he specifies in the direction from the Reserve to the Consolidated Revenue Fund" with "debit from the Account of such amounts as he or she specifies in the direction";
•: replacing 3 references in subsection (2):
•: The reference to "transfer of a specified amount from the Reserve to the Consolidated Revenue Fund" is replaced with "debit of a specified amount from the Account".
•: The reference to "the transfer of that amount but there shall also be transferred from the Reserve to the Consolidated Revenue Fund" is replaced with "the debit of that amount. But there must also be debited from the Account".
•: The reference to "and the transfer of that additional amount shall discharge that liability" is replaced with "The debit of that additional amount discharges that liability".
•: replacing reference, in subsection (3) before paragraph (a), to "each amount that he directs to be transferred to the Consolidated Revenue Fund" with "each amount that he or she directs be debited from the Account";
•: replacing the references, in paragraphs (3)(a) and (b), to "paid to the Consolidated Revenue Fund" with "debited from the Account";
•: replacing the two references, in subsection (4) before paragraph (a), to "transferred from the Reserve to the Consolidated Revenue Fund" with "debited from the Account;
•: replacing the references, in paragraphs (4)(a) and (b), to "paid to the Consolidated Revenue Fund" with "debited from the Account";
•: replacing the reference, in subsection (5), to "paid to the Consolidated Revenue Fund" with a reference to "debited from the Account";
•: deleting the reference, in subsection (5), to "out of the Consolidated Revenue Fund". The phrase is redundant under a self-executing CRF, because the provision also includes the phrase "paid by the Commonwealth";
•: replacing 2 references in subsection (6):
•: The reference to "paid to the Consolidated Revenue Fund in relation to a particular Land Council shall, notwithstanding that it is so paid to the Consolidated Revenue Fund" is replaced with "debited from the Account in respect of a particular Land Council must nonetheless".
•: The reference to "paid in accordance with the requirements of that subsection out of the Reserve" is replaced with "debited from the Account and paid by the Commonwealth in accordance with that subsection";
•: deleting the references, in subsection (7) before paragraph (a) and in paragraph (e), to "out of the Consolidated Revenue Fund". These phrases are redundant, under a self-executing CRF, because the provisions also include the phrase "paid by the Commonwealth".

140. Item 64 also replaces the heading of section 64A, "Transfer of amounts from Reserve to the Consolidated Revenue Fund in certain circumstances" with "Debit of additional amounts from Account".

141. Item 65 amends subsection 64B(1) by replacing the reference to "a Reserve" with "an Account".

142. Items 66, 67 and 68 amend section 65 as follows:

•: Item 66 replaces references in subsection 65(1) to "Reserve" with "Account".
•: Item 67 amends the reference, in subsection 65(1), to "the making of payments out of the Reserve" with "debiting the Account for the purposes of making payments".
•: Item 68 amends subsections 65(2) and (3) by replacing references to "Reserve" with "Account".

143. Item 68 also replaces, by means of a Note, the heading of section 65, "Reserve Advisory Committee", with "Account Advisory Committee".

144. Item 69 amends Schedule 5 by replacing the subheading "Subsection 63(3)" with "Subsection 63(2)". In Item 64 subsection 63(3) is renumbered 63(2) (explained above).

Item 70 - Acts Interpretation Act 1901

Definition of Reserved Money Fund

145. Item 70 repeals paragraph 17(kb). The paragraph defines the RMF, which was abolished by the FMLA Act 99. It is not considered necessary to include a reference, in the Act, to Special Account because the term is described in the FMA Act, the FMLA Act 99 and in enabling legislation that establishes a Special Account.

Item 71 - AeroSpace Technologies of Australia Limited Sale Act 1994

Payments to the Consolidated Revenue Fund

146. Item 71 amends subsection 14(4) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 72 and 73 - Agricultural and Veterinary Chemicals (Administration) Act 1992

Payments to the Consolidated Revenue Fund

147. Items 72 and 73 amend paragraphs 58(2)(aa) and (ab) by replacing the references to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 74 - Agricultural and Veterinary Chemical Products (Collection of Interim Levy) Act 1994

Payments to the Consolidated Revenue Fund

148. Item 74 amends section 16 by:

•: restructuring subsection (1) so that some of the text is divided into three separate paragraphs;
•: clarifying, in paragraph 16(1)(b), that levies, etc payable to the National Registration Authority for Agricultural and Veterinary Chemicals are received by the Authority" on behalf of the Commonwealth";
•: replacing the reference, in subsection (2), to amounts of levy and late payment penalty being paid "into the Consolidated Revenue Fund" with paid "to the Commonwealth".

149. The collecting agent is the National Registration Authority for Agricultural and Veterinary Chemicals, which is a statutory authority subject to the CAC Act (CAC Act authority). The National Registration Authority for Agricultural and Veterinary Chemicals is therefore able to handle money that is not public money. Although the levy and penalty amounts are public money, subsection 16(2) is retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 75 - Agricultural and Veterinary Chemical Products (Collection of Levy) Act 1994

Payments to the Consolidated Revenue Fund

150. Item 75 amends section 19 by:

•: restructuring subsection (1) so that some of the text is divided into three separate paragraphs;
•: clarifying, in paragraph 19(1)(b), that levies, etc payable to the National Registration Authority for Agricultural and Veterinary Chemicals are received by the Authority "on behalf of the Commonwealth";
•: replacing the reference, in subsection (2), to amounts of levy and late payment penalty being paid "into the Consolidated Revenue Fund" with paid "to the Commonwealth".

151. The collecting agent is the National Registration Authority for Agricultural and Veterinary Chemicals, which is a CAC Act authority. The Authority is therefore able to handle money that is not public money. Although the levy and penalty amounts are public money, subsection 19(2) is retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 76 and 77 - Alcohol Education and Rehabilitation Account Act 2001

Alcohol Education Rehabilitation Account

152. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

153. The Act commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

154. Items 76 and 77 amend subsections 8(1) and (2), respectively, by replacing references to "money" with "amounts". Item 76 also replaces, by means of a Note, the heading of section 8, "Money in Account to be paid out before 1 July 2005", with "Amounts standing to the credit of Account to be paid out before 1 July 2005".

Items 78 to 83 - Australia-Japan Foundation Act 1976

Australia-Japan Account

155. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

156. Items 78 and 79 replace the definition of "Reserve" with a definition of "Account".

157. Items 80 and 81 amend paragraph 5(1)(d) and the heading of Part IV, respectively, by replacing references to "Reserve" with "Account" - the Australia-Japan Account.

158. Item 82 amends sections 17 and 18. Section 17 is amended by replacing the references, in subsections (1) and (2), to the establishment of the "Australia-Japan Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "Australia-Japan Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";

159. Item 82 also replaces the heading of section 17, "Establishment of Reserve", with "Australia-Japan Account".

160. Item 82 also amends section 18 by:

•: replacing the reference, before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account amounts equal to";
•: replacing paragraph (a). The provision in the Act is:

moneys appropriated by the Parliament for the purposes of the Reserve.

•: The provision is replaced with the following Note at the end of the section:; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: replacing the references, in paragraphs (b) and (c), to "moneys standing to the credit of the Reserve" with "an amount standing to the credit of the Account" (renumbered paragraphs (a) and (b) in the FFLA Bill).

161. Item 82 also replaces the heading of the section, "Moneys of Reserve" with "Credit of amounts to Account".

162. Item 83 amends subsection 19(1) by replacing the reference to "Moneys standing to the credit of the Reserve" with "Amounts standing to the credit of the Account".

163. Item 83 also replaces, by means of a Note, the heading of section 19, "Application of moneys of Reserve", with "Application of amounts standing to the credit of the Account".

Items 84 to 88 - Australian Centre for International Agricultural Research Act 1982

Australian Centre for International Agricultural Research Account

164. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

165. Items 84 and 85 amend section 3 by replacing the definition of "Reserve" with a definition of "Account" - the Australian Centre for International Agricultural Research Account.

166. Item 86 amends sections 33, 34 and 35. Section 33 is amended by replacing the references, in subsections (1) and (2) to the establishment of the "Australian Centre for International Agricultural Research Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "Australian Centre for International Agricultural Research Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), as follows: "The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

167. Item 86 also replaces the heading of section 33, "Establishment of Reserve", with "Australian Centre for International Agricultural Research Account".

168. Item 86 also amends section 34 by:

•: replacing the reference, in the text before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account" and integrating paragraph (b) with that text;
•: replacing paragraph (a). The provision in the Act is:; all money appropriated by the Parliament for the purposes of the Reserve.
•: The provision is replaced with the following Note at the end of the section:; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

169. Item 86 also replaces the heading of section 34, "Payments into Reserve" with "Credit of amounts to Account".

170. Item 86 also amends section 35 by replacing the reference, before paragraph (a), to "Amounts standing to the credit of the Reserve may be paid out" with "Amounts standing to the credit of the Account may be debited for the following purposes".

171. Item 86 also replaces the heading of section 35, "Payments from Reserve", with "Debits from Account".

172. Item 87 amends subsection 36(1) by replacing the reference to "moneys standing to the credit of the Reserve" with "amounts standing to the credit of the Account".

173. Item 88 amends subsection 36(2) by replacing the reference to "Moneys shall not be expended from the Reserve" with "Amounts must not be debited from the Account".

Items 89 and 90 - Australian Federal Police Act 1979

Payments to the Consolidated Revenue Fund

174. Items 89 and 90 amend subsections 54(2) and 54(4), respectively, by replacing the references to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 91 to 94 - Australian Meat and Live-stock Industry (Repeals and Consequential Provisions) Act 1997

Payments to the Consolidated Revenue Fund

175. Item 91 repeals subitem 11(2) of Schedule 5. Subitems 11(1) and (2) are:

•: The assets and liabilities of each statutory authority become assets and liabilities of the Commonwealth at commencement time (subitem 11(1)).
•: Money vested in the Commonwealth under subitem (1) must be paid into the Consolidated Revenue Fund" (subitem 11(2)).

176. Subitem 11(2) is redundant because the CRF is now self-executing. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

177. Item 92 repeals subitem 12(4) of Schedule 5. The provision is:

An authorised person must not specify in a direction:

(a)
an amount that is greater than the following:

(i)
amounts paid into the Consolidated Revenue Fund under subitems 11(2) and 13(3);

(ii)
amounts of interest or dividends or any other amounts produced by, or derived from, an asset in the Commonwealth under subitem 11(1); or

(b)
an amount, that when added to other amounts specified in the direction, or in other directions under this item, result in an amount greater than the total of the amounts referred to in subparagraph (a)(i) and (ii).

178. Subitem 12(4) requires amendment because of the references to subitems 11(2) and 13(3) which are proposed for repeal in Items 91 and 93. However, because subitem 12(4) is redundant it is proposed for repeal instead.

179. Item 93 repeals subitem 13(3) of Schedule 5. Subitems 13(2) and 13(3) are:

•: An authorised person may sell any asset of the kind referred to in subitem (1) on behalf of the Commonwealth (subitem 13(2)).
•: Any amount paid to the Commonwealth on the sale of an asset under subitem (2) must be paid into the Consolidated Revenue Fund (subitem 13(3)).

180. Subitem 13(3) is redundant because the CRF is now self-executing. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

181. Item 94 repeals item 29 of Schedule 5. Subitem 29(3) refers to a premium for a statutory authority being "paid into, or transferred within, the Consolidated Revenue Fund under section 96G of the [Safety, Rehabilitation and Compensation Act 1988]". Section 96G of that Act has been repealed; making subitem 29(3) redundant. The remainder of item 29 is also redundant; hence the whole of item 29 is proposed for repeal.

Item 95 - Australian Radiation Protection and Nuclear Safety Act 1998

ARPANSA Account

182. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

183. Item 95 amends section 56 by:

•: replacing the references, in subsections (1) and (2), to the establishment of "the ARPANSA Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "ARPANSA Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing subsection (3) before paragraph (a). The provision in the Act is:

The following amounts must be transferred to the Reserve from the Consolidated Revenue Fund.

•: The replacement provision is:; Amounts equal to the following must be credited to the Account;
•: replacing paragraph 3(a). The provision in the Act is:; money appropriated by the Parliament for the purposes of the Reserve.
•: The provision is replaced with the following Note at the end of the section:; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: replacing the reference, in paragraphs (3)(e), to "the investment of money from the Reserve", with "the investment of an amount standing to the credit of the Account" (renumbered paragraph (3)(d) in the FFLA Bill);
•: replacing the reference, in paragraph (3)(f), to "property paid for with money from the Reserve", with "property paid for after a debit of the Account in respect of an amount equal to the purchase price of the property" (renumbered paragraph (3)(e) in the FFLA Bill);
•: replacing the reference, in paragraph (3)(g), to " paid out of the Reserve", with "debited from the Account" (renumbered paragraph (3)(f) in the FFLA Bill);
•: replacing the references, in paragraph (3)(h) and in subsection (4) before paragraph (4)(a), to "purposes of the Reserve", with "purposes of the Account". (Paragraph (3)(h) is renumbered paragraph (3)(g) in the FFLA Bill.)

184. Item 95 also replaces the heading of section 56, "ARPANSA Reserve" with "ARPANSA Account".

Item 96 - Australian Securities and Investments Commission Act 2001

Payments to the Consolidated Revenue Fund

185. Item 96 repeals subsections 135(7) and 161(7). These subsections provide that money paid to the Commonwealth, by the Australian Securities and Investments Commission and the Corporations and Markets Advisory Committee respectively, "forms part of the Consolidated Revenue Fund". These subsections are now redundant because, under a self executing CRF, money raised or received by the Executive Government automatically forms part of the CRF. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 97 to 108 - Bankruptcy Act 1966

Background

186. The Act includes provisions which:

•: establish a component of the RMF known as the Common Investment Fund Equalization Reserve (Equalization Reserve) which is now a Special Account;
•: establish the Common Investment Fund (Common Fund). (The Common Fund is not a Special Account.);
•: establish the Official Trustee in Bankruptcy (Official Trustee) as a corporation sole that is not subject to the CAC Act;
•: enable the Official Trustee to open and maintain, with authorised deposit-taking institutions, such accounts for the purposes of the Common Fund as are necessary for the purposes of the Common Fund;
•: establish an Official Receiver for each District which is a part of Australia declared to be a Bankruptcy District for the purposes of the Act:
•: An Official Receiver is not a body corporate but, under subsections 18(8) and 18(8AA) of the Act, an Official Receiver may exercise some of the powers, and perform some of the functions of the Official Trustee, acting in the name of, and on behalf of, the Official Trustee.
•: authorise money to be transferred between the Common Fund and the CRF and credited to, and debited from, the Equalization Account.

Common Investment Fund Equalization Account

187. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

188. Items 97 and 98 amend section 20A by replacing the definition of "Equalization Reserve" with a definition of "Equalization Account" - the Common Investment Fund Equalization Account.

189. Item 99 amends sections 20G and 20H. Section 20G is amended by replacing the references, in subsections (1) and (2), to the establishment of "the Common Investment Fund Equalization Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of "the Common Investment Fund Equalization Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

190. Item 99 also replaces the heading of section 20G, "Common Investment Fund Equalization Reserve" with "Common Investment Fund Equalization Account".

191. Item 99 also amends section 20H by:

•: replacing the references, in subsections (1) and (2) to "paid into the Consolidated Revenue Fund" (from the Common Fund) with "paid to the Commonwealth";
•: replacing subsection (2A) of the Act. The provision in the Act is:

Whenever a payment is made into the Consolidated Revenue Fund under subsection (1) or (2), an equal amount must be transferred to the Equalization Reserve from the Consolidated Revenue Fund.

