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Legislation

Financial Management Act 1996
Auditor-General Act 1996
Australian Capital Territory Self Government (C'wlth) Act 1988
Territory Owned Corporations Act 1990

There are a number of pieces of legislation that are applicable to the accounting, financial management and financial reporting of ACT Government entities. A brief overview of this legislation, together with links to electronic versions of the legislation can be found below.

Financial Management Act 1996

The Financial Management Act was enacted in 1996 as part of the financial management reforms undertaken within the ACT. It sets the legislative basis for the financial framework under which the Territory now operates.

The Financial Management Act was established to:

  • Reinforce the primacy of the Legislative Assembly's role in the parliamentary budget and financial accountability process
  • Promote the highest standards of financial accountability to the Legislative Assembly and to the community
  • Require clear and concise reporting, to the Legislative Assembly and the community

The Financial Management Act sets out the requirements for the following areas:

  • Budget and Appropriations
  • Whole-of-Government and Departments' Reporting
  • Banking and Investments
  • Borrowing and Guarantees
  • Trust Money
  • Specific Requirements for Territory Authorities

Financial Management Act 1996.

The Financial Management Guidelines.

Financial Management Act Guidance Papers.

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Auditor-General Act 1996

The Auditor-General Act stipulates the functions and powers of the Auditor-General, as well as details regarding indemnity, confidentiality, administration and auditing arrangements for the audit office.

The Auditor-General Act 1996.

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Australian Capital Territory Self Government (C'wlth) Act 1988

The Self-Government Act was passed by the Commonwealth Government in 1988 to create the framework for Self-Government within the ACT.

Australian Capital Territory Self-Government Act 1988.

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Territory Owned Corporations Act 1990

The Territory Owned Corporations Act was introduced to provide a framework for Territory Corporations. The Act covers the following areas:

  • Establishment
  • Accountability
  • Borrowing
  • Taxation

Territory Owned Corporations Act 1990.

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