Source: http://www.legislation.nsw.gov.au/fullhtml/inforce/subordleg+395+2010+cd+0+N
Timestamp: 2013-05-20 15:36:39
Document Index: 687893384

Matched Legal Cases: ['art 2', 'art 3', 'art 3', 'art 3', 'art 1', 'art 3', 'art 3', 'art 2', 'art 3', 'art 3', 'art 3', 'art 1', 'art 2', 'art 3', 'art 4', 'art 1', 'art 2']

[2010-395]
Current version for 6 December 2012 to date (accessed 21 May 2013 at 01:36).
File last modified 6 December 2012.
Part 2 Statutory bodies
4 Income and expenditure and balance sheet
6 Exclusion of budget information from certain financial
9 Statutory bodies for purposes of Division 3 of Part 3 of
10 Statutory bodies for purposes of Division 4 of Part 3 of
Part 3 Departments
11 Certification of financial reports
13 Payment of accounts
14 Definition of “officer of an
15 Prescribed investments
16 Statutory authorities to pay dividends to Consolidated
17 Repeal and savings
Schedule 1 Prescribed audits
Part 1 Preliminary1 Name of RegulationThis Regulation is the Public Finance and Audit Regulation
2010.2 CommencementThis Regulation commences on the day on which it is published on
the NSW legislation website.Note. This Regulation replaces the Public Finance and Audit Regulation
2005 which is repealed by this
Regulation.3 Definitions(1) In this Regulation:Department has the same meaning
as it has in Division 4A of Part 3 of the Act.statutory
body has the same meaning as it has in Division 3 of Part 3 of the
1983.(2) Notes included in this Regulation do not form part of this
Regulation.Part 2 Statutory bodiesDivision 1 Financial reportsNote. Section 41B (1) (a) of the Act requires a statutory body’s
financial report to be prepared in accordance with Australian Accounting
Standards.4 Income and expenditure and balance sheet
information(1) For the purposes of section 41B (1) (c) (vi) and (g) of the Act,
the following particulars must be shown separately in the financial report of
a statutory body:(a) the amount of emoluments or other benefits paid or due and
payable, directly or indirectly, to members or directors (however described)
of the body, but not including amounts paid by way of salary to full-time
members or directors of the body,
(b) the total amounts paid or becoming payable to consultants engaged
by the statutory body (other than the NSW Trustee and Guardian or the Senate
or Council of a university) during the financial year,
(c) the description and amount of loans, advances or money otherwise
due to the body by members or directors (however described) of the body, or
officers or employees of the body holding executive decision-making positions,
or relatives of those members, directors, officers or employees, but not
including loans, advances or money otherwise due for the purpose of carrying
out official duties, such as travelling advances and the
(d) the description and amount of loans, advances or money otherwise
due to the body by a corporation, a director of which is a member or director
(however described) of the body, or an officer or employee of the body holding
an executive decision-making position.
(2) Any such particular may be included in the financial report by way
of note or otherwise.(3) The requirements of this clause are in addition to any other
matters necessary to exhibit a true and fair view of the financial position
and financial performance of the body.5 Rounding offIf appropriate, all amounts shown in the financial report of a
statutory body may be expressed by reference to the nearest
$1,000.6 Exclusion of budget information from certain financial
reports(1) The financial report of a statutory body submitted under section
41A of the Act to the Auditor-General for audit must not include or be
accompanied by a budget of the statutory body or any budget
information.(2) Subclause (1) does not apply to the financial report of a
statutory body if the statutory body is required by or under the Act
(including by a condition of an exemption granted under the Act or a direction
of the Treasurer under the Act) to include a budget or budget information in
that report.7 CertificationFor the purposes of section 41C (1B) (b) of the Act, the following
matters are required to be included in a statement to the
Auditor-General:(a) a statement as to whether, in the opinion of the person or persons
who are to sign the statement, the financial report has been prepared in
accordance with the provisions of the Act, this Regulation and the
Treasurer’s directions,
(b) a statement as to whether each person who is to sign the statement
is aware, as at the date on which the person signs the statement, of any
circumstances that would render any particulars included in the financial
report misleading or inaccurate.