•: The replacement provision is:; Whenever a payment is made to the Commonwealth under subsection (1) or (2), an equal amount must be credited to the Equalization Account (renumbered subsection (3) in the FFLA Bill);
•: replacing, in subsection (3) after paragraph (b), the reference to "is payable out of the Equalization Reserve into the Common Fund", with "is to be debited from the Equalization Account and paid into the Common Fund" (renumbered subsection (4) in the FFLA Bill);
•: replacing two references in subsection (4):
•: The reference to "whether any amounts standing to the credit of the Equalization Reserve are not required for the purposes of subsection (3)", is replaced with "whether any amounts standing to the credit of the Equalization Account are not required for the purposes of subsection (4)".
•: The reference to "shall be paid out of the Equalization Reserve into the Consolidated Revenue Fund" is replaced with "are to be debited from the Equalization Account".
•: In the FFLA Bill this provision is renumbered subsection (5);
•: replacing subsection (5) of the Act. The provision is:; Whenever an amount required by subsection (3) to be paid out of the Equalization Reserve exceeds the amount standing to the credit of the Equalization Reserve, an amount equal to the excess must be transferred to the Equalization Reserve from the Consolidated Revenue Fund.
•: The amended provision is:; Whenever an amount required by subsection (4) to be debited from the Equalization Account exceeds the amount standing to the credit of the Equalization Account, an amount equal to the excess must be credited to the Equalization Account.
•: In the FFLA Bill this provision is numbered subsection (6).

192. Item 99 also replaces the heading of section 20H, "Payment of moneys into and out of the Equalization Reserve" with "Credits to and debits from the Equalization Account".

193. Item 100 amends sub-subparagraph 139L(b)(i)(A) by replacing the reference to "Child Support Reserve" with "Child Support Account".

Payments to the Consolidated Revenue Fund

194. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

195. Item 101 inserts a new subsection 153A(4A), which is: "Money received by the Official Receiver under subsection (4) is received on behalf of the Commonwealth". Subsection (4) deals with debts paid to the Official Receiver.

196. Item 102 amends subsection 153A(5) by:

•: deleting the reference to "the Official Receiver must pay that money into the Consolidated Revenue Fund and".
•: replacing the reference to "paid into the Consolidated Revenue Fund by a trustee" with "paid to the Commonwealth by a trustee".

197. The first mentioned reference is unnecessary because of the insertion, under Item 101, of the new subsection 153A(4A). Under the self-executing CRF debts paid to the Official Receiver under subsection (4) are part of the CRF.

198. Item 103 amends subsection 163(2) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth

199. Item 104 replaces subsection 163A(3). The provision is:

Any amount paid to any Official Receiver under subsection (2) is to be paid into the Consolidated Revenue Fund.

200. The replacement provision is:

Money received by the Official Receiver under subsection (2) is received on behalf of the Commonwealth.

201. Item 105 inserts a new subsection 252A(4A), which is: "Money received by the Official Receiver under subsection (4) is received on behalf of the Commonwealth". Subsection (4) deals with debts paid to the Official Receiver.

202. Item 105 also amends subsection 252A(5) by:

•: deleting the reference to "the Official Receiver must pay that money into the Consolidated Revenue Fund and"; and
•: replacing the reference to "paid into the Consolidated Revenue Fund by a trustee" with "paid to the Commonwealth by a trustee".

203. The first reference is unnecessary because of the insertion, under this item, of the new subsection 252A(4A). Under the self-executing CRF debts paid to the Official Receiver under subsection (4) are part of the CRF.

204. Items 106, 107 and 108 amend subsections 254(2), 254(2A) and 254(3), respectively, by replacing references to payment "into the Consolidated Revenue Fund", with "to the Commonwealth". Item 106 also replaces, by means of a Note, the heading of section 254 "Payment of unclaimed moneys into Consolidated Revenue Fund", with "Payment of unclaimed moneys to the Commonwealth".

Item 109 - Broadcasting Services Act 1992

Payments to the Consolidated Revenue Fund

205. Item 109 amends subclause 51(8) of Schedule 4 by replacing the reference to payments "into the Consolidated Revenue Fund" with "to the Commonwealth". Item 109 also replaces the heading of subclause 51(8), "Payment into the Consolidated Revenue Fund" with "Payments to the Commonwealth".

206. The amounts are charge or late payment penalty, payable to the Australian Broadcasting Authority, on behalf of the Commonwealth (subclause 51(6)). The Australian Broadcasting Authority is a CAC Act authority. Although the amounts are public money, subclause 51(8) is retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 110 - CFM Sale Act 1996

Payments to the Consolidated Revenue Fund

207. Item 110 amends subsection 48(4) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 111 to 116 - Child Support (Registration and Collection) Act 1988

Child Support Account

208. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

209. Items 111 and 112 amend subsection 4(1) by replacing the definition of "Reserve" with a definition of "Account" - the Child Support Account.

210. Item 113 amends paragraph 53(c) by replacing the reference to "transferred to the Reserve" with "credited to the Account".

211. Item 114 replaces Division 1 of Part VI. This Division covers sections 73 to 75. The heading of the Division, "Establishment and operation of Child Support Reserve", is replaced with "Child Support Account".

212. Item 114 amends section 73 by replacing the references, in subsections (1) and (2), to the establishment of "the Child Support Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Child Support Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

213. Item 114 also replaces the heading of section 73, "Establishment, etc" with "Child Support Account".

214. Item 114 amends section 74 by:

•: replacing the reference, in subsection (1) before paragraph (a), to "transferred to the Reserve out of the Consolidated Revenue Fund" with "credited to the Account";
•: replacing the reference, in paragraph (1)(c), to "paid out of the Trust Account", with "paid in respect of a debiting from the Account"; and
•: replacing the reference, in subsection (2), to "transferred to the Reserve", with "credited to the Account".

215. Item 114 also replaces the heading of section 74, "Payments into Reserve" with "Credit of amounts to Account".

216. Item 114 amends section 75 by:

•: replacing the reference, before paragraph (a), to "Money standing to the credit of the Reserve may be applied", with "The purposes of the Account are";
•: replacing the reference, in paragraph (c), to "paid into the Reserve" with "paid to the Commonwealth";
•: renumbering paragraphs (a), (b) and (c) as separate paragraphs under subsection 75(1);
•: replacing paragraph (d). The provision in the Act is:; in paying to the Consolidated Revenue Fund amounts received from employers and payers of enforceable maintenance liabilities in relation to cases in which amounts have been transferred from the Consolidated Revenue Fund under section 77 or subsection 78(3).
•: The replacement provision, renumbered subsection 75(2), is:; Amounts received from employers and payers of enforceable maintenance liabilities, in relation to cases in which amounts have been credited to the Account under section 77 or subsection 78(3), may be debited from the Account.

217. Item 114 also replaces the heading of section 75, "Payments out of Reserve" with "Purposes of the Account".

218. Items 115 and 116 amend section 77 and paragraph 78(3)(d), respectively, by replacing the references to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account".

Item 117 - Coal Mining Industry (Long Service Leave) Payroll Levy Collection Act 1992

Payments to the Consolidated Revenue Fund

219. Item 117 amends subsection 9(4) by replacing the reference to "paid into the Consolidated Revenue Fund" with a reference to "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 118 and 119 - Commonwealth Places (Mirror Taxes) Act 1998

Payments to the Consolidated Revenue Fund

220. Item 118 amends subsections 23(1) and (2) by:

•: deleting subsection (1). The provision is:; Notwithstanding anything in the terms of an applied law, there must be credited to the Consolidated Revenue Fund all amounts received under an applied law that are required by section 81 of the Constitution to be so credited.
•: The provision is redundant because the CRF is now self-executing, which means that moneys received by the Commonwealth form part of the CRF. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: replacing subsection (2) and renumbering it subsection (1). The provision in the Act is:; The Commonwealth is liable to pay to a State amounts equal to amounts that are credited to the Consolidated Revenue Fund as mentioned in subsection (1) in relation to an applied law of the State.
•: The replacement provision is:; The Commonwealth is liable to pay to a State amounts equal to amounts received by the Commonwealth (including amounts received by a State on behalf of the Commonwealth) under an applied law of the State.

221. Item 119 amends subsection 23(3) by replacing the cross-reference to "subsection (2)" with "subsection (1)" to reflect the amendments contained in the preceding item.

Items 120 and 121 - Corporations Act 2001

Payments to the Consolidated Revenue Fund

222. Items 120 and 121 amend subsection 1341(1) and paragraph 1341(2)(d), respectively, by replacing the references to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 122 and 123 - Crimes Act 1914

Confiscated Assets Account

223. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

224. Item 122 amends paragraph 9A(c) by replacing the reference to "pay" with "credit". The reference relates to proceeds to be credited to the Confiscated Assets Account.6

Payments to the Consolidated Revenue Fund

225. Item 123 amends subsection 9B(2) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 124 and 125 - Crimes (Superannuation Benefits) Act 1989

Payments to the Consolidated Revenue Fund

226. Items 124 and 125 amend subsection 41(2) and (4), respectively, by replacing the references to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 126 - CSL Sale Act 1993

Payments to the Consolidated Revenue Fund

227. Item 126 amends subsection 41(4) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 127 to 133 - Customs Act 1901

Confiscated Assets Account

228. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

229. Item 127 amends paragraph 208DA(3)(a) by replacing the reference to "pay the money" (to the Confiscated Assets Account7) with "credit the amount of the money".

230. Items 128, 129 and 130 amend subparagraphs 208DA(3)(b)(iii), 243G(6)(a)(ii) and 243G(6)(b)(iii), respectively, by replacing the references to "pay the remainder" (to the Confiscated Assets Account) with "credit an amount equal to the remainder".

231. Item 131 amends subsection 243G(7) by:

•: replacing the reference, before paragraph (a), to "money or proceeds" with "amounts";
•: replacing the reference, in paragraph (a), to "pay to the Confiscated Assets Account" with "credit to the Confiscated Assets Account".

232. Item 132 amends subsection 243G(8) by replacing the reference to "pays, in accordance with a direction under this section, money to the Confiscated Assets Account", with "credits, in accordance with a direction under this section, an amount to the Confiscated Assets Account".

233. Item 133 amends subsection 243P(2) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth".

Item 134 - Defence Forces Retirement Benefits Fund (Distribution of Surplus to Pensioners) Act 1976

Payments to the Consolidated Revenue Fund

234. Item 134 amends the Long Title by replacing the reference to "into the Consolidated Revenue Fund" with "to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 135 - Defence Service Homes Act 1918

Defence Service Homes Insurance Account

235. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

236. Item 135 amends sections 40 and 40A. Section 40 is amended by:

•: replacing the references, in subsections (1) and (1A), to the establishment of the "Defence Service Homes Insurance Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Defence Service Homes Insurance Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999". In the FFLA Bill the provisions are numbered subsections (1) and (2));
•: replacing the reference, in subsection (2), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account" (renumbered subsection (3) in the FFLA Bill);
•: replacing the reference, in subsection (3), to "To the Reserve there must be debited all payments", with "The purpose of the Account is to make all payments". In the FFLA Bill the provision is numbered subsection (4).

237. Item 135 also replaces the heading of the section, "Defence Service Homes Insurance Reserve" with "Defence Service Homes Insurance Account".

238. Item 135 also amends section 40A by:

•

replacing four references in subsection (1):

•: The reference to "transferred to the Defence Service Homes Insurance Reserve from the Consolidated Revenue Fund" is replaced with "credited to the Defence Service Homes Insurance Account".
•: The two references to "Minister for Finance" are replaced with "Finance Minister".
•: The reference to "the moneys standing to the credit of the Reserve" is replaced with "the amount standing to the credit of the Account".

•

replacing two references in subsection (2):

•: The reference to "money from the Defence Service Homes Insurance Reserve" is replaced with "an amount standing to the credit of the Defence Service Homes Insurance Account".
•: The reference to "transferred to the Reserve from the Consolidated Revenue Fund" is replaced with "an amount equal to the interest must be credited to the Account".
•: inserting a new subsection (3) that defines the Finance Minister as "the Minister who administers the Financial Management and Accountability Act 1997".

239. Item 135 also replaces the heading of section 40A, "Interest on moneys invested from the Defence Service Homes Insurance Reserve" with "Interest on amounts invested".

Item 136 - Financial Agreement Act 1994

Debt Retirement Reserve Trust Account

240. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

241. Item 136 amends section 6 by:

•: replacing the references, in subsections (1) and (2), to the establishment of "a trust account to be known as the Debt Retirement Reserve Trust Account" as a "component of the Reserved Money Fund" with references to the continued existence of "the Debt Retirement Reserve Trust Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".
•: The name of the Special Account is not changed (that is, the words "Reserve Trust" are retained) because the name is included in the Commonwealth/State/Territories "Financial Agreement (1994)" which is contained in a Schedule of the Act;
•: replacing subsection (3). The provision is:; The purpose of the account is for the payment and receipt of moneys in accordance with the 1994 Financial Agreement.
•: The replacement provision is:; The purpose of the Account is to make payments in accordance with the 1994 Financial Agreement.
•: The replacement provision does not include a reference to "receipt of moneys" because the crediting of amounts to the Account is covered in subsection (4);
•: replacing the reference, in subsection (4), to "transferred to the account from the Consolidated Revenue Fund" with "credited to the Account".

242. Item 136 also replaces the heading of section 6, "Establishment of trust account", with "Debt Retirement Reserve Trust Account".

Items 137 and 138 - Financial Institutions Supervisory Levies Collection Act 1998

Payments to the Consolidated Revenue Fund

243. Item 137 amends subsection 11(2) by replacing the reference to "pay into the Consolidated Revenue Fund" with "pay to the Commonwealth.

244. The proposed amendment to subsection 11(2) requires the Australian Prudential Regulation Authority, a CAC Act authority, to pay to the Commonwealth any amounts of levy or late payment penalty received by it on behalf of the Commonwealth. Although the levy amounts are public money, subsection 11(2) is retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Superannuation Protection Account

245. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

246. Item 138 amends section 24 as follows:

•: Subsection (1) deals with cases where the Minister determines that financial assistance shall not be paid out of the Superannuation Protection Account.8
•: The reference, before paragraph (a), to "make a grant of financial assistance out of the Consolidated Revenue Fund", is replaced with "make a grant of financial assistance not from the Account".
•: The reference, after paragraph (b), to amounts of levy etc being "must be paid into the Consolidated Revenue Fund", is replaced with "must be paid to the Commonwealth and not credited to the Account" (placed before paragraph (a) in the FFLA Bill).
•: Subsection (2) deals with cases where the Minister determines to make a grant of financial assistance out of the Superannuation Protection Account.
•: The reference, before paragraph (a) to "out of the Account" is replaced with "from the Account".
•: The reference, after paragraph (b), to amounts of levy etc "must be paid into the Consolidated Revenue Fund" is replaced with a reference to "must be paid to the Commonwealth and credited to the Account" (placed before paragraph (a) in the FFLA Bill).
•: Subsection (3) is repealed. The provision is:; There must be paid into the Account amounts equal to amounts paid into the Consolidated Revenue Fund under subsection (2).
•: This is made redundant by the amendment proposed to subsection (2) which provides for levy amounts to be credited to the Account.
•: Subsection (4) is repealed. The provision is:; The Consolidated Revenue Fund is appropriated for the purposes of subsection (3).
•: Amounts standing to the credit of a Special Account are part of the CRF; therefore appropriations are not required for the purposes of crediting amounts to a Special Account.

Items 139 to 144 - Financial Management and Accountability Act 1997

Special Accounts framework

247. Item 139 amends subsection 20(1) of the FMA Act to expand the information to be included in a determination of the Finance Minister that establishes a Special Account. The existing provision is:

The Finance Minister may make a written determination that does all or any of the following:

n.
establishes a Special Account;

o.
allows or requires amounts to be credited to the Special Account;

p.
specifies the purposes of the Special Account.

251. The proposed amendment is:

The Finance Minister may make a written determination that does all of the following:

r.
establishes a Special Account;

s.
allows or requires amounts to be credited to the Special Account;

t.
specifies the purposes for which amounts are allowed or required to be debited from the Special Account.

255. The amendment proposed for subsection 20(1) is intended to improve the transparency of Special Accounts established by the Finance Minister by:

•: requiring determinations to specify all of the matters specified in the amendment, rather than all or any of the matters listed in the existing subsection; and
•: requiring determinations to link the purposes of the Account with the amounts that may be debited from the Account.

