Special Accounts

Please Note

The Financial Management and Accountability Act 1997 [External Site] (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the PGPA Act from 1 July 2014. Some provisions of the FMA and CAC Acts, however, will remain in force during the transition period; for example performance reporting requirements for the 2013-14 financial year.

A Special Account is an appropriation mechanism that provides a limited special appropriation of up to the balance of the Special Account at any given time. The appropriation is provided under section 20 or 21 of the FMA Act

The Department of Finance has developed Guidelines for the Management of Special Accounts. The guidelines discuss a number of aspects of Special Accounts including their establishment, management, reporting and banking procedures.

Finance Circular 2009/01 provides an introduction for FMA Act agencies on establishing, managing and reporting Special Accounts. It replaces Finance Circular 2003/09 and summarises components of the Guidelines for the Management of Special Accounts.

Guidelines for the Management of Special Accounts

The document entitled Guidelines for the Management of Special Accounts advises ona number of aspects of Special Accounts, including the establishment, management, reporting and banking procedures

Financial Management Guidance (No. 7)

Chart of Special Accounts

The Chart of Special Accounts lists all Special Accounts managed by portfolio agencies. The Chart is intended to assist agencies in the effective reporting and management of Special Accounts. Each Special Account listed on the Chart is hyperlinked to its most recent legal instrument on the ComLaw database. The Chart is updated whenever a new Special Account is created, an old one is abolished, or when the administration of a Special Account changes.

Special Accounts Resourcing

The estimated balances and cash flows for special accounts, across all Commonwealth entities, for the upcoming financial year, are included in Budget Paper No. 4 – Agency Resourcing. The final balances and cash flows for special accounts, across all Commonwealth entities, for the financial year ended 30 June 2015, are provided in the report entitled Special Accounts Balances and Cash Flows Report. Both of these documents are accessible from the similarly named hyperlinks below.

Transactions that are made by individual Commonwealth entities, using special accounts, are disclosed in the relevant entity’s annual financial statements. These statements are available on the relevant entity’s website. The transactions of the Australian Government are consolidated and disclosed in its Consolidated Financial Statements.

Estimated Special Accounts Balances and Cash Flows

Special Accounts Balances and Cash Flows Report

Commonwealth Consolidated Financial Statements - previous years

2013-14

2012-13

2011-12

 

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Contact for information on this page: special.appropriations@finance.gov.au

Last updated: 20 October 2016