Commonwealth Consolidated Acts Commonwealth Consolidated Acts1 This Schedule binds the Crown
This Schedule binds the Crown in right of the Commonwealth, but does not make the Crown liable to be prosecuted for an offence.
2 This Schedule extends to things outside Australia
This Schedule extends to acts, omissions, matters and things outside Australia .
3 Interpretation
In this Schedule, unless the contrary intention appears:
" Audit Act" means the Audit Act 1901 .
"Commercial Activities Fund" means the Commercial Activities Fund established by the Financial Management and Accountability Act 1997 .
"Finance Minister" means the Minister who administers this Act.
"new Loan Fund" means the Loan Fund established by the Financial Management and Accountability Act 1997 .
"old Loan Fund" means the Loan Fund established by the Audit Act.
"old Trust Fund" means the Trust Fund established by the Audit Act.
"replacement Acts" means the Auditor - General Act 1997 , the Financial Management and Accountability Act 1997 and the Commonwealth Authorities and Companies Act 1997 .
"Reserved Money Fund" means the Reserved Money Fund established by the Financial Management and Accountability Act 1997 .
4 Transfers from old Funds to new Funds
(1) Money in the old Loan Fund immediately before the commencement of this Schedule must be transferred to the new Loan Fund.
(2) If:
(a) immediately before the commencement of this Schedule, money was in an account (however described) that was established or continued in existence by an Act that is amended by Schedule 2 to this Act; and
(b) that account formed part of the old Trust Fund;
the money must be transferred from that account to the component of the Reserved Money Fund that is established to replace that account.
(3) If an amendment made by Schedule 2 substitutes a component of the Reserved Money Fund for an account (however described), any reference in any Act or other instrument to that component is to be read as including a reference to the account for which it is substituted, unless the context otherwise requires.
(4) Money in the old Trust Fund immediately before the commencement of this Schedule (other than money covered by subitem (2)) must be transferred to components of the Reserved Money Fund and Commercial Activities Fund that are established by determinations under subsections 20(2) and 21(2) of the Financial Management and Accountability Act 1997 .
(5) The disallowance rules in section 22 of the Financial Management and Accountability Act 1997 do not apply to an original determination made for the purposes of subitem (4) of this item. However, the disallowance rules do apply to any revocation or variation of an original determination.
(6) The old Loan Fund and the old Trust Fund are appropriated for the purposes of this item.
5 Auditor - General
The person holding office as Auditor - General under the Audit Act immediately before the commencement of this Schedule holds office after the commencement of this Schedule as if the person had been properly appointed as Auditor - General under the Auditor - General Act 1997 for the remainder of the period of 10 years that started when the person was appointed under the Audit Act.
6 Independent Auditor
(1) This item applies if, immediately before the commencement of this Schedule, an arrangement was in operation under section 48K of the Audit Act for a person to perform the functions of the Independent Auditor under the Audit Act.
(2) The person is taken to be properly appointed on the commencement of this Schedule as the Independent Auditor under the Auditor - General Act 1997 .
(3) The appointment is for a term that commences on the commencement of this Schedule and ends on the expiry of the arrangement referred to in subitem (1).
(4) While the person holds office as Independent Auditor in accordance with this item, the person is entitled to be paid fees and allowances in accordance with the arrangement referred to in subitem (1), but is not entitled to be paid fees or allowances under clause 3 of Schedule 2 to the Auditor - General Act 1997 .
7 Exempt accounts
(1) In this item:
"preserved provisions" means section 70D of the Audit Act and the regulations made for the purposes of that section.
"replacement provisions" means section 56 of the Auditor - General Act 1997 , section 46 of the Commonwealth Authorities and Companies Act 1997 and section 58 of the Financial Management and Accountability Act 1997 .
(2) The preserved provisions continue to have effect until the first regulations are in operation for the purposes of the replacement provisions.
(3) If those first regulations, or any of them, are later disallowed by a House of the Parliament, the preserved provisions continue to have effect, to the extent that they cover matters no longer covered by regulations in operation under the replacement provisions, until further regulations are in operation under those provisions that cover those matters.
8 Regulations
(1) The Governor - General may make regulations prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.
(2) In particular, regulations may be made:
(a) providing for bank accounts under section 21 of the Audit Act to continue in effect as official accounts for the purposes of the Financial Management and Accountability Act 1997 ; and
(b) for other transitional matters arising out of the repeal of the Audit Act or the enactment of the replacement Acts, or the transition from the Audit Act to the replacement Acts; and
(c) for other transitional matters arising out of the amendments made by Schedules 2 and 3.