256. Item 139 also inserts a new subsection 20(1A) to provide that:

a determination of the Finance Minister that establishes a Special Account "may specify that an amount may or must be debited from a Special Account ... otherwise than in relation to the making of a real or notional payment".9

257. For example, where the beneficiary of a program is no longer eligible to receive payments from a Special Account, the amount standing to the credit of the Account that is allocated to the beneficiary may be debited from the Account.

258. The amendments proposed in Item 139 reflect the Government's agreement to recommendation 1 of JCPAA Report 395. Attachments A and B of this Explanatory Memorandum outline the Government's response to the JCPAA report and passages in the Explanatory Memorandum that deal with elements of the Government's response.

259. Items 141 and 144 insert new subsections 20(4A) and 21(1A) to clarify that an amount standing to the credit of a Special Account that is expended on the purposes of the Account can be applied in making notional payments, unless the contrary intention appears. That is, the payment does not result in money leaving the CRF, because the payee (and the payer) are both parts of the legal entity of the Commonwealth and do not have authority to handle money other than public money. This is explained in Note 1 to subsection 20(4A) and the Note to subsection 21(1A) and reflects the fact that a Special Account is not part of an Agency but, rather, an account or ledger recording amounts in the CRF that are earmarked for expenditure on the purposes of the Account.

260. The new subsections 20(4A) and 21(1A) clarify the deeming provision contained in paragraph 5(6)(b) of the FMLA Act 9910 and align the Special Accounts framework with section 6 of the FMA Act. This section provides that the FMA Act applies to a notional payment or receipt between Agencies, or part of an Agency, as if it were a real payment or receipt.

261. Items 140 and 143 insert Notes at the end of the subsections providing a standing appropriation for the expenditure of the balance of a Special Account (subsections 20(4) and 21(1)). The Notes are:

An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.

262. The Notes complement the Notes inserted in some enabling Acts11 and reflect the fact that Appropriation Acts no longer appropriate amounts specifically for the purposes of particular Special Accounts. Appropriation Acts do, however, contain standing provisions that authorise the crediting of appropriated amounts to a Special Account if any of the purposes of a Special Account is a purpose that is covered by an item in the Appropriation Act.

263. Item 142 numbers the Note at the end of subsection 21(1) number 1, but does not alter the contents of the Note.

Item 145 - Forestry and Timber Bureau Act 1930

Forestry Account

264. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

265. Item 145 amends section 5 by:

•: replacing the references, in subsections (1) and (1A), to the establishment of a "reserve called the Forestry Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "Forestry Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), as follows: "The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999". In the FFLA Bill subsection (1A) is renumbered section (2);
•: replacing the reference, in subsection (2) before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account" (renumbered subsection (3) in the FFLA Bill);
•: amending paragraph (2)(b). The provision is:; moneys appropriated by Parliament for the purposes of the Reserve or payable to the Reserve under any other law.
•: The first part of the provision is replaced with the following Note placed at the end of the provision numbered subsection (3) in the FFLA Bill:; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: The second part of the provision is replaced with:; amounts to be credited to the Account under any law (renumbered paragraph (3)(b) in the FFLA Bill);
•: renumbering paragraph (2)(a) as (3)(a);
•: replacing the reference, in subsection (3), to "Money in the Reserve", with "An amount standing to the credit of the Account" (renumbered subsection (4) in the FFLA Bill);
•: amending subsection (4). The provision is:; If interest is received by the Commonwealth from the investment of money from the Reserve, an amount equal to interest must be transferred to the Reserve from the Consolidated Revenue Fund
•: The replacement provision, renumbered subsection (5), in the FFLA Bill is:; If interest is received by the Commonwealth from the investment of an amount standing to the credit of the Account, an amount equal to the interest must be credited to the Account.

266. Item 145 also replaces the heading of section 5, "Forestry Reserve", with "Forestry Account".

Items 146 to 149 - Great Barrier Reef Marine Park Act 1975

Payments to the Consolidated Revenue Fund

267. Item 146 amends section 39I(1) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". The amended provision and section 39H requires the Great Barrier Reef Marine Park Authority to pay to the Commonwealth amounts of charge and late payment penalty collected by it. The Great Barrier Reef Marine Park Authority is a CAC Act authority. Although the charge and late payment penalty are public money, subsection 39I(1) is retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

268. Item 147 amends subsection 39I(2) by:

•: replacing the references to "CRF amount" with "Commonwealth amount";
•: replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth".

269. The proposed amendment also rearranges the sequence of words in the second half of the provision.

270. Items 148 and 149 amend subsections 39I(3) and 39I(4), respectively, by replacing the references to "CRF amount" with "Commonwealth amount".

Items 150 to 155 - Higher Education Funding Act 1988

Higher Education (HECS) Account

271. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

272. Items 150 and 151 amend subsection 34(1) by replacing the definition of "Reserve" with a definition of "Account" - the Higher Education (HECS) Account.

273. Item 152 replaces the heading of Part 4.3 of Chapter 4, "Higher Education (HECS) Reserve" with "Higher Education (HECS) Account".

274. Item 153 amends sections 59 and 60. Section 59 is amended by replacing the references, in subsections (1) and (2), to the establishment of "the Higher Education (HECS) Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "Higher Education (HECS) Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

275. Item 153 also replaces the heading of section 59, "Establishment of Reserve" with "Higher Education Account".

276. Item 153 also amends section 60 by:

•: replacing the reference, in subsection (1) before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund", with "credited to the Account" (renumbered section 60 in the FFLA Bill);
•: replacing the reference, in paragraph (1)(c), to "payments to be made out of the Reserve", with "payments to be debited from the Account" (renumbered paragraph (c) in the FFLA Bill);
•: replacing the reference, in paragraph (1)(d), to "Reserve", with "Account" (renumbered paragraph (d) in the FFLA Bill);
•: replacing the reference, in paragraph (1)(e), to "money from the Fund", with "an amount standing to the credit of the Account" (renumbered paragraph (e) in the FFLA Bill).

277. Item 153 also replaces the heading of section 60, "Payment to Reserve" with "Credit of amounts to Account".

278. Item 154 amends section 61 by replacing the reference, in subsection (1) before paragraph (a), to "Money in the Reserve", with "Amounts standing to the credit of the Account".

279. Item 154 also replaces, by means of a Note, the heading of section 61 "Application of Reserve" with "Application of an amount standing to the credit of the Account".

280. Item 155 amends section 116 by deleting the reference "and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 117". The reference is redundant because section 117 is repealed in Item 2 of this Schedule.

Items 156 to 158 - Income Tax Assessment Act 1936

Aboriginals Benefit Account

281. Items 156 and 157 replace the definition, in subsection 128U(1), of "Aboriginals Benefit Reserve", with a definition of "Aboriginals Benefit Account". This amendment is a consequence of the amendment proposed to section 62 of the Aboriginal Land Rights (Northern Territory) Act 1976 in Item 63 of this schedule.

282. Item 158 amends subsection 128U(1), under the definition of mining payment, by:

•: inserting in paragraph (a), after the phrase "a payment made on or after 1 July 1979", a reference to "and before the day that the Financial Management Legislation Amendment Act 1999 commenced,";
•: inserting a new paragraph (aa) as follows:; a payment made on or after the day that the Financial Management Legislation Amendment Act 1999 commenced by the Commonwealth in respect of a debit from the Aboriginals Benefit Account to the extent that the payment represents an amount credited to the Aboriginals Benefit Account in pursuance of subsection 63(1) or (4) of the Aboriginal Land Rights (Northern Territory) Act 1976; and.
•: The reference in this paragraph to "subsection 63(1)" takes account of the amendments made in Item 64 of this schedule, to section 63 of the Aboriginal Land Rights (Northern Territory) Act 1976.

Items 159 - Industrial Chemicals (Notification and Assessment) Act 1989

Industrial Chemicals Account

283. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

284. The provision establishing the Industrial Chemicals Account (section 100A) commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

285. Item 159 amends paragraphs 100B(1)(f), (g), (h) and (j) by replacing the references to "money from the Account" with "amounts standing to the credit of the Account".

Item 160 - International Monetary Agreements Act 1947

Payments to the Consolidated Revenue Fund

286. Item 160 repeals section 9. The provision is: "Any payment made to Australia by the Fund or the Bank shall be paid into the Consolidated Revenue Fund". Under a self-executing CRF a payment made to Australia, that is the Australian Government, is automatically part of the CRF. Hence the provision is redundant. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 161 to 166 - Interstate Road Transport Act 1985

Interstate Road Transport Account

287. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

288. Items 161 and 162 amend subsection 3(1) by replacing the definition of "Reserve" with a definition of "Account" - the Interstate Road Transport Account.

289. Item 163 replaces the heading of Part IV, "Interstate Road Transport Reserve", with "Interstate Road Transport Account".

290. Item 164 amends sections 21 and 22. Section 21 is amended by:

•: replacing the references, in subsections (1) and (2), to the establishment of "the Interstate Road Transport Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Interstate Road Transport Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing the reference, in subsection (3), to "the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund", with "the investment of an amount standing to the credit of the Account, an amount equal to the amount of interest must be credited to the Account".

291. Item 164 also replaces the heading of section 21, "Interstate Road Transport Reserve", with "Interstate Road Transport Account".

292. Item 164 also amends subsections 22(1) and (2) by replacing the references, in subsections (1) and (2) to "There shall be paid into the Reserve, out of the Consolidated Revenue Fund", with "There must be credited to the Account".

293. Item 164 also replaces the heading of section 22, "Money to be paid into Reserve", with "Amounts to be credited to Account".

294. Item 165 amends subsection 23(1) by replacing the reference to "shall be paid out of the Reserve to a State" with "is to be debited from the Account and paid by the Commonwealth to a State".

295. Item 165 also replaces, by means of a Note, the heading of section 23 "Money to be paid out of Reserve", with "Amounts to be debited from the Account".

296. Item 166 amends subsection 23(4) by replacing the reference to "Payments out of the Reserve shall be made" with "Payments under this Act must".

Items 167 to 171 - Lands Acquisition Act 1989

Lands Acquisition Account

297. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

298. Items 167 and 168 amend section 6 by replacing the definition of "Reserve" with a definition of "Account" - Lands Acquisition Account.

299. Item 169 amends section 89A by replacing the references, in subsections (1) and (2), to the establishment of "the Lands Acquisition Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of "the Lands Acquisition Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included under the amended subsection (1) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

300. Item 169 also replaces the heading of section 89A, "Establishment of Lands Acquisition Reserve", with "Lands Acquisition Account".

301. Item 170 amends subsections 90(2) to (5) by:

•: replacing subsection (2). The provision is:; The Minister may pay the compensation into the Reserve.
•: The amended provision is:; The Minister may direct that an amount equal to the compensation be credited to the Account;
•: replacing the reference, in subsection (3), to "the compensation otherwise payable into the Reserve", with "the amount of compensation that would otherwise be credited to the Account";
•: replacing the reference, in subsection (4), to "On payment of the compensation into the Reserve, the compensation shall," with "On crediting the Account with the amount calculated under subsection (3), the compensation must";
•: replacing the reference, in subsection (5), to "the Minister shall pay to the person, out of the Reserve, an amount equal to the amount of compensation paid into the Reserve", with "the Commonwealth must pay the person an amount equal to the amount credited to the Account and debit the Account accordingly".

302. Item 170 also replaces, by means of a Note, the heading of section 90, "Payment of compensation into Reserve", with "Crediting of amounts of compensation to the Account".

303. Item 171 amends subsections 114(2) to (4) by:

•: replacing subsection (2). The provision is:; The Minister may pay the compensation into the Reserve.
•: The amended provision is:; The Minister may direct that an amount equal to the compensation be credited to the Account;
•: replacing the reference, in subsection (3), to "On payment of the compensation into the Reserve, the compensation shall," with "On crediting the Account with the compensation, the compensation must";
•: replacing the reference, in subsection (4), to "the Minister shall pay to the person, out of the Reserve, an amount equal to the amount of compensation paid into the Reserve", with "the Commonwealth must pay the person an amount equal to the amount credited to the Account and debit the Account accordingly".

304. Item 171 also replaces, by means of a Note, the heading of section 114, "Payment of compensation into Reserve", with "Crediting of amounts of compensation to the Account".

Item 172 - Moomba-Sydney Pipeline System Sale Act 1994

Payments to the Consolidated Revenue Fund

305. Item 172 amends subsection 50(3) by replacing the reference: "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 173 - National Blood Authority Act 2003

National Blood Account

306. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

307. The Act commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

308. Item 173 amends paragraphs 41(d) and (e) by replacing the references to "money from the Account" with "amounts standing to the credit of the Account".

Items 174 to 190 - National Cattle Disease Eradication Reserve Act 1991

National Cattle Disease Eradication Account

309. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

310. Items 174 and 175 amend the title of the Act, and the reference in section 1, respectively, by replacing "National Cattle Disease Eradication Reserve Act 1991" with "National Cattle Disease Eradication Account Act 1991".

311. Items 176 and 179 amend section 3 by replacing the definition of "Reserve" with a definition of "Account" - the National Cattle Disease Eradication Account.

312. Items 177, 178, 180 and 181 amend section 3 by replacing the definitions of "Reserve's component of charge" and "Reserve's component of levy", with "Account's component of charge" and "Account's component of levy".

313. Item 182 amends section 4 by replacing the references, in subsections (1) and (2), to the establishment of the "National Cattle Disease Eradication Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "National Cattle Disease Eradication Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

314. Item 182 also replaces the heading of section 4, "Establishment of Reserve", with "National Cattle Disease Eradication Account".

315. Items 183 and 184 amend sections 4A and 4B by replacing the references to "Reserve's component of charge" and "Reserve's component of levy" with "Account's component of charge" and "Account's component of levy" respectively.

316. Items 183 and 184 also replace, by means of Notes, the headings of sections 4A and 4B in the same way as the amendments to the content of the sections.

317. Items 185 to 189 amend subsection 5(1) as follows:

•: Item 185 replaces the reference, before paragraph (aaa), to "paid into the Account" with "credited to the Account".
•: Items 186 replaces the references, in paragraphs (aaa) and (aab), to "Reserve's component of charge" and "Reserve's component of levy", with references to "Account's component of charge" and "Account's component of levy" respectively;
•: Item 187 repeals paragraph (c) and Item 189 replaces the provision with a Note located at the end of subsection 5(1). The provision in the Act is:; [There are to be paid into the Account] ... amounts advanced out of the Consolidated Revenue Fund for the purposes of the Reserve.
•: The Note that replaces it is:; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: Item 188 amends paragraph (d) by replacing the reference to "money from the Reserve" with "an amount standing to the credit of the Account".

318. Item 186 also replaces, by means of a Note, the heading of section 5, "Payments into the National Cattle Disease Eradication Reserve", with "Credit of amounts to Account".

319. Item 190 amends section 6 as follows:

•: The reference, before paragraph (a), to "Money standing to the credit of the Reserve may, with the approval of the Minister, be expended", is replaced with "The amount standing to the credit of the Account may, with the approval of the Minister, be debited for the following purposes".
•: Paragraph (b) is restructured into two separate provisions, numbered paragraph (1)(b) and subsection (2). The second part of paragraph (b) in the Act is:; [in making payments to the Consolidated Revenue Fund] ... in respect of any expenses connected with the eradication of any disease of cattle that is endemic in Australia that have been paid out of that Fund.
•: The reference to "the Fund" means the CRF, which means that the expenses were not paid out of the RMF. The amended provision proposed (numbered paragraph (1)(b) in the FFLA Bill) is:; making payments in respect of any expenses connected with the eradication of any disease of cattle that is endemic in Australia that have been paid by the Commonwealth and have not been debited from the Account.
•: The first part of paragraph (b) in the Act is:; in making payments to the Consolidated Revenue Fund in respect of advances referred to in paragraph 5(1)(c).
•: Items 187 and 189 replace paragraph 5(1)(c) with a Note. The amended provision proposed (numbered subsection 6(2) in the FFLA Bill) is:; An amount that has been credited to the Account under an Appropriation Act, may be debited from the Account.