8 Exemptions(1) The Treasurer may, on application by a statutory body made at any
time, grant an exemption from any or all of the provisions of this Division,
in relation to the financial report of the body for a particular financial
year.(2) An exemption may be granted subject to such conditions as the
Treasurer may determine.(3) An exemption ceases to apply if the Treasurer, by notice in
writing, so informs the statutory body to which the exemption was
granted.(4) Details of an exemption, and the reasons for the exemption, must
be included as a separate note in the notes within the financial report for
the financial year in which the exemption applies.Division 2 Miscellaneous9 Statutory bodies for purposes of Division 3 of Part 3 of
ActFor the purposes of section 39 (1B) of the Act, each of the
following persons, groups of persons, bodies or entities is declared not to be
a statutory body for the purposes of Division 3 of Part 3 of the Act:(a) New South Wales Non-Budget Long Service Leave
(b) New South Wales Structured Finance
ActFor the purposes of section 44 (1) of the Act, each of the
following persons, groups of persons or bodies is prescribed as a statutory
body for the purposes of Division 4 of Part 3 of the Act:(a) a person, group of persons or body set out in Part 1 of Schedule
(b) a person, group of persons or body having the control or
management of a fund or account set out in Part 2 of Schedule
Part 3 DepartmentsNote. Section 45E (1) (a) of the Act requires a Department’s
Standards.11 Certification of financial reportsFor the purposes of section 45F (1B) (b) of the Act, the following
matters are required to be included in a statement made by a Department
Head:(a) a statement as to whether, in the opinion of the Department Head,
the financial report has been prepared in accordance with the provisions of
the Act, this Regulation and the Treasurer’s
(b) a statement as to whether the Department Head is aware, as at the
date on which the Department Head signs the statement, of any circumstances
that would render any particulars included in the financial report misleading
12 Exemptions(1) The Treasurer may, on application by a Department Head made at any
time, grant an exemption from any or all of the provisions of this Part, in
relation to the financial report of the Department for a particular financial
writing, so informs the Department Head of the Department in respect of which
the exemption was granted.(4) Details of an exemption, and the reasons for the exemption, must
the financial year in which the exemption applies.Part 4 Miscellaneous13 Payment of accounts(1) This clause applies to a contract entered into by or on behalf of
an authority for the supply of goods or services (or both) to the
authority.(2) The Head of an authority must nominate the holder of a position
within the staff establishment of the authority to be the accounts complaints
officer for the authority.(3) An order form issued by an authority must include:(a) a statement to the effect that, if a payment is not made within
the time required by subclause (4), the supplier should take the matter up
with the accounts complaints officer for the authority,
(b) the telephone number of the accounts complaints officer,
(c) a statement that, if payment is not made within the time
determined by this clause, the Head of the authority:(i) must, if required to do so by the Treasurer’s directions,
pay the supplier penalty interest of an amount or at a rate determined by the
Treasurer’s directions, and
(ii) may pay the supplier penalty interest of an amount or at a rate
determined by the Treasurer’s directions in other
(4) The Head of an authority must ensure that payment is made to the
supplier in the circumstances, and by the time (if any), that the authority is
required by the Treasurer’s directions to pay such
accounts.(5) If payment is not made to a supplier in accordance with subclause
(4), the Head of the authority (or a person appointed by the Head of the
authority):(a) must, if required to do so by the Treasurer’s directions,
direct that the supplier be paid penalty interest of the amount or at the rate
determined by the Treasurer’s directions, and
(b) may direct that the supplier be paid penalty interest of the
amount or at the rate determined by the Treasurer’s directions in other
(6) An interest payment under this clause must be met from within the
authority’s approved budget.14 Definition of “officer of an
authority”(1) For the purpose of the definition of officer of an
authority in section 4 (1) of the Act:(a) a person who is authorised under an insurance services contract to
exercise functions for the purposes of sections 12 and 13 of the Act (whether
or not the person is a party to that contract) is prescribed in relation to
the NSW Self Insurance Corporation, but only for the purposes of exercising
those functions that the person is authorised to exercise under the contract,
(b) an employee of Cubic Transportation Systems (Australia) Pty
Limited (ABN 82 003 617 561) who is authorised by instrument in writing by the
Director-General of the Department of Transport to exercise functions for the
purposes of sections 12 and 13 of the Act is prescribed in relation to
Transport for NSW, but only for the purposes of exercising those functions
that the person is authorised to exercise by that
(2) In this clause:insurance services
contract means an agreement or arrangement entered into by the NSW
Self Insurance Corporation in accordance with section 8 (b) of the NSW Self Insurance Corporation Act
2004.15 Prescribed investments(1) For the purposes of section 20 (e) of the Act, the following
investments are prescribed:(a) a promissory note made by:(i) a statutory body constituted under an Act of the Commonwealth or a
(ii) an eligible company,
(b) a loan of money on the security of a letter of credit which is
confirmed by an authorised deposