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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Financial
Management and Accountability Amendment Bill
2000
No. ,
2000
(Finance and
Administration)
A Bill for an Act to amend
the Financial Management and Accountability Act 1997, and for related
purposes
ISBN: 0642 43574X
Contents
Financial Management and Accountability Act
1997 3
A Bill for an Act to amend the Financial Management
and Accountability Act 1997, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Financial Management and Accountability
Amendment Act 2000.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
Financial Management and
Accountability Act 1997
1 After section 30
Insert:
Appropriation for recoverable GST on acquisitions
(1) If:
(a) a payment in respect of an acquisition is to be made in reliance on a
limited appropriation; and
(b) a GST qualifying amount has arisen, or will arise, for that
acquisition;
then the appropriation is increased by the amount of the GST qualifying
amount. The increase in the appropriation takes effect immediately before the
payment is made.
(2) If:
(a) a payment in respect of an acquisition has been made (either before or
after the commencement of this section) in reliance on a limited appropriation;
and
(b) a GST qualifying amount later arises for that acquisition;
then the appropriation is increased by the amount of the GST qualifying
amount. The increase in the appropriation takes effect when the GST qualifying
amount arises.
(3) The total of the increases under subsections (1) and (2) for an
acquisition cannot be more than the total of the GST qualifying amounts for that
acquisition.
Appropriation for recoverable GST on importations
(4) If:
(a) a payment of GST on an importation is to be made in reliance on a
limited appropriation; and
(b) a GST qualifying amount has arisen, or will arise, for that
importation;
then the appropriation is increased by the amount of the GST qualifying
amount. The increase in the appropriation takes effect immediately before the
payment is made.
(5) If:
(a) a payment of GST on an importation has been made in reliance on a
limited appropriation; and
(b) a GST qualifying amount later arises for that importation;
then the appropriation is increased by the amount of the GST qualifying
amount. The increase in the appropriation takes effect when the GST qualifying
amount arises.
(6) The total of the increases under subsections (4) and (5) for an
importation cannot be more than the total of the GST qualifying amounts for that
importation.
Definitions
(7) In this section:
acquisition has the same meaning as in the GST Act.
GST has the same meaning as in the GST Act.
GST Act means the A New Tax System (Goods and Services
Tax) Act 1999, as it applies because of Division 177 of that
Act.
Note: Under Division 177 of the GST Act, that Act
applies notionally to the Commonwealth and Commonwealth entities. They are
therefore notionally liable to pay GST, are notionally entitled to input tax
credits and notionally have adjustments.
GST qualifying amount means:
(a) an input tax credit (within the meaning of the GST Act); or
(b) a decreasing adjustment (within the meaning of the GST Act).
importation has the same meaning as in the GST Act.
limited appropriation means an appropriation that is limited
as to amount.