320. Item 190 also replaces the heading of section 6, "Application of National Cattle Disease Eradication Reserve", with "Application of National Cattle Disease Eradication Account".

Items 191 to 201 - National Health and Medical Research Council Act 1992

Medical Research Endowment Account

321. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

322. Items 191 and 192 amend section 4 by replacing the definition of "Reserve" with a definition of "Account" - the Medical Research Endowment Account.

323. Items 193, 194 and 195 amend paragraph 7(1)(c), section 11A and paragraphs 35(2)(a) and (b) respectively, by replacing the reference to "Reserve" with "Account".

324. Item 196 replaces the heading of Part 7, "Medical Research Endowment Reserve", with "Medical Research Endowment Account".

325. Item 197 amends sections 49 and 50. Section 49 is amended by:

•: replacing the references, in subsections (1) and (2), to the establishment of the "Medical Research Endowment Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "Medical Research Endowment Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing the reference, in subsection (3), to "the investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund", with "the investment of an amount standing to the credit of the Account, an amount equal to the interest must be credited to the Account".

326. Item 197 also replaces the heading of section 49, "Establishment of Reserve", with "Medical Research Endowment Account".

327. Item 197 also amends section 50 as follows:

•: The reference, before paragraph (a) and paragraph (b) are replaced and restructured as a section without paragraphs. The current provisions are:; There must be transferred to the Reserve from the Consolidated Revenue Fund ... amounts equal to amounts that are given or bequeathed for the purposes of the Reserve.
•: The replacement provision is:; There must be credited to the Account amounts equal to amounts that are given or bequeathed for the purposes of the Account.
•: Paragraph (a) is replaced. The current provision is:; Amounts ... appropriated by Parliament for the purposes of the Reserve.
•: The provision is replaced with the following Note at the end of the section.; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

328. Item 197 also replaces the heading of section 50, "Payments into Reserve", with "Credit of amounts to Account".

329. Items 198, 199 and 200 amend subsection 51(1), paragraphs 52(1)(a) and (b) and subsection 52(2), respectively by replacing the references to "Reserve" with "Account".

330. Item 198 also replaces, by means of a Note, the heading of section 51, "Purposes of the Reserve" with "Purposes of the Account".

331. Item 201 amends section 53 by replacing the reference to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account".

Items 202 to 207 - National Residue Survey Administration Act 1992

National Residue Survey Account

332. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

333. Item 202 amends the Long Title by replacing the reference to "a Reserve" with "a Special Account".

334. Items 203 and 204 amend section 4 by replacing the definition of "Reserve" with a definition of "Account" - the National Residue Survey Account.

335. Item 205 amends sections 6, 7 and 8. Section 6 is amended by replacing the references, in subsections 6(1) and (2), to the establishment of the "National Residue Survey Reserve" as a "component of the Reserved Money Fund" with references to the continued existence of the "National Residue Survey Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

336. Item 205 also replaces the heading of section 6, "Establishment of Reserve", with "National Residue Survey Account".

337. Item 205 also amends section 7 by:

•: replacing the reference, before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account;
•: renumbering paragraphs (a) and (b) as paragraphs (b) and (c) respectively;
•: renumbering paragraph (c) as paragraph (d) and replacing the reference to "Reserve" with "Account";
•: replacing part of paragraph (e). The provision is:; amounts appropriated by Parliament for the purposes of the National Residue Survey or the Reserve.
•: The replacement provision (renumbered paragraph (a) in the FFLA Bill) is:; amounts appropriated by Parliament for the purposes of the National Residue Survey.
•: replacing the other part of paragraph (e) with the following Note at the end of the section:; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: replacing the reference, in paragraph (f) to "the investment of money from the Reserve" with "the investment of an amount standing to the credit of the Account" (renumbered paragraph (e) in the FFLA Bill).

338. Item 205 also replaces the heading of section 7, "Payments into National Residue Survey Reserve", with "Credit of amounts to National Residue Survey Account".

339. Item 205 also amends section 8 as follows:

•: The reference, in subsection (1) before paragraph (a), to "Amounts standing to the credit of the Reserve may be spent in", is replaced with "Amounts standing to the credit of the Account may be debited for the following purposes".
•: Paragraph (1)(b) of the Act is renumbered as subsection (2) and the reference to "making payments to the Commonwealth of amounts", is replaced with "Amounts may be debited from the Account". In the FFLA Bill the provisions mentioned in the amended paragraphs 2(a), (b) and (c) are also amended to reflect the renumbering of paragraphs in section 7 and section 8 in this Item.
•: Paragraph (1)(c) of the Act is renumbered as paragraph (1)(b) and the reference to "paid into the Reserve", is replaced with "credited to the Account".
•: Paragraph (1)(d) of the Act is replaced. The provision in the Act is:; if an amount that was paid into the Reserve was appropriated by Parliament for the purposes of the Reserve on condition that the amount be repaid - repaying the amount.
•: The amended provision (numbered subsection 8(3) in the FFLA Bill) is:; An amount that has been credited to the Account under an Appropriation Act, may be debited from the Account.
•: Subsection (2) of the Act is renumbered subsection (4) and the reference to "subsection (1)" is replaced with "subsection (2)" to reflect the restructuring and renumbering of section 8 made by this item.

340. Item 205 also replaces the heading of section 8, "Payments out of Reserve", with "Debits from Account".

341. Item 206 amends section 10 by:

•: replacing the references, before paragraph (a) and in paragraph (c), to "Reserve" with "Account";
•: replacing the reference, in paragraph (a), to "money paid into the Reserve" with "amounts credited to the Account";
•: replacing the reference, in paragraph (b), to "money paid out of the Reserve" with "amounts debited from the Account".

342. Item 207 amends subsection 11(1) by replacing the reference to "funds paid or reimbursed out of the Reserve" with "amounts debited from the Account".

Items 208 to 210 - Native Title Act 1993

Aboriginal and Torres Strait Islander Land Account

343. Items 208, 209 and 210 amend the heading to Part 12, subsection 204(1) and subparagraph 206(d)(vii) respectively, by replacing references to "Land Fund" with "Land Account". The complete title of the Land Account is the Aboriginal and Torres Strait Islander Land Account. These amendments follow from subsection 5(5) of the FMLA Act 99 which provided that a reference in an instrument to a name ending with "Reserve" or "Fund" is changed to the same name ending with "Account". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

344. Amendments to the Aboriginal and Torres Strait Islander Commissioner Act 1989 are not proposed in Schedule 1 of the FFLA Bill while Parliament is considering the Aboriginal and Torres Strait Islander Commission Amendment Bill 2004.

Items 211 to 255 - Natural Heritage Trust of Australia Act 1997

Natural Heritage Trust of Australia Account

345. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

346. Items 211 and 212 amend the Long Title and the Preamble by replacing the references to "the Natural Heritage Trust of Australia Reserve" with "the Natural Heritage Trust of Australia Account".

347. Items 213, 214 and 215 amend section 3 by replacing the references, in the first, second and third star points, to "Reserve" with "Account".

348. Item 216 amend section 3 by replacing the reference, in the fourth star point, to "Money in the Reserve" with "Amounts standing to the credit of the Account".

349. Item 217 replaces the heading of Part 2, "The Natural Heritage Trust of Australia Reserve", with "The Natural Heritage Trust of Australia Account".

350. Item 218 amends sections 4 and 5. Section 4 is amended by replacing the reference to "The Natural Heritage Trust of Australia Reserve is established", with "There is continued in existence the National Heritage Trust of Australia Account". A Note is included at the end of the section that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

351. Item 218 also replaces the heading of section 4, "Establishment of the Natural Heritage Trust of Australia Reserve", with "Natural Heritage Trust of Australia Account".

352. Item 218 also amends section 5 by:

•: replacing subsection (1). The provision is:; After the commencement of the Financial Management and Accountability Act 1997, the Reserve is a component of the Reserved Money Fund.
•: The replacement provision is:; The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.
•: repealing subsections (2) and (3). These subsections cover the period prior to the commencement of the FMA Act and provide for a trust account for the purposes of the Audit Act 1901. The provisions are redundant because the Audit Act 1901 has been replaced by the FMA Act and other Acts.

353. Item 218 also replaces the heading of 5, "Nature of the Reserve", with "Nature of the Account".

354. Item 219 amends subsections 6(1) and (2) by:

•

replacing the reference, in subsection (1), to "the investment of money in the Reserve are to be transferred to the Reserve from the Consolidated Revenue Fund", with "the investment of an amount standing to the credit of the Account are to be credited to the Account";

•

replacing Note 1 at the end of subsection (1). The Note is currently:

•: Money in the Reserve may be invested in accordance with whichever of the following Acts is applicable: (a) the Financial Management and Accountability Act 1997; (b) the Audit Act 1901.

•

The amended Note is:

An amount standing to the credit of the Account may be invested in accordance with the Financial Management and Accountability Act 1997.

•

The Audit Act 1901 was replaced by the FMA Act and other Acts on 1 January 1998.

•

deleting Note 2 at the end of subsection (1). The Note is: "Under section 81 of the Constitution, income from investments must be paid into the Consolidated Revenue Fund". The Note is redundant because the CRF is now self-executing;

•

replacing the reference, in subsection (2), to "there is to be transferred to the Reserve from the Consolidated Revenue Fund, in respect of the financial year, an amount equal to the fixed-income percentage of the uninvested money in the Reserve", with "there is to be credited to the Account, in respect of a financial year, an amount equal to the fixed-income percentage of the uninvested amount standing to the credit of the Account".

355. Item 219 also replaces, by means of a Note, the heading of section 6 "Investments and income of the Reserve", with "Investments and income of the Account".

356. Item 220 amends subsection 6(3) by replacing the references to "Minister for Finance" with "Finance Minister".

357. Item 221 amends subsections 6(4), (5) and (6) by:

•: replacing the reference, in subsection (4), to "the Minister for Finance may, by written instrument, determine that a specified amount is to be transferred to the Reserve from the Consolidated Revenue Fund by way of an advance on account of the amount that may become transferable to the Reserve", with "the Finance Minister may, by written instrument, determine that a specified amount is to be credited to the Account by way of an advance on account of the amount that may be credited to the Account";
•: replacing the two references, in subsection (5) to "transferred" with "credited";
•: replacing the references, in paragraphs (6)(a) and (b), to "transferred to the Reserve" with "credited to the Account". The second reference to "transferred" in paragraph (6)(b) is also replaced with "credited";
•: replacing the reference, in subsection (6) after paragraph (b), to "there is to be transferred to the Consolidated Revenue Fund from the Reserve an amount equal to the excess" with "an amount equal to the excess must be debited from the Account".

358. Item 221 also inserts a new subsection 6(7) that provides a definition of the Finance Minister as the Minister who administers the FMA Act.

359. Item 222 amends section 7 by replacing the reference to "Money and investments of the Reserve" with "Amounts standing to the credit of the Account and amounts invested by debiting the Account".

360. Item 222 also replaces the heading of section 7, "Money and investments not held on trust" with "Amounts not held on trust".

361. Item 223 replaces the heading of Part 3, "Purposes of the Reserve", with "Purposes of the Account".

362. Item 224 amends section 8 by:

•: replacing the reference, before paragraph (a), to "purposes of the Reserve" with "purposes of the Account";
•: deleting Note 1 at the end of the section. The Note is:; After the commencement of the Financial Management and Accountability Act 1997, subsection 20(5) of that Act provides that money in the Reserve may be debited for the purposes of the Reserve.
•: This Note is now incorrect because the provision in the FMA Act has been repealed. The Note is also unnecessary because section 9 (amended in Items 225 and 226) covers the debiting of amounts from the Account for the purposes of the Account;
•: deleting Note 2 at the end of the section. The Note is:; Before the commencement of the Financial Management and Accountability Act 1997, subsection 62A(6) of the Audit Act 1901 provides that money in the Reserve may be expended for the purposes of the Reserve.
•: The Note is redundant because the Audit Act 1901 was replaced by the FMA Act and other Acts on 1 January 1998.

363. Item 224 also replaces the heading of section 8, "Purposes of the Reserve", with "Purposes of the Account".

364. Item 225 amends subsection 9(1) by replacing the reference to "Money in the Reserve" with "Amounts standing to the credit of the Account". The item also replaces, by means of a Note, the reference in the heading of section 9 to "Trust" with "Account". The full amended heading is: "Debits of proceeds from the partial privatisation of Telstra and interest earned from the Account".

365. Item 226 replaces subsection 9(2). The provision is:

Money in the Reserve that represents interest earned by the Trust may be debited for any purpose of the Reserve.

•: The replacement provision is:; An amount standing to the credit of the Account that represents interest earned on an amount standing to the credit of the Account may be applied for any purpose of the Account.

366. Item 227 amends paragraphs 18(b) and (c) by:

•: replacing paragraph (b). The provision is:; after the commencement of the Financial Management and Accountability Act 1997 - crediting amounts to the Natural Resource Management Reserve established under the Natural Resources Management (Financial Assistance) Act 1992;
•: The replacement provision is:; crediting amounts to the Natural Resources Management Account continued in existence under subsection 11(1) of the Natural Resources Management (Financial Assistance) Act 1992.
•: Subsection 11(1) of the Natural Resources Management (Financial Assistance) Act 1992 is amended in Item 261 of Schedule 1;
•: repealing paragraph (c). The provision is:; before the commencement of the Financial Management and Accountability Act 1997 - crediting amounts to the Natural Resources Management Fund established under the Natural Resources Management (Financial Assistance) Act 1992.
•: The provision is redundant because the FMA Act has commenced.

367. Item 228 amends subsections 19(1) and 20(1) by replacing the references to "Reserve" with "Account".

368. Item 229 amends subsection 21(1) by replacing the reference to "spend money in the Reserve for a purpose of the Reserve" with "spend an amount standing to the credit of the Account for a purpose of the Account".

369. Item 230 replaces the heading to Part 4, "Crediting of amounts to the Reserve", with "Crediting of amounts to the Account".

370. Items 231 to 234 amend sections 22 and 22A as follows:

•: Items 231 and 233 amend subsections 22(1) and 22A(1) by replacing references to "transferred to the Reserve from the Consolidated Revenue Fund", with "credited to the Account".
•: Items 232 and 234 amend subsections 22(2) and 22A(2) by replacing references to "transferred to the Reserve", with "credited to the Account".

371. Item 235 amends section 23 by replacing the references, in subsections (1) and (2), to "Reserve" with "Account".

372. Item 236 amends sections 24, 25, 26, 27, 28 and 29. Section 24 is amended by:

•: replacing the reference, in subsection (1), to "Reserve" with "Account";
•: replacing the reference, in subsection (2), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account".

373. Item 236 also amends section 25 by:

•: replacing the reference, in paragraph (1)(a), to "money in the Reserve is spent", with "an amount standing the credit of the Account is debited and paid by the Commonwealth";
•: replacing the reference, in subsection (2), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account".

374. Item 236 also amends section 26 by:

•: replacing the reference, in paragraph (1)(a), to "money debited from the Reserve", with "amounts debited from the Account and paid by the Commonwealth"; and
•: replacing the reference, in subsection (2), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account".

375. Item 236 also amends sections 27, 28 and 29 by:

•: replacing the references, in paragraphs 27(1)(a), 28(1)(a) and 29(1)(a) to "money in the Reserve is spent" with "an amount standing to the credit of the Account is debited and paid by the Commonwealth";
•: replacing the references, in subsections 27(2), 28(2) and 29(2), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account".

376. Item 236 also replaces the heading of section 27, "Income from assets acquired using Reserve money", with "Income from assets acquired using amounts credited to the Account".

377. Item 236 also replaces the heading of section 28, "Proceeds of disposal of assets acquired using Reserve money", with "Proceeds of disposal of assets acquired using amounts credited to the Account".

378. Item 236 also replaces the heading of section 29, "Income from projects and related activities funded with Reserve money", with "Income from projects and related activities funded with amounts credited to the Account".

