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GOVERNMENT SECTOR FINANCE ACT 2018 - As at 21 March 2024 - Act 55 of 2018

- As at 21 March 2024 - Act 55 of 2018

Table of Provisions

PART 1 - PRELIMINARY

Division 1.1 - Introduction

  • 1.1 Name of Act
  • 1.2 Commencement
  • 1.3 Objects of Act

Division 1.2 - Interpretation generally

  • 1.4 General definitions
  • 1.5 Notes

Division 1.3 - Application of Act

  • 1.6 Act binds Crown
  • 1.7 Extraterritorial operation of Act

Division 1.4 - Relationship of Act with other laws

  • 1.8 Relationship with other legislation generally
  • 1.9 Exclusion or displacement of Corporations legislation

PART 2 - KEY CONCEPTS

Division 2.1 - Entities generally

  • 2.1 Entities
  • 2.2 Controlled entities
  • 2.3 NSW Health entities

Division 2.2 - GSF agencies and related concepts

  • 2.4 GSF agencies
  • 2.5 Separate GSF agency
  • 2.6 Responsible Minister for GSF agencies
  • 2.7 Accountable authorities for GSF agencies
  • 2.8 Treasurer and Auditor-General to be notified of new GSF agencies

Division 2.3 - Government officers

  • 2.9 Government officers

Division 2.4 - Annual reporting periods

  • 2.10 Annual reporting periods for GSF agencies
  • 2.11 Annual reporting period for NSW Government

PART 3 - ROLES AND RESPONSIBILITIES

Division 3.1 - Treasurer

  • 3.1 Giving of Treasurer's directions
  • 3.2 Basic content for Treasurer's directions
  • 3.3 Application of Treasurer's directions
  • 3.4 Duty to comply with Treasurer's directions
  • 3.5 Consultation about certain proposed regulations, directions and determinations

Division 3.2 - Accountable authorities

  • 3.6 Policies and procedures for financial management of GSF agencies

Division 3.3 - Government officers

  • 3.7 Values and associated principles to guide government officers

PART 4 - BUDGET, APPROPRIATIONS AND SPECIAL DEPOSITS ACCOUNT

Division 4.1 - Budget

  • 4.1 Budget Papers
  • 4.2 Core content of Budget Papers
  • 4.3 Additional content of Budget Papers
  • 4.4 When Budget is to be presented to Parliament
  • 4.5 Provision of budget information by GSF agencies

Division 4.2 - Appropriations

  • 4.6 Money to be paid out of Consolidated Fund or Special Deposits Account only if authorised
  • 4.7 Deemed appropriations of certain money received by GSF agencies
  • 4.8 Unused appropriations for annual reporting period
  • 4.9 Appropriations affected by transfer of functions between Ministers or GSF agencies
  • 4.9A Deemed appropriations affected by transfer of functions between GSF agencies
  • 4.10 Payments authorised on lapse of appropriation
  • 4.11 Variations of annual appropriations for Commonwealth grants
  • 4.12 Details of payments made from State contingencies appropriation to Treasurer
  • 4.13 Payments out of Consolidated Fund for exigencies of Government
  • 4.14 Payment of certain unclaimed money into Consolidated Fund

Division 4.3 - Special Deposits Account

  • 4.15 Special Deposits Account
  • 4.16 Keeping of information concerning SDA accounts
  • 4.17 Working accounts

PART 5 - EXPENDITURE AND GIFTS

Division 5.1 - Expenditure

  • 5.1 Budget control authorities
  • 5.2 Delegation of Minister's appropriation expenditure functions may limit amount and purposes of expenditure
  • 5.3 Payment of tax-equivalents to Treasurer
  • 5.4 Payment of financial distributions to Treasurer
  • 5.5 Expenditure by accountable authorities and government officers must be authorised

Division 5.2 - Gifts and act of grace payments

  • 5.6 Gifts of government property
  • 5.7 Act of grace payments

PART 6 - FINANCIAL SERVICES AND ARRANGEMENTS

Division 6.1 - Introduction

  • 6.1 Application of Part
  • 6.2 Exercise of functions for GSF agencies that are not persons
  • 6.3 Authorisation to invest in government issued investments

Division 6.2 - Key concepts

  • 6.4 Concepts relating to banking
  • 6.5 Arrangement
  • 6.6 Financial services
  • 6.7 Financial arrangements
  • 6.8 Borrowings
  • 6.9 Investments
  • 6.10 Derivative arrangements
  • 6.11 Joint financing arrangements
  • 6.12 Joint venture arrangements and joint ventures
  • 6.13 Appropriate prudential protections

Division 6.3 - Financial services

  • 6.14 Treasurer may enter State financial service agreements
  • 6.15 Treasurer's directions may include directions concerning use of financial services
  • 6.16 Treasurer may access certain information of GSF agencies about financial services
  • 6.17 Guarantees and indemnities concerning money in banking accounts under State financial service agreement
  • 6.18 Treasurer may operate banking accounts
  • 6.19 Accountable authority may operate banking accounts
  • 6.20 GSF agencies to give written consent for access to banking accounts

Division 6.4 - Financial arrangements

  • 6.21 Treasurer may enter financial arrangements for State and GSF agencies
  • 6.22 Financial arrangements for GSF agencies
  • 6.23 Financial arrangement approvals
  • 6.24 Borrowings to be obtained from New South Wales Treasury Corporation
  • 6.25 Derivative arrangements by New South Wales Treasury Corporation

Division 6.5 - Guarantees for financial arrangements

  • 6.26 Mandatory statutory guarantee of certain borrowings repayments
  • 6.27 Discretionary guarantees
  • 6.28 Statutory charge on income or revenue for payments under certain financial arrangements
  • 6.29 Guarantee fees for certain guaranteed payments
  • 6.30 Priorities of obligations under certain financial arrangements and guarantees
  • 6.31 Payments by Government for certain financial arrangements if GSF agency prevented
  • 6.32 Recovery of money paid under guarantee
  • 6.33 Appropriations for liabilities under Division

Division 6.6 - Funds managers

  • 6.34 New South Wales Treasury Corporation may act as and engage funds manager
  • 6.35 Funds managers for GSF agencies
  • 6.36 Functions of funds managers
  • 6.37 Effect of Division on New South Wales Treasury Corporation

PART 7 - REPORTING

Division 7.1 - Interpretation

  • 7.1 Application and objects of Part
  • 7.2 Definitions
  • 7.3 Reporting GSF agencies and prescribed reporting exemption criteria

Division 7.2 - Financial reporting

  • 7.4 Application of Division
  • 7.5 Accounts and records of GSF agencies
  • 7.6 Annual GSF financial statements
  • 7.7 Final annual GSF financial statements for former reporting GSF agencies
  • 7.8 Financial reports concerning SDA accounts
  • 7.9 Special purpose financial reports

Division 7.3 - Annual reporting information for reporting GSF agencies

  • 7.10 Application of Division
  • 7.11 Annual reporting information
  • 7.12 Preparation of annual reporting information
  • 7.13 Responsible Minister to cause annual reporting information to be tabled
  • 7.14 Final annual reporting information for former reporting GSF agencies

Division 7.4 - Consolidated government sector reporting

  • 7.15 Monthly statements
  • 7.16 Half-yearly reviews
  • 7.17 Consolidated State Financial Statements
  • 7.18 Tabling of Consolidated State Financial Statements

PART 8 - PERFORMANCE INFORMATION OF GSF AGENCIES

  • 8.1 Application of Part
  • 8.2 Performance information of GSF agencies

PART 9 - ADMINISTRATION

Division 9.1 - Information sharing

  • 9.1 Relevant agency information
  • 9.2 Treasurer may request certain information about GSF agencies
  • 9.3 Minister may request relevant agency information about funded GSF agencies
  • 9.4 Content of requests
  • 9.5 Compliance with requests
  • 9.6 Division does not limit information sharing

Division 9.2 - Delegations

Note
  • 9.7 Delegable functions
  • 9.8 Delegations by Treasurer of certain functions
  • 9.9 Delegations by Ministers
  • 9.10 Delegations by GSF agencies that are persons
  • 9.11 Delegations by accountable authorities

Division 9.3 - Documents

  • 9.12 Tabling of documents in Parliament when it is not sitting
  • 9.13 Service of documents
  • 9.14 Language of records

Division 9.4 - Civil recovery

PART 10 - MISCELLANEOUS

  • 10.1 Status of Workers Compensation Insurance Fund
  • 10.2 Exemption from duty under Duties Act 1997
  • 10.3 Reference of matters to Public Accounts Committee
  • 10.3A Administration of government grants
  • 10.4 Regulations
  • 10.5 Repeal of Schedule 2

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