Victorian Current Acts

FINANCIAL MANAGEMENT ACT 1994 - SECT 59

    (1)     The Governor in Council may make regulations for or with respect to—

S. 59(1)(a) substituted by No. 26/2006 s. 10(a).

        (a)     financial governance and oversight, including financial risk management and internal audit;

S. 59(1)(b) substituted by No. 26/2006 s. 10(a).

        (b)     structures, systems and procedures in authorities and public bodies to ensure proper financial management;

        (c)     the issue, control and disbursement of money applied temporarily from the Public Account;

S. 59(1)(d) substituted by No. 26/2006 s. 10(b).

        (d)     financial reporting, including the form and content of reports of operations, financial statements and information required under Part 7;

S. 59(1)(da) inserted by No. 75/1994 s. 9(2)(a), repealed by No. 26/2006 s. 10(b), new s. 59(1)(da) inserted by No. 13/2022 s. 32.

        (da)     prescribing any matter for the purposes of Part 7C, including, but not limited to, the following—

              (i)     matters to be considered before a decision is made on waiver, deferral, refund or reduction under Part 7C;

              (ii)     when waiver, deferral, refund or reduction under Part 7C is appropriate or not appropriate;

              (iii)     communication regarding waiver, deferral, refund or reduction under Part 7C;

              (iv)     additional requirements in relation to collection of certain types of fees or charges or fees and charges above or below a specified monetary threshold;

              (v)     any procedural matters relating to waiver, deferral, refund or reduction under Part 7C;

S. 59(1)(e) substituted by No. 26/2006 s. 10(b).

        (e)     policies and procedures to ensure that authorities and public bodies comply with obligations imposed on them by or under this Act;

S. 59(1)(f) substituted by No. 1/1998
s. 15(1)(a).

        (f)     the management and disposal or writing off of the assets (other than money) and liabilities of the State and the recording of and accounting for those assets and liabilities;

        (g)     prescribing forms for the purposes of this Act or the regulations;

        (h)     the method of dealing with and accounting for securities coming into the possession of an accountable officer or other person;

S. 59(1)(i) substituted by No. 75/1994 s. 9(2)(b), amended by No. 1/1998
s. 15(1)(b).

              (i)     systems and procedures for the purchase and supply of goods and services for or on behalf of the State;

        (j)     generally prescribing any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.

S. 59(1A) inserted by No. 1/1998
s. 15(2), amended by No. 26/2006 s. 10(c).

    (1A)     For the avoidance of doubt, the power to make regulations under subsection (1) extends to regulations with respect to money in a Trust Account in the Trust Fund that is established by or under another Act.

    (2)     The regulations—

        (a)     may be of a general or limited application;

        (b)     may differ according to differences in time, place or circumstances;

        (c)     may confer a discretionary authority or impose a duty on a specified person or class of person;

        (d)     may provide in a specified case or class of case for the exemption of persons or things or class of persons or things from any of the provisions of the regulations, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified;

        (e)     may impose a penalty not exceeding 5 penalty units for a contravention of the regulations.

    (3)     Any regulation may adopt, apply or incorporate the whole or any part of any statement of accounting standards or statement of accounting practice issued at any time before the regulation is made by all or any of the following—

S. 59(3)(a) substituted by No. 43/2004 s. 14(a).

        (a)     CPA Australia;

        (b)     Institute of Chartered Accountants in Australia;

S. 59(3)(c) substituted by No. 44/2001 s. 3(Sch. item 43.3).

        (c)     Australian Securities and Investments Commission;

(d)     Australian Accounting Standards Board;

S. 59(3)(e) substituted by No. 43/2004 s. 14(b).

        (e)     Australian Bureau of Statistics;

        (f)     any other prescribed person or body.

S. 59(4)(5) repealed by No. 43/1995 s. 7(1)(p).

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Part 9—Transitional and consequential

Ss 60, 61 repealed by No. 1/1998
s. 16.

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