379. Items 237 and 238 amend paragraphs 31(b) and 40(2)(a) respectively, by replacing references to "Reserve" with "Account".

380. Item 239 amends subsection 40(3) by:

•: replacing the references, before paragraph (a) and in paragraph (e), to "Reserve" with "Account";
•: replacing the reference, in paragraph (3)(a), to "spend money in the Reserve" with "spend an amount standing to the credit of the Account"; and
•: replacing the reference, in paragraph (3)(b), to "investments of the Reserve", with "investment of an amount standing to the credit of the Account".

381. Items 240, 241, 242, 243, 244, 245, 246, 247 and 248 amend subsection 41(1), paragraph 41(3)(a), subsections 41(4) and 42(2), paragraphs 43(1)(a), 45(1)(e) and 46(1)(d), subsection 47(1) and paragraph 47(2)(a), respectively, by replacing the references, in all of the provisions, to "Reserve" with "Account".

382. Items 243 and 244 also replace, by means of Notes, the headings of sections 42, 43 and 44 by replacing the references to "Reserve" with "Account". The amended headings are:

•: section 42: Minimum balance in the Account after 30 June 2001
•: section 43: Annual report about the Account
•: section 44: Audit of annual financial statements of the Account.

383. Item 249 repeals section 48. The provision is:

(1): After the commencement of the Financial Management and Accountability Act 1997, the Reserved Money Fund is appropriated as necessary for the purposes of this Act.
(2): Subsection (1) has effect only to the extent (if any) to which the Financial Management and Accountability Act 1997 does not already provide for sufficient appropriation.
(3): Before the commencement of the Financial Management and Accountability Act 1997, the Trust Fund established by the Audit Act 1901 is appropriated as necessary for the purposes of this Act.
(4): Subsection (3) has effect only to the extent (if any) to which the Audit Act 1901 does not already provide for a sufficient appropriation.

384. Subsections 48(1) and (2) of the Act are not required because subsection 21(1) of the FMA Act provides the standing appropriation for expenditure of amounts credited to a Special Account established by an Act.12 Subsections 48(3) and (4) of the Act are redundant because the FMA Act has replaced the Audit Act 1901.

385. Item 250 amends subsection 49(1) by replacing the reference to "money debited from the Reserve" with "an amount debited from the Account".

386. Item 251 amends subsections 49(2) and (3) by:

•: replacing subsection (2). The provision in the Act is:; After the commencement of the Financial Management and Accountability Act 1997, a reference in paragraph 11(4)(a) of the Natural Resources Management (Financial Assistance) Act 1992 to amounts appropriated from time to time by the Parliament includes a reference to money debited from the Reserve in accordance with paragraphs 8(k) and 18(c) of this Act.
•: The amended provision is:; A reference in paragraph 11(4)(a) of the Natural Resources Management (Financial Assistance) Act 1992 to amounts appropriated from time to time by the Parliament includes a reference to an amount debited from the Account in accordance with paragraphs 8(k) and 18(b) of this Act.
•: Paragraph 11(4)(a) of the Natural Resources Management (Financial Assistance) Act 1992 is amended in Item 261. Paragraph 18(b) of this Act is amended in Item 227;
•: repealing subsection (3). The provision is:; Before the commencement of the Financial Management and Accountability Act 1997, a reference in paragraph 11(4)(a) of the Natural Resources Management (Financial Assistance) Act 1992 to amounts appropriated from time to time by the Parliament includes a reference to money debited from the Reserve in accordance with paragraphs 8(k) and 18(c) of this Act.
•: The provision is redundant because the FMA Act has commenced. Paragraph 18(c) of this Act is repealed in Item 227.

387. Item 252 amends subsections 49(4) and (5) by replacing references to "money debited from the Reserve" with "an amount debited from the Account".

388. Item 253 repeals sections 51 and 52. Subsection 51(3) and 52(2) provide for the sections to cease to have effect on the commencement of the FMA Act. The sections are redundant because the FMA Act has commenced.

389. Items 254 and 255 amend section 54 by replacing the definition of "Reserve" with a definition of "Account" - the Natural Heritage Trust of Australia Account.

Items 256 to 263 - Natural Resources Management (Financial Assistance) Act 1992

Natural Resources Management Account

390. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

391. Items 256 to 260 amend the Long Title, subsection 4(1), subsection 6(5) and the heading to Part 3 respectively, by replacing the references to "Reserve", with "Account". The name of the Account is the Natural Resources Management Account.

392. Item 261 amends section 11 by:

•: replacing the references, in subsections (1) and (2), to the establishment of the "Natural Resources Management Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of "Natural Resources Management Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing the reference, in subsection (3), to "investment of money from the Reserve, an amount equal to the interest must be transferred to the Reserve from the Consolidated Revenue Fund", with "investment of an amount standing to the credit of the Account, an amount equal to the interest must be credited to the Account";
•: replacing the reference, in subsection (4) before to paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund", with "credited to the Account amounts equal to the following";
•: replacing paragraph (4)(a). The provision is:; amounts appropriated from time to time by the Parliament.
•: The provision is replaced with the following Note at the end of the section.; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: replacing, in paragraph (4)(b), the reference to "Reserve" with "Account" (renumbered subsection 11(4)(a) in the FFLA Bill);
•: replacing, in subsection (5) before paragraph (a), the reference to "The following are to be paid out of the Reserve", with "Amounts are to be debited from the Account for the following purposes";
•: inserting, in paragraph (5)(b), the reference "making payments in respect of";
•: replacing paragraph (5)(c). The provision is:; other costs of administration of this Act that the Minister considers appropriate to be paid out of the Reserve.
•: The amended provision is:; making payments in respect of other costs of administration of this Act that the Minister considers appropriate to be debited from the Account.

393. Item 261 also replaces the heading of section 11, "Natural Resources Management Reserve", with "Natural Resources Management Account".

394. Items 262 and 263 amend paragraphs 12(1)(a) and (b) and subsection 12(2), respectively, by replacing the references to "Reserve", with references to "Account".

Items 264 to 267 - Navigation Act 1912

Payments to the Consolidated Revenue Fund

395. Items 264, 265, 266 and 267 amend subsection 148D(3), sections 159 and 309, and subsection 407(1), respectively, by replacing the references to payments to, or into the "Consolidated Revenue Fund", with to "the Commonwealth".

396. The provisions, as amended, require the Australian Maritime Safety Authority, which is a CAC Act authority, or other entities that are legally separate from the Commonwealth, to pay to the Commonwealth amounts equal to money held in lieu of penalties, unclaimed property and proceeds from the sale of unclaimed property and unclaimed shipwrecks. Although these amounts are public money, the provisions are retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 268 and 269 - Petroleum (Submerged Lands) Act 1967

National Offshore Petroleum Safety Account

397. The provision establishing the National Offshore Petroleum Safety Account (section 150YN) commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

398. Items 268 and 269 replace paragraph 150YO(a). The provision is:

[The following amounts must be credited to the Account] ... amounts appropriated by the Parliament for the purposes of the Account.

399. The provision is replaced with the following Note at the end of section 150YO:

An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.

400. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 270 to 275 & Items 276 to 283 - Primary Industries (Customs) Charges Act 1999 & Primary Industries (Excise) Levies Act 1999

National Cattle Disease Eradication Account

401. The abovementioned items amend the identified provisions in Schedules 1 and 3 of the first mentioned Act and in Schedules 2 and 3 in the second mentioned Act by replacing the references to the "Reserve", in regular text and in italics, with "Account" in regular text and in italics. The Account is the National Cattle Disease Eradication Account which was established by the National Cattle Disease Eradication Reserve Act 1991. Items 174 to 190 of this schedule amend this Act.

Items 284 to 308 - Proceeds of Crime Act 1987

Confiscated Assets Special Account

402. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

403. Items 284 to 287 amend subsection 4(1) by:

•: replacing the definition of "Reserve", the Confiscated Assets Reserve, with a definition of "Special Account", the Confiscated Assets Special Account. The word "Special" is included in the title to distinguish the Account from the Confiscated Assets Account established under Proceeds of Crime Act 2002 13;
•: replacing, in the definitions of distributable funds and suspended funds, the references to "money in the Reserve" with "amounts standing to the credit of the Confiscated Assets Special Account".

404. Item 288 amends subparagraph 20(3)(b)(i) by replacing the reference to "pay the remainder of the money to the Reserve" with "credit the amount of the remainder of the money to the Confiscated Assets Special Account".

405. Item 289 amends subparagraph 20(3)(b)(ii) by replacing the reference to "pay the remainder of those proceeds to the Reserve" with "credit the amount of the remainder of those proceeds to the Confiscated Assets Special Account".

406. Item 290 amends subparagraph 30(4)(b)(i) by replacing the reference to "pay the remainder of the money to the Reserve" with "credit the amount of the remainder of the money to the Confiscated Assets Special Account".

407. Item 291 amends subparagraph 30(4)(b)(ii) by replacing the reference to "pay the remainder of those proceeds to the Reserve" with "credit the amount of the remainder of those proceeds to the Confiscated Assets Special Account".

408. Item 292 replaces the heading to Part IIA, "Confiscated Assets Reserve", with "Confiscated Assets Special Account".

409. Item 293 amends section 34A by replacing the references, in subsections (1) and (2), to the establishment of the "Confiscated Assets Reserve" as a "component of the Reserved Money Fund", with references to the "Confiscated Assets Account established by Part IIA of this Act" continuing "in existence as the Confiscated Assets Special Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1), that "the Confiscated Assets Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

410. Item 293 also replaces the heading of section 34A, "Establishment of Reserve", with "Confiscated Assets Special Account".

411. Item 294 amends subsection 34B(1) by:

•: replacing the reference, in subsection 34B(1) before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Confiscated Assets Special Account".

412. Item 294 also replaces, by means of a Note, the heading of section 34B, "Payments into Reserve", with "Credits to Confiscated Assets Special Account".

413. Item 295 amends paragraph 34B(1)(d) by replacing the reference to "paid into the Reserve", with "credited to the Confiscated Assets Special Account".

414. Item 296 amends subsections 34B(2) and (3) by:

•: replacing subsection (2). The provision is:; Subject to section 34E, all amounts paid to the Reserve are to be identified in accordance with the regulations as distributable funds or suspended funds and are to retain that identity while they remain within the Reserve.
•: The amended provision is:; "Subject to section 34E, all amounts credited to the Confiscated Assets Special Account are to be identified in accordance with the regulations as distributable funds or suspended funds";
•: repealing subsection 34B(3). The provision is:; Where an amount payable to the Commonwealth must, under this section, be paid to the Reserve, payment of that amount into the Reserve is, for all purposes, taken to be payment to the Commonwealth.
•: The provision is now redundant because an amount credited to a Special Account is in the CRF, which means that it has been paid to the Commonwealth.

415. Item 297 amends subsection 34C(1) by:

•: replacing the reference, before paragraph (a), to "The purposes of the Reserve", with "The purposes of the Confiscated Assets Special Account";
•: replacing the reference, in subparagraph (a)(iii), to "a payment to the Reserve", with "a credit to the Account".

416. Item 297 also replaces, by means of a Note, the heading of section 34C, "Payments out of Reserve", with "Debits from the Confiscated Assets Special Account".

417. Item 298 amends subsection 34D(2) by:

•: replacing the reference, in paragraph (a), to "deducted from the balance of distributable funds in the Trust Fund and" with "debited from the balance of distributable funds standing to the credit of the Confiscated Assets Special Account". Paragraph (a) is subsumed in subsection (2);
•: repealing paragraph (b). The paragraph provides that the amount deducted under paragraph (a), must be "paid to the Consolidated Revenue Fund". The provision is redundant because the Special Account records amounts in the CRF.

418. Item 298 also replaces, by means of a Note, the heading of section 34D, "Transfer of balance of distributable funds to Consolidated Revenue Fund", with "Debiting balance of distributable funds standing to the credit of Confiscated Assets Special Account".

419. Item 299 amends subsection 34E(1) by replacing the reference to "suspended funds in the Reserve", with "suspended funds standing to the credit of the Confiscated Assets Special Account".

420. Item 300 amends subparagraph 49(6)(a)(ii) by replacing the reference to "pay the remainder of the money to the Reserve" with "credit the amount of the remainder of the money to the Confiscated Assets Special Account".

421. Item 301 amends subparagraph 49(6)(b)(iii) by replacing the reference to "pay the remainder of those proceeds to the Reserve" with "credit the amount of the remainder of those proceeds to the Confiscated Assets Special Account".

422. Item 302 amends paragraph 49(7)(a) by replacing the reference to "pay to the Reserve" with "credit to the Confiscated Assets Special Account".

423. Item 303 amends subsection 49(8) by replacing the reference to "pays, in accordance with a direction under this section, money to the Reserve" with "credits, in accordance with a direction under this section, an amount to the Confiscated Assets Special Account".

424. Item 304 amends subsection 55(2) by replacing the reference to "into the Consolidated Revenue Fund" with "to the Commonwealth".

425. Item 305 amends subparagraph 63(4)(a)(ii) by replacing the reference to "pay the remainder of the money to the Reserve" with "credit the amount of the remainder of the money to the Confiscated Assets Special Account".

426. Item 306 amends subparagraph 63(4)(b)(iii) by replacing the reference to "pay the remainder of those proceeds to the Reserve" with "credit the amount of the remainder of those proceeds to the Confiscated Assets Special Account".

427. Item 307 amends paragraph 63(5)(a) by replacing the reference to "pay to the Reserve" with "credit to the Confiscated Assets Special Account".

428. Item 308 amends subsection 63(6) by replacing the reference to "pays, in accordance with an order under subsection (1), money to the Reserve", with "credits, in accordance with an order under subsection (1), an amount to the Confiscated Assets Special Account".

Items 309 to 312 - Proceeds of Crime Act 2002

Confiscated Assets Account

429. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

430. The Act commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

431. Item 309 amends subsection 288(2) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth.

432. Item 310 amends subsection 297(2) by replacing the reference to "Suspended funds are funds in the Confiscated Assets Account" with "Suspended funds are amounts credited to the Confiscated Assets Account".

433. Item 311 amends subsection 299(1) by replacing the reference to "suspended funds in the Confiscated Assets Account" with "suspended funds credited to the Confiscated Assets Account".

434. Item 312 amends subsection 299(7) by replacing the reference to "Distributable funds are funds in the Confiscated Assets Account" with "Distributable funds are amounts credited to the Confiscated Assets Account.

Items 313 and 314 - Protection of Movable Cultural Heritage Act 1986

National Cultural Heritage Account

435. The provision establishing the National Cultural Heritage Account (section 25) commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

436. Items 313 and 314 replace subsection 25A(1). The subsection is:

There may be credited to the National Cultural Heritage Account any money appropriated by the Parliament for an outcome of the Department.

437. The provision is replaced with the following Note at the end of subsection 25A(2):

An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.

438. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 315 and 316 - Protection of the Sea (Oil Pollution Compensation Fund) Act 1993

Payments to the Consolidated Revenue Fund

439. Item 315 amends subsection 40(1) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

440. Item 316 amends subsections 40(2) and (3) by:

•: replacing subsection 40(2). The provision is:; If an amount (the CRF amount) is paid into the Consolidated Revenue Fund under subsection (1), there must be paid to the 1992 Fund an amount equal to the CRF amount.
•: The replacement provision is:; If an amount is paid to the Commonwealth under subsection (1), the Commonwealth must pay to the 1992 Fund an amount equal to that amount;
•: replacing subsection 40(3). The provision is:; A payment of an amount to the 1992 Fund under subsection (2) in respect of a particular CRF amount is subject to a condition that, if the Commonwealth becomes liable to refund the whole or a part of the CRF amount, the 1992 Fund must pay to the Commonwealth an amount equal to the amount that the Commonwealth is liable to refund.
•: The amended subsection is:; A payment of an amount to the 1992 Fund under subsection (2) is subject to the condition that, if the Commonwealth becomes liable to refund the whole or part of that amount, the 1992 Fund must pay to the Commonwealth an amount equivalent to the amount that the Commonwealth is liable to refund.

Item 317 - Sea Installations Act 1987

Sea Installations Account

441. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

442. Item 317 amends section 38 by:

•: replacing the references, in subsections (1) and (2), to the establishment of the "Sea Installations Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Sea Installations Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included, under the amended subsection (1) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing the reference, in subsection (3), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account";
•: replacing subsection (4). The provision is:; Where the Minister determines, in writing signed by the Minister, that the amount standing to the credit of the Reserve that represents the sum of money paid by a person as a security under section 37 and of interest on that money exceeds the amount required for the purposes of the security, the amount of the excess shall be paid to that person.
•: The amended provision is:; If the Minister determines in writing that the amount standing to the credit of the Account that represents the sum of the money paid by a person as a security under section 37, and of interest on that money, exceeds the amount required for the purposes of the security, the amount of the excess must be paid to that person by the Commonwealth and the Account must be debited accordingly.

443. Item 317 also replaces the heading of section 38, "Reserve for money paid as security", with "Sea Installations Account".

Items 318 to 363 - Small Superannuation Accounts Act 1995

Superannuation Holding Accounts Special Account

444. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

445. Item 318 replaces the first star point of section 3 (which provides a simplified explanation of the Act). The provision is:

The Australian Taxation Office has accounts that allow employers to deposit money for their employees instead of making superannuation contributions.

446. The replacement provision is:

The Australian Taxation Office administers a Special Account. Notional accounts are kept within the Special Account. Employers may deposit money for their employees instead of making superannuation contributions. These deposits are credited to the notional accounts.

447. Item 319 also amends section 3 (which provides a simplified explanation of the Act) by replacing the reference in the last star point to "The accounts may also be used to hold", with a reference to "The accounts may also be credited with".

448. Items 320 and 321 replace, in section 4, the definition of "Reserve", with a definition of "Special Account". The name of the Special Account is the Superannuation Holding Accounts Special Account. The word "Special" is included in the title so that the "Special Account" is clearly distinguished from the "accounts", which are notional accounts maintained within the Special Account (Item 327 amends section 11 which provides a simplified outline of Part 3 which deals with accounts.)

449. Item 322 replaces the heading to Part 2 "Superannuation Holding Accounts Reserve", with "Superannuation Holding Accounts Special Account".

450. Item 323 amends section 7, which provides a simplified outline of Part 2, by:

•: replacing the reference, in the first starred line, to "Superannuation Holding Accounts Reserve (the Reserve)" with "Superannuation Holding Accounts Special Account";
•: replacing the reference, in the second starred line, to "Reserve" with "Special Account";
•: deleting the third starred line. The provision is:; The Reserved Money Fund is appropriated for the purposes of this Act.
•: This line relates to the amendment to section 10, discussed below.

451. Item 324 amends section 8 by:

•: replacing the references, in subsection (1) and (2), to the establishment of "a Reserve called the Superannuation Holding Accounts Reserve" as a "component of the Reserved Money Fund", with references to "The Superannuation Holding Accounts Account is continued in existence as the Superannuation Holding Accounts Special Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included under the amended subsection (1) that "the Superannuation Holding Accounts Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999". The word "Special" is included in the new title of the Special Account to reduce confusion inherent in a name that includes the words "Accounts Account".
•: deleting the reference, in subsection (2), to "after the commencement of the Financial Management and Accountability Act 1997". The reference is now redundant because the FMA Act has commenced;
•: replacing Note 1 under subsection (2). The Note is:; Note 1: Money in the Reserve may be invested under section 39 of the Financial Management and Accountability Act 1997.
•: The replacement Note is:; Note: An amount standing to the credit of the Special Account may be invested under section 39 of the Financial Management and Accountability Act 1997.
•: deleting Note 2 under subsection (2). The Note is:; Under section 81 of the Constitution, income from investments must be paid into the Consolidated Revenue Fund.
•: The Note is redundant because the CRF is now self-executing, which means that income from the investment is public money and in the CRF;
•: deleting Note 3 under subsection (2) and deleting subsection (3). These provisions refer to the Trust Fund established by the Audit Act 1901, to the period before the Audit Act 1901 was replaced with the FMA Act and to the transition from the operation of the former Act to the latter Act. These provisions are redundant because this period has now passed. The FMA Act replaced the Audit Act 1901 on 1 January 1998.

452. Item 324 also replaces the heading of section 8, "Establishment of Superannuation Holding Accounts Reserve", with "Superannuation Holding Accounts Special Account".

453. Item 325 amends subsection 9(1) by replacing the references in the heading before subsection 9(1), and in paragraph 9(1)(a), to "Reserve" with "Special Account".

454. Item 325 also replaces, by means of a Note, the heading of section 9, "Reserve is not a superannuation fund", with "Special Account is not a superannuation fund".

455. Item 326 repeals section 10. The provision is:

The Reserved Money Fund is appropriated as necessary for the purposes of this Act.

456. This provision is redundant because Special Accounts have replaced the components of the RMF. Special Accounts record amounts in the CRF. Subsection 21(1) of the FMA Act provides the appropriation authority for expenditure on the purposes of the Account of the amounts standing to the credit of the Account. However subsection 76(6) of the Small Superannuation Accounts Act 1995 is retained because it provides the appropriation authority for the expenditure of amounts that are not standing to the credit of the Special Account.

457. Item 327 amends section 11 which provides a simplified outline of Part 3 (headed "Accounts"), by:

•: replacing the reference, in the first starred line to "Accounts" with "Notional accounts";
•: replacing the reference, in the first starred line, to "Reserve" with "Special Account".

458. Item 328 amends subsection 12(1) by replacing the reference to "Reserve" with "Special Account".

459. Item 329 amends section 14 by:

•: inserting, after the first sentence of the section, the words "These debits also involve debiting the Special Account.";
•: replacing the reference, under the subheading Transfer to superannuation fund or RSA, to "the balance of the account may be transferred to a superannuation fund", with "the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to a superannuation fund";
•: replacing the references (under the following subheadings: "Balance of less than $200 - individual has ceased to be employed by all depositors, Receipt of Commonwealth income support payments, Disability, Individual turns 65, Individual at least 55 years old and not an Australian resident) to "the balance of the account may be withdrawn and paid to the individual" with "the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual";
•: replacing the reference, under the subheading Permanent departure from Australia, to "The balance of an individual's account may be withdrawn" with "The balance of the amount standing to the credit of an individual's account may be debited from the Special Account";
•: replacing the reference, under the subheading Death of an individual, to "the balance of the account may be withdrawn and paid to the individual's" with "the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual's";
•: replacing the reference, under the subheading Refunds of deposits, to "the account may be debited for the purposes of refunding deposits" with "an amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth for the purposes of refunding deposits".

460. Items 330 and 331 amend paragraphs 16(e) and 17(2)(d) respectively, by replacing the references to "transferred to the Consolidated Revenue Fund" with "debited from the Special Account".

461. Item 332 amends section 34, which provides a simplified outline of Part 5 (headed "Crediting of deposits"), by:

•: repealing paragraph (a). The provision is:; credit the deposit to the Consolidated Revenue Fund
•: The provision is redundant because the CRF is now self-executing;
•: replacing paragraph (b). The provision is:; transfer the deposit to the Reserve.
•: It is replaced with:; credit the deposit to the Special Account" (first dot point in the FFLA Bill);
•: converting paragraph (c) to the second dot point.

462. Item 333 amends section 35 by:

•: deleting subsection (1). The provision is:; The following steps must be applied if a deposit, or purported deposit, is made in respect of an individual.
•: Given the details contained in the section the provision is unnecessary;
•: reducing the three steps to two for the crediting of deposits to an account;
•: deleting subsection (2), including the heading of the subsection, and the Note to the subsection. The subsection is:; The deposit or purported deposit is to be credited to the Consolidated Revenue Fund.
•: The Note is:; Under section 81 of the Constitution, money received by the Commonwealth must be paid into the Consolidated Revenue Fund.
•: The provision and the Note are redundant because the CRF is now self-executing.
•: replacing the heading of subsection (3), "Step 2 - Transfer to Reserve", with "Step 1 - Credit to Special Account";
•: replacing the reference, in subsection (3), to "deposit is to be transferred from the Consolidated Revenue Fund to the Reserve" with "deposit made in respect of an individual is to be credited to the Special Account" (renumbered subsection (1) in the FFLA Bill);
•: replacing the heading of subsection (4), "Step 3 - Credit to account", with "Step 2 - Credit to individual's account";
•: replacing the reference, in subsection (4), to "amount is transferred to the Reserve under subsection (3)," with "amount is credited to the Special Account," (renumbered subsection 35(2) in the FFLA Bill).

463. Item 334 amends section 36, which provides a simplified outline of Part 6 (headed "Crediting of interest"), by replacing the reference, in the first starred line, to "transferring amounts from the Consolidated Revenue Fund to the Reserve" with "crediting amounts to the Special Account".

464. Item 335 amends paragraph 38(a) by replacing the reference to "money in the Reserve" with "amounts standing to the credit of the Special Account".

465. Item 336 amends paragraph 38(b) by replacing the reference to "amount of uninvested money in the Reserve" with "amount standing to the credit of the Special Account that remains uninvested".

466. Item 337 amends subsection 39(5) by replacing the reference to "money in the Reserve" with "amounts standing to the credit of the Special Account".

467. Item 338 amends section 40, which provides a simplified outline of Division 3 of Part 6 (headed "Funding of interest") by:

•: replacing the reference, in the first starred line, to "transferring the net interest amount from the Consolidated Revenue Fund to the Reserve" with "crediting the net interest amount to the Special Account";
•: replacing the reference, in the second starred line, to "Reserve" with "Special Account";
•: replacing the reference, in the fourth starred line, to "transferring money from the Consolidated Revenue Fund" with "crediting an amount to the Special Account"; and
•: replacing the reference, in the fifth starred line, to "transferred to the Consolidated Revenue Fund" with "debited from the Special Account."

468. Item 339 amends sections 41 and 42. Section 41 is amended by replacing the reference to "transferred from the Consolidated Revenue Fund to the Reserve", with "credited to the Special Account".

469. Item 339 also replaces the heading of section 41, "Transfer of net interest amount from the Consolidated Revenue Fund to the Reserve", with "Crediting of net interest amount to the Special Account".

470. Item 339 also amends section 42 by:

•: replacing the reference, in subsection (1), to "Reserve" with "Special Account";
•: replacing the reference, in subsection (2), to "transferred to the Reserve" with "credited to the Special Account";
•: replacing subsection (3). The provision is:; The Unallocated Interest Pool is to be debited for the purposes of crediting interest to an account.
•: The replacement provision is:; The balance of the Unallocated Interest Pool is to be debited for the purposes of crediting interest to an individual's account.

471. Item 340 amends subsection 43(3) by replacing the reference to "transferred from the Consolidated Revenue Fund to the Reserve" with "credited to the Special Account".

472. Item 340 also replaces the heading of subsection 43(3), "Transfer of supplementation amount", with "Crediting of the supplementation amount".

473. Item 341 amends subsection 44(3) by:

•: replacing the reference, in paragraph (a), to "debited to the Reserve", with "debited from the Special Account" (the amended paragraph (a) is subsumed the subsection in the FFLA Bill);
•: repealing paragraph (b). The provision is:; credited to the Consolidated Revenue Fund
•: The provision is redundant because an amount standing to the credit of a Special Account is in the Consolidated Revenue Fund.

474. Item 341 also replaces, by means of a Note, the heading of section 44, "Re-transfer of unallocated interest to the Consolidated Revenue Fund", with "Debiting of unallocated interest".

475. Item 342 amends subsection 46(1) by replacing the reference to "transferred to the Reserve" with "credited to the Special Account".

476. Item 343 replaces paragraph 50(2)(e). The provision is:

the transfer of the balance of the account to the Consolidated Revenue Fund under Part 9 (this event is to be known as the inactive account transfer event).

477. The replacement provision is:

the debiting of the balance of the account from the Special Account under Part 9 (this event is to be known as the inactive account debit event).

478. Item 343 also replaces, by means of a Note, the heading of subsection 50(2), "Allocation day event, withdrawal event and inactive account transfer event", with "Allocation day event, withdrawal event and inactive account debit event".

479. Items 344 and 345 amend subsection 50(5) as follows:

•: Item 344 replaces the reference, before paragraph (a), to "inactive account transfer" with "inactive account debit".
•: Item 345 replaces the reference, in paragraph (b), to "day of the transfer" with "day of the debit".

480. Item 344 also replaces, by means of a Note, the heading of subsection 50(5), "Inactive account transfer event", with "Inactive account debit event".

481. Item 346 amends subsection 53(2) by replacing the reference to "the account is debited" with "the account balance is debited".

482. Item 346 also replaces the heading of subsection 53(2), "Debit reversing interest credit", with "Reversing interest credit". The amendment is intended to provide more clarity to the heading.

483. Item 347 amends subsection 61(5) by replacing the reference to "The Reserve is debited" with "The Special Account is debited".

484. Item 347 also replaces the heading of subsection 61(5), "Reserve to be debited", with "Special Account to be debited".

485. Item 347 also amends, by means of a Note, the heading of subsection 61(6), "Account to be debited", with "Individual's account to be debited".

486. Item 348 amends subsection 61A(3) by replacing the reference to "Reserve" with "Special Account".

487. Items 349, 350, 351, 352, 353, 354, 355, 356 and 357 amend subsections 63(4), 64(4), 65(4), 66(6), 67(4), 67A(4), 68(4), 72(3) and 73(4), respectively, by replacing the references to "The Reserve is debited" with "The Special Account is debited".

488. The abovementioned items also replace the headings of the above subsections, "Reserve to be debited", with "Special Account to be debited".

489. The abovementioned items also replace, by means of Notes, the headings to subsections 63(5), 64(5), 65(5), 66(7), 67(5), 67A(5), 68(5), 72(4) and 73(5), "Account to be debited", with "Individual's account to be debited".

490. Item 358 amends section 75, which provides a simplified outline of Part 9 (headed "Inactive accounts"), by:

•: replacing the reference, in the first starred line, to "the account balance will be transferred to the Consolidated Revenue Fund" with "the account balance is to be debited from the Special Account";
•: replacing the reference, in the third starred line, to "a register of account balances transferred to the Consolidated Revenue Fund" with "a register of individuals' account balances debited".

491. Item 359 amends subsections 76(4), (5), (6) and (7) by:

•: replacing the reference, in subsection (4) and paragraph (a), to "an amount equal to the balance of the account at the end of the period is to be debited from the Reserve and" with "an amount equal to the balance of the individual's account as at the end of that period is to be debited from the Special Account";
•: deleting paragraph (4)(b). The provision is:; credited to the Consolidated Revenue Fund
•: The provision is redundant because an amount debited from a Special Account but not paid to the individual remains in the CRF;
•: replacing subsection (5). The provision is:; If an amount is credited to the Consolidated Revenue Fund under subsection (4), the account is debited by an amount equal to the credited amount.
•: The replacement provision is:; If an amount is debited from the Special Account under subsection (4), the individual's account is debited by an amount equal to the amount debited from the Special Account;
•: replacing subsection (6). The provision is:; If an amount has been credited to the Consolidated Revenue Fund under subsection (4) in respect of the account, the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the credited amount.
•: The replacement provision is:; If an amount has been debited from the Special Account under subsection (4), the individual may request the Commissioner of Taxation to pay to the individual an amount equal to the amount debited from the Special Account;
•: replacing paragraph (7)(a). The provision is:; If an amount has been credited to the Consolidated Revenue Fund under subsection (4) in respect of the account; and
•: The replacement provision is:; If an amount has been debited from the Special Account under subsection (4) in respect of an individual's account; and
•: replacing the reference, in subsection (7) after paragraph (b), to "an amount equal to the credited amount" with "an amount equal to the amount debited from the Special Account in respect of the individual's account".

492. Item 359 also replaces the heading of subsection 76(4), "Transfer to the Consolidated Revenue Fund", with "Debit from the Special Account".

493. Item 359 also replaces the heading to subsection 76(5), "Debiting of account balance", with "Debiting of individual's account balance".

494. Item 360 amends paragraph 77(a) by replacing the reference to "credited to the Consolidated Revenue Fund" with "debited from the Special Account".

495. Item 361 amends section 91A by replacing the reference to "deposit into an individual's account" with "credit to an individual's account".

496. Item 362 amends subsection 91D(2) by replacing the reference to "transferred from the Consolidated Revenue Fund to the Reserve" with "credited to the Special Account".

497. Item 363 amends subsection 91D(3) by replacing the reference to "transferred to the Reserve", with "credited to the Special Account".

Item 364 - Snowy Hydro Corporatisation Act 1997

Payments to the Consolidated Revenue Fund

498. Item 364 amends subsection 42(4) by replacing the reference to "into the Consolidated Revenue Fund" with "to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 365 - Snowy Mountains Engineering Corporation Limited Sale Act 1993

Payments to the Consolidated Revenue Fund

499. Item 365 amends subsection 33(4) by replacing the reference to "into the Consolidated Revenue Fund" with "to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 366 - States Grants (Primary and Secondary Education Assistance) Act 1992

Payments to the Consolidated Revenue Fund

500. Item 366 repeals paragraph 114(c). The paragraph provides for borrowed money to be applied for making "Payments to the Consolidated Revenue Fund" for reimbursing the CRF from the Loan Fund as provided under section 115 of the Act. The Loan Fund was abolished by the FMLA Act 99 and Item 27 of this Schedule repeals section 115 of the Act. Hence paragraph 114(c) is redundant.

Item 367 - States Grants (Primary and Secondary Education Assistance) Act 1996

Payments to the Consolidated Revenue Fund

501. Item 367 repeals paragraph 86(c). The paragraph provides for borrowed money to be applied for making "Payments to the Consolidated Revenue Fund" for reimbursing the CRF from the Loan Fund as provided under section 87 of the Act. The Loan Fund was abolished by the FMLA Act 99 and Item 29 of this Schedule repeals section 87 of the Act.

Items 368 to 372 - Student Assistance Act 1973

Students (Financial Supplement) Account

502. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

503. Items 368 and 369 amend subsection 3(1) by replacing the definition of "Reserve" with a definition of "Account" - the Students (Financial Supplement) Account.

504. Item 370 amends section 12M by replacing the references in subsections (1) and (2) to the establishment of the "Students (Financial Supplement) Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Students (Financial Supplement) Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included under the amended subsection (1) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999".

505. Item 370 also replaces the heading of section 12M, "Students (Financial Supplement) Reserve", with "Students (Financial Supplement) Account".

506. Item 371 amends subsections 12N(2) and (3) by:

•: replacing the reference, in subsection (2) before paragraph (a), to "paid into the Reserve out of the Consolidated Revenue Fund" with "credited to the Account";
•: replacing in paragraph (2)(a). The provision is:; when it is paid into the Reserve, an amount equal to that amount is to be paid out of the Reserve to the student on behalf of the corporation; and
•: The replacement provision is:; when it is credited to the Account, an amount equal to that amount is to be paid by the Commonwealth to the student on behalf of the corporation and debited from the Account; and;
•: replacing the two references in subsection 12N(3):
•: the reference to "paid into the Reserve" is replaced with "credited to the Account";
•: the reference to "paid as soon as practicable out of the Reserve to the corporation" is replaced with "paid as soon as practicable by the Commonwealth to the corporation and debited from the Account".

507. Item 372 amends the reference, in paragraph 56(1)(f) after subparagraph (ii), to "payments are to be made to persons out of the Reserve" with "payments are to be made to a person by the Commonwealth in respect of a debiting of the Account".

Items 373 to 385 - Superannuation Act 1922

Payments to the Consolidated Revenue Fund

508. These items amend the identified provisions by replacing references to "into the Consolidated Revenue Fund" and "to the Consolidated Revenue Fund" with "to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 386 to 410 - Superannuation Act 1976

Payments to the Consolidated Revenue Fund

509. These items amend the identified provisions by replacing references to "into the Consolidated Revenue Fund" and "to the Consolidated Revenue Fund" with "to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

510. In addition the following amendments are made:

•: Item 397 amends paragraph 124(1)(b) by:
•: replacing the two references to "into the Consolidated Revenue Fund" with "to the Commonwealth";
•: replacing the reference to "contributions shall be deemed not to have been" "contributions are taken not to have been".
•: Item 397 also amends paragraph 124(1)(c) by replacing the two references to "into the Consolidated Revenue Fund" with "to the Commonwealth".

511. Item 389 also replaces, by means of a Note, the heading of section 112, "Payments into and out of the Consolidated Revenue Fund", with "Payments to the Commonwealth and payments out of the Consolidated Revenue Fund".

Items 411 to 416 - Superannuation (Government Co-contribution for Low Income Earners) Act 2003

Superannuation Holding Accounts Special Account

512. Items 411 to 414 amend paragraphs 15(1)(e), paragraph (b) of the note to subsection 18(1), paragraph 19(4)(e) and table item 2 of subsection 24(3) by replacing the references to "Superannuation Holding Accounts Account" with references to "Superannuation Holding Accounts Special Account".

513. Items 415 and 416 amend section 56 to replace the definition of the "Superannuation Holding Accounts Account" with a definition of the "Superannuation Holding Accounts Special Account". The amended section 56 refers to the Account "continued in existence by section 8 of the Small Superannuation Accounts Act 1995". Item 324 of this Schedule amends section 8 of that Act.

Items 417 and 418 - Superannuation Guarantee (Administration) Act 1992

Superannuation Holding Accounts Special Account

514. Item 417 amends subsection 65(5) by replacing the reference to "transferred from the Consolidated Revenue Fund to the Superannuation Holding Accounts Reserve" with "credited to the Superannuation Holding Accounts Special Account". The Special Account is established by the Small Superannuation Accounts Act 1995 which is amended in Items 318 to 363 of this Schedule.

515. Item 418 amends subsection 69A(3) by:

•: replacing the text before paragraph (a) and paragraph (a). These provisions are:; An amount equal to the excess is to be debited to the Superannuation Holding Accounts Reserve; and
•: The replacement provision is:; An amount equal to the excess is to be debited from the Superannuation Holding Accounts Special Account" (paragraph (a) is subsumed in subsection (3)).
•: repealing paragraph (b). The paragraph provides for the amount debited from the Superannuation Holding Accounts Reserve under paragraph (a) to be "credited to the Consolidated Revenue Fund". The provision is redundant because amounts credited to a Special Account are in the CRF. If an amount debited from a Special Account does not represent a payment it remains in the CRF.

Item 419 to 423 - Superannuation Industry (Supervision) Act 1993

Superannuation Protection Account

516. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

517. Item 419 amends section 234 by:

•: replacing the references, in subsections (1) and (2), to the establishment of the "Superannuation Protection Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Superannuation Protection Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing the reference, in subsection (3), to "money in the Reserve that is not required for the purpose of making payments out of the Reserve must be invested" with "an amount standing the credit of the Account that is not required for the purposes of making payments of financial assistance consequential on debits from the Account must be debited from the Account and invested";
•: replacing the reference, in subsection (4), to "the investment of money from the Reserve, an amount equal to the income must be transferred to the Reserve from the Consolidated Revenue Fund" with "the investment of an amount standing to the credit of the Account, an amount equal to the income must be credited to the Account".

518. Item 419 also replaces the heading of section 234 , "Superannuation Protection Reserve", with "Superannuation Protection Account".

519. Item 420 amends subsection 235(1) by replacing the references, in paragraphs (a) and (b), to the Minister determining whether "the assistance is to be paid out of the Consolidated Revenue Fund; or the assistance is to be paid out of the Reserve" with the Minister determining "whether or not the amount of assistance is to be debited from the Account". The replacement for paragraphs (a) and (b) is renumbered subsection (1) in the FFLA Bill.

520. Item 421 adds the following Note at the end of subsection 235(1):

Subsection 21(1) of the Financial Management and Accountability Act 1997 appropriates the Consolidated Revenue Fund for expenditure for the purposes of the Special Account up to the balance for the time being of the Account.

521. Item 422 replaces subsection 235(2). The provision is:

If the Minister determines that the assistance is to be paid out of the Consolidated Revenue Fund, the Consolidated Revenue Fund is appropriated accordingly.

522. The replacement provision is:

If the financial assistance is not debited from the Account, the Consolidated Revenue Fund is appropriated as necessary for the purposes of this section.

523. Subsection 24(2) of the Financial Institutions Supervisory Levies Collection Act 1998 deals with the collection of levies and the crediting of amounts of levy to the Account when the Minister determines that financial assistance is to be paid by debiting the Account. Item 138 of this Schedule amends section 24 of that Act.

524. Item 423 amends section 236 and 237. Section 236 is replaced. The current provision is:

The purposes of the Reserve are to make payments of financial assistance that are payable out of the Reserve pursuant to a determination by the Minister under paragraph 235(1)(b) and to apply any excess referred to in subsection 237(2) in accordance with that subsection.

525. The replacement provision, which is restructured into two subparagraphs, is:

The purposes of the Account are:

(a)
to make payments of financial assistance under a determination by the Minister under subsection 235(1); and

(b)
to apply any excess referred to in subsection 237(2) in accordance with that subsection.

526. Item 423 also replaces the heading of section 236, "Purposes of Reserve", with "Purposes of Account".

527. Item 423 also amends section 237 by:

•: replacing the reference, in subsection (1), to "kept within the Reserve" with "kept within the Account";
•: replacing the reference, in subsection (2), to "amounts paid by funds into the Reserve" with "amounts credited to the Account from amounts paid by funds" (renumbered paragraph (a) in the FFLA Bill);
•: inserting in subsection (2), after paragraph (b) the words "to be debited from the Account and".

528. Item 423 also replaces the heading of section 237, "Separate notional payments to be kept within the Reserve", with "Separate notional accounts to be kept within the Account".

Items 424 and 425 - Sydney Airport Demand Management Act 1997

Payments to the Consolidated Revenue Fund

529. Item 424 amends subsection 27(1) by replacing the reference to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth". The amended provision requires the Slot Manager to pay to the Commonwealth amounts of penalties received by it.

530. The Slot Manager is a separate legal entity from the Commonwealth and is able to handle money that is not public money. Although the penalty payments are public money, subsection 27(1) is retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

531. Item 425 amends subsections 27(2) and (3) by:

•: replacing subsection 27(2). The provision is currently:; If an amount (the CRF amount) is paid into the Consolidated Revenue Fund under subsection (1), the Commonwealth must pay to the *Slot Manager an amount equal to the CRF amount.
•: The replacement provision is:; If an amount is paid to the Commonwealth as a civil penalty (Division 2) or an infringement notice penalty (Division 3) the Commonwealth must pay to the Slot Manager an amount equal to that amount.
•: replacing subsection 27(3). The provision is:; A payment of an amount to the *Slot Manager under subsection (2) in respect of a particular CRF amount is subject to a condition that, if the Commonwealth becomes liable to refund the whole or part of the CRF amount, the Slot Manager must pay to the Commonwealth an amount equal to the amount that the Commonwealth is liable to refund.
•: The replacement provision is:; A payment of an amount to the Slot Manager under subsection (2) is subject to the condition that, if the Commonwealth becomes liable to refund the whole or part of that amount, the Slot Manager must pay to the Commonwealth an amount equivalent to the amount that the Commonwealth is liable to refund"

532. Item 425 also replaces, by means of a Note, the heading of section 27, "Civil penalties and infringement notice penalties to be paid into the Consolidated Revenue Fund", with "Civil penalties and infringement notice penalties to be paid to the Commonwealth".

Item 426 - Taxation Administration Act 1953

Payments to the Consolidated Revenue Fund

533. Item 426 amends subparagraph 16(2)(a)(ii) by replacing the reference to "paid into the Consolidated Revenue Fund", with "paid to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Items 427 and 428 - Telecommunications Act 1997

Payments to the Consolidated Revenue Fund

534. Items 427 and 428 amend subsections 73(9) and 468(9), respectively, by replacing the references to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth".

535. The amounts paid are charges and late payment penalties collected by the Australian Communications Authority on behalf of the Commonwealth. The Australian Communications Authority is a CAC Act authority and is therefore able to handle money that is not public money. Although the charges and late payment penalties are public money the subsections are retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

536. Items 427 and 428 also replace, by means of Notes, the headings of subsections 73(9) and 468(9) respectively, "Payment into Consolidated Revenue Fund" with "Payment to the Commonwealth".

Items 429 to 437 - Telecommunications (Consumer Protection and Service Standards) Act 1999

Background

537. The amendments to the Act mainly cover the following two Special Accounts established by the Act:

•: the Universal Service Account; and
•: the NRS Account14.

538. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Universal Service Account

539. The provision establishing the Universal Service Account (section 21) commenced after the commencement of the FMLA Act 99 and therefore does not contain references to the RMF.

540. Items 429 and 430 replace paragraph 21A(b). The paragraph is:

There must be credited to the Universal Service Account ... (b) all money appropriated by law for the purposes of the Universal Service Account.

541. The provision is replaced with the following Note at the end of section 21A:

An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.

542. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

543. Items 431 and 432 amend paragraph 21B(1)(c) and subsection 21B(3), respectively, by replacing the references to "amounts paid into the Universal Service Account" with "amounts credited to the Universal Service Account".

544. Item 433 amends section 21C by:

•: replacing the reference, in subsection (1), to "payable to the person out of the Universal Service Account" with "payable to the person by the Commonwealth. The Universal Service Account is debited accordingly";
•: replacing the references, in subsection (2) and subsection (3) before paragraph (a), to amounts payable "out of the Universal Service Account" with amounts payable "under subsection (1)";
•: replacing the references, in paragraph (3)(b) and subsection (4), to "payments out of the Universal Service Account" with "payments by the Commonwealth in respect of amounts standing to the credit of the Universal Service Account".

545. Item 434 amends subsection 21D(1) by replacing the reference to "any balance of the Universal Service Account that remains after all amounts payable out of it" with "any balance standing to the credit of the Universal Service Account that remains after all payments payable by the Commonwealth in respect of debits from the Account".

Payments to the Consolidated Revenue Fund

546. Items 435 and 436 amend subsections 23D(5) and 101A(5), respectively, by replacing the references to "paid into the Consolidated Revenue Fund" with "paid to the Commonwealth".

547. The amounts paid are charges collected by the Australian Communications Authority on behalf of the Commonwealth. The Australian Communications Authority is a CAC Act authority and is therefore able to handle money that is not public money. Although the amounts of penalty are public money the subsections are retained and amended to make it clear that the amounts must be paid to the Commonwealth. This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

NRS Account

548. Item 437 amends Division 4 of Part 3 by:

•: replacing subsection 102(1). The subsection is:; The NRS Reserve that was, immediately before the commencement of this section, in existence because of section 221I of the Telecommunications Act 1997 continues in existence under and subject to the provisions of this Act.
•: The replacement provision is:; There is continued in existence the NRS Account. A Note is included under the amended subsection, that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing subsection (2). The subsection is:; The NRS Reserve is a component of the Reserved Money Fund.
•: The replacement provision is:; The NRS Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997;
•: replacing the reference, in subsection (3), to "NRS Reserve" with "NRS Account";
•: replacing the reference, in subsection (4) before paragraph (a), to "transferred to the NRS Reserve from the Consolidated Revenue Fund" with "credited to the NRS Account";
•: replacing the reference, in paragraph (4)(a), to "credited to the Consolidated Revenue Fund" with "paid to the Commonwealth";
•: replacing the reference, in paragraph (4)(b), to "money in the NRS Reserve" with "an amount standing to the credit of the NRS Account".

549. Item 437 also replaces the headings of Division 4 of Part 3 and section 102, "The NRS Reserve" with "The NRS Account".

Items 438 to 492 - Telstra Corporation Act 1991

Background

550. The amendments to the Act mainly cover the following four Special Accounts:

•: the Rural Transaction Centres Account;
•: the Untimed Local Call Access Account;
•: the Regional Telecommunications Infrastructure Account; and
•: the Television Fund Account.

551. The Regional Communications Infrastructure Account was established by a determination of the Finance Minister. The other three Accounts were established by the Act.

552. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Definitions of Accounts

553. Items 438, 439, 440, 442, 443, 445 and 446 to amend section 44 by replacing names ending with "Reserve" or "Fund" with the same names ending with "Account".

Rural Transaction Centres Account

554. Item 447 replaces the heading of Division 2 of Part 9, "Rural Transaction Centres Reserve", with "Rural Transaction Centres Account".

555. Item 448 amends section 46 by:

•: replacing references, in subsections (1) and (2), to the establishment of the "Rural Transaction Centres Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Rural Transaction Centres Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing subsection (3). The provision is:; Amounts equal to income derived from the investment of money in the Rural Transaction Centres Reserve are to be transferred to the Rural Transaction Centres Reserve from the Consolidated Revenue Fund.
•: The replacement provision is:; Amounts equal to income derived from the investment of an amount standing to the credit of the Rural Transaction Centres Account are to be credited to the Rural Transaction Centres Account;
•: replacing subsection (4). The provision is:; The Rural Transaction Centres Reserve is to be administered by the Department of Transport and Regional Services.
•: The replacement provision is:; The Rural Transaction Centres Account is to be administered by the Department.
•: This amendment is designed to avoid the risk of the provision becoming out-of-date when a revised Administrative Arrangements Order is made. Section 19A of the Acts Interpretation Act 1901 addresses references to Ministers and Departments in Acts.

556. Item 448 also replaces the heading of section 46, "Rural Transactions Centres Reserve", with "Rural Transaction Centres Account".

557. Item 449 amends section 47 by replacing the reference to "transferred to the Rural Transaction Centres Reserve from the Consolidated Revenue Fund" with "credited to the Rural Transaction Centres Account".

558. Item 447 also replaces, by means of a Note, the heading of the section, "Transfer of money in the Rural Transaction Centres Reserve", with "Credits to the Rural Transaction Centres Account".

559. Item 450 amends subsection 48(1) by replacing the reference to "Rural Transaction Centres Reserve" with "Rural Transaction Centres Account".

560. Item 450 also replaces, by means of a Note, the heading of section 48, "Purposes of the Rural Transaction Centres Reserve", with "Purposes of the Rural Transaction Centres Account".

561. Item 451 amends subsection 48(2) by replacing the reference to "Money in the Rural Transaction Centres Reserve" with "Amounts standing to the credit of the Rural Transaction Centres Account".

562. Item 452 amends subsection 49(1) by replacing the reference to "transferred to the Rural Transaction Centres Reserve from the Consolidated Revenue Fund by way of an advance on account of the amount that may become transferable to the Rural Transaction Centres Reserve" with "credited to the Rural Transaction Centres Account by way of an advance on account of the amount that may be credited to the Rural Transaction Centres Account".

563. Item 453 amends subsection 49(2) by replacing the references to "transferred" with "credited".

564. Items 454 and 455 amend subsections 50(1) and 51(1) respectively, by replacing the references to "Reserve" with "Account".

565. Item 441 repeals the definition of the Rural Transaction Centres Account. Item 456 repeals Division 2 of Part 9 (that is, sections 46 to 51) of the Act. Section 46 of the Act establishes the Rural Transaction Centres Account. Clause 2 (rows 3 and 7) of the FFLA Bill provides for these amendments to apply from 1 July 2005.

566. The abolition of the Account is proposed because the effect of subsection 48(2) of the Act is that amounts must not be debited from the Account from 1 July 2005.

567. Item 457 provides that an agreement made under sections 50 or 51 of the Act "that was in force immediately before the repeal of those sections, by item 456 of this Schedule, continues in force, according to its terms, after the repeal". Clause 2 (row 7) of the FFLA Bill provides for this amendment to apply from 1 July 2005.

Untimed Local Call Access Account

568. Item 458 repeals Division 3 of Part 9 (that is, sections 52 to 57) of the Act. Section 52 establishes the Untimed Local Call Access Account. The abolition of the Account is proposed because the effect of subsection 54(2) of the Act is that amounts must not be debited from the Account from 1 July 2003.

569. Item 459 provides that an agreement made under section 56 or 57 of the Act "that was in force immediately before the repeal of those sections by Item 458 of this Schedule continues in force, according to its terms, after the repeal".

Regional Telecommunications Infrastructure Account

570. Item 460 replaces the heading to Division 4 of Part 9, "Supplementation of the Regional Telecommunications Infrastructure Fund", with "Supplementation of the Regional Telecommunications Infrastructure Account".

571. Item 461 amends subsection 58(1) by replacing the reference to "transferred to the Regional Telecommunications Infrastructure Fund from the Consolidated Revenue Fund" with "credited to the Regional Telecommunications Infrastructure Account".

572. Item 462 replaces subsection 58(2) before paragraph (a). The provision is:

Money in the Regional Telecommunications Infrastructure Fund that represents an amount transferred under subsection (1) may only be debited for the following purposes;

573. The replacement provision is:

Amounts standing to the credit of the Regional Telecommunications Infrastructure Account that represent an amount credited under subsection (1) may only be debited and paid by the Commonwealth for the following purposes.

574. Item 463 amends subsection 58(3) by replacing the reference to "Fund" with "Account".

575. Item 464 replaces subsection 58(4) before paragraph (a). The provision is:

Money in the Regional Telecommunications Infrastructure Fund that represents an amount transferred under subsection (1) must not be debited after;

576. The replacement provision is:

Amounts standing to the credit of the Regional Telecommunications Infrastructure Account that represent an amount credited under subsection (1) must not be debited and paid by the Commonwealth after.

577. Item 465 amends subsection 58(5) by replacing the reference to "transferred to the Regional Telecommunications Infrastructure Fund from the Consolidated Revenue Fund by way of an advance on account of the amount that may become transferable to the Regional Telecommunications Infrastructure Fund" with "credited to the Regional Telecommunications Infrastructure Account by way of an advance on account of the amount that may be credited to the Regional Telecommunications Infrastructure Account".

578. Items 466 and 467 amend subsections 58(6) and (7), respectively, by replacing the references to "transferred" with "credited".

579. Item 468 amends subsection 59(1) by replacing the reference to "transferred to the Regional Telecommunications Infrastructure Fund from the Consolidated Revenue Fund" with "credited to the Regional Telecommunications Infrastructure Account".

580. Item 469 replaces subsection 59(2) before paragraph (a). The provision is:

Money in the Regional Telecommunications Infrastructure Fund that represents an amount transferred under subsection (1) may only be debited for the following purposes;

581. The replacement provision is:

Amounts standing to the credit of the Regional Telecommunications Infrastructure Account that represent an amount credited under subsection (1) may only be debited and paid by the Commonwealth for the following purposes.

582. Item 470 amends subsection 59(3) by replacing the reference to "Fund" with "Account".

583. Item 471 replaces subsection 59(4) before paragraph (a). The provision is:

Money in the Regional Telecommunications Infrastructure Fund that represents an amount transferred under subsection (1) must not be debited after;

584. The replacement provision is:

Amounts standing to the credit of the Regional Telecommunications Infrastructure Account that represents an amount credited under subsection (1) must not be debited and paid by the Commonwealth after.

585. Item 472 amends subsection 59(5) by replacing the reference to "transferred to the Regional Telecommunications Infrastructure Fund from the Consolidated Revenue Fund by way of an advance on account of the amount that may become transferable to the Regional Telecommunications Infrastructure Fund" with "credited to the Regional Telecommunications Infrastructure Account by way of an advance on account of the amount that may be credited to the Regional Telecommunications Infrastructure Account".

586. Items 473 and 474 amend subsections 59(6) and (7), respectively, by replacing the references to "transferred" with "credited".

587. Item 475 amends subsection 60(1) by replacing the reference to "transferred to the Regional Telecommunications Infrastructure Fund from the Consolidated Revenue Fund" with "credited to the Regional Telecommunications Infrastructure Account".

588. Item 476 replaces subsection 60(2) before paragraph (a). The provision is:

Money in the Regional Telecommunications Infrastructure Fund that represents an amount transferred under subsection (1) may only be debited for the following purposes;

589. The replacement provision is:

Amounts standing to the credit of the Regional Telecommunications Infrastructure Account that represent an amount credited under subsection (1) may only be debited and paid by the Commonwealth for the following purposes.

590. Item 477 amends subsection 60(3) by replacing the reference to "Fund" with "Account".

591. Item 478 replaces subsection 60(4) before paragraph (a). The provision is:

Money in the Regional Telecommunications Infrastructure Fund that represents an amount transferred under subsection (1) must not be debited after; ...

592. The replacement provision is:

Amounts standing to the credit of the Regional Telecommunications Infrastructure Account that represent an amount credited under subsection (1) must not be debited and paid by the Commonwealth after; ...

593. Item 479 amends subsection 60(5) by replacing the reference to "transferred to the Regional Telecommunications Infrastructure Fund from the Consolidated Revenue Fund by way of an advance on account of the amount that may become transferable to the Regional Telecommunications Infrastructure Fund" with "credited to the Regional Telecommunications Infrastructure Account by way of an advance on account of the amount that may be credited to the Regional Telecommunications Infrastructure Account".

594. Items 480 and 481 amend subsections 60(6) and (7), respectively, by replacing the references to "transferred" with "credited".

595. Item 482 amends paragraphs 61(1)(a) and 62(1)(a) by replacing the references to "Fund" with "Account".

Television Fund Account

596. Item 483 replaces the heading of Division 5 of Part 9, "Television Fund Reserve", with "Television Fund Account".

597. Item 484 amends section 63 by:

•: replacing the references, in subsection (1) and (2), to the establishment of the "Television Fund Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Television Fund Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997." A Note is included under the amended subsection (1) that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: replacing subsection (3). The provision is:; Amounts equal to income derived from the investment of money in the Television Fund Reserve are to be transferred to the Television Fund Reserve from the Consolidated Revenue Fund.
•: The replacement subsection is:; Amounts equal to income derived from the investment of an amount standing to the credit of the Television Fund Account are to be credited to the Television Fund Account;
•: replacing the reference, in subsection (4), to "Reserve" with "Account".

598. Item 484 also replaces the heading of section 63, "Television Fund Reserve", with "Television Fund Account".

599. Item 485 amends section 64 by replacing the reference to "transferred to the Television Fund Reserve from the Consolidated Revenue Fund" with "credited to the Television Fund Account".

600. Item 485 also replaces, by means of a Note, the heading of section 64, "Transfer of money to the Television Fund Reserve", with "Credit of amounts to the Television Fund Account".

601. Item 486 amends subsection 65(1) by replacing the reference to "Reserve" with "Account". Item 486 also replaces, by means of a Note, the heading of section 65, "Purposes of the Television Fund Reserve", with "Purposes of the Television Fund Account".

602. Item 487 amends subsection 65(2) before paragraph (a), by replacing the reference to "Money in the Television Fund Reserve" with "Amounts standing to the credit of the Television Fund Account".

603. Item 488 amends subsection 66(1) by replacing the reference to "transferred to the Television Fund Reserve from the Consolidated Revenue Fund by way of an advance on account of the amount that may become transferable to the Television Fund Reserve" with "credited to the Television Fund Account by way of an advance on account of the amount that may be credited to the Television Fund Account".

604. Item 489 amends subsection 66(2) by replacing the references to "transferred" with "credited".

605. Item 490 amends subsections 67(1) and 68(1) by replacing the references to "Reserve" with "Account".

606. Item 444 repeals the definition of the Television Fund Account. Item 491 repeals Division 5 of Part 9 (that is, sections 63 to 68 of the Act). Section 63 of the Act establishes the Television Fund Account. Clause 2 (rows 5 and 9) of the FFLA Bill provides for these amendments to apply from 1 July 2005.

607. The abolition of the Account is proposed because the effect of subsection 65(2) of the Act is that amounts must not be debited from the Account from 1 July 2005.

608. Item 492 provides that an agreement made under section 67 or 68 of the Act "that was in force immediately before the repeal of those sections, by item 491 of this Schedule, continues in force, according to its terms, after the repeal." Clause 2 (row 9) of the FFLA Bill provides for this amendment to apply from 1 July 2005.

Item 493 - Therapeutic Goods Act 1989

Therapeutic Goods Administration Account

609. A general explanation of the amendments proposed in Part 1 of Schedule 1 is provided under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

610. Item 493 amends section 45 by:

•: replacing the references, in subsections (1) and (2), to the establishment of the "Therapeutic Goods Administration Reserve" as a "component of the Reserved Money Fund", with references to the continued existence of the "Therapeutic Goods Administration Account" as a "Special Account for the purposes of the Financial Management and Accountability Act 1997". A Note is included under the amended subsection (1), that "the Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999";
•: repealing subsection (3). The provision is:; Money standing to the credit of the Therapeutic Goods Administration Trust Account immediately before the commencement of the Audit (Transitional and Miscellaneous) Amendment Act 1997 must be transferred to the Reserve.
•: The provision is redundant because that Act commenced on 1 January 1998;
•: replacing the reference, in subsection (4) before paragraph (a), to "transferred to the Reserve from the Consolidated Revenue Fund" with "credited to the Account amounts equal to" (renumbered subsection (3) in the FFLA Bill);
•: replacing paragraph (4)(a). The current provision is:; money appropriated by the Parliament for the purposes of the Reserve; and
•: The provision is replaced with the following Note at the end of subsection 45(3):; An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.
•: This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".
•: replacing the reference, in paragraph (4)(c), to "money from the Reserve" with "an amount standing to the credit of the Account" (renumbered paragraph (3)(b) in the FFLA Bill);
•: replacing the reference, in paragraph (4)(d), to "paid for with money from the Reserve" with "paid for after a debit from the Account" (renumbered paragraph (3)(c) in the FFLA Bill);
•: replacing the reference, in paragraph (4)(e), to "using money from the Reserve" with "using amounts standing to the credit of the Account" (renumbered paragraph (3)(d) in the FFLA Bill);
•: replacing the reference, in paragraph (4)(f), to "Reserve" with "Account" (renumbered paragraph (3)(e) in the FFLA Bill);
•: replacing the reference, in paragraph (4)(g), to "expenditure of money from the Reserve" with "expenditure of an amount standing to the credit of the Account" (renumbered paragraph (3)(f) in the FFLA Bill);
•: replacing the reference, in subsection (5) before paragraph (a), to "Reserve" with "Account" (renumbered subsection (4) in the FFLA Bill).

611. Item 493 also replaces the heading of section 45, "Therapeutic Goods Administration Reserve", with "Therapeutic Goods Administration Account".

Item 494 - Vocational Education and Training Funding Act 1992

Payments to the Consolidated Revenue Fund

612. Item 494 repeals paragraph 12(c). The paragraph provides for amounts borrowed by the Treasurer under section 11 to be applied, amongst other things, for "making Payments to the Consolidated Revenue Fund under section 13". The provision is redundant because section 13 is repealed by Item 56 of Schedule 1.

Item 495 - Workplace Relations Act 1996

Payments to the Consolidated Revenue Fund

613. Item 495 amends paragraph 356(a) by replacing the reference to "into the Consolidated Revenue Fund" with "to the Commonwealth". This type of amendment is explained under the heading above to Section III of this Explanatory Memorandum, "Overview of Amendments Proposed in Schedule 1 of the FFLA Bill".

Item 496 Saving provision - Finance Minister's determinations

614. Item 496 provides that a determination of the Finance Minister, made under subsection 20(1) of the FMA Act, that is in force immediately before the commencement of this item, continues in force as if it were made under subsection 20(1) of the FMA Act as amended by the FFLA Bill when enacted. Subsection 20(1) of the FMA Act authorises the Finance Minister to make a determination to establish a Special Account. Item 139 contains the proposed amendments to this provision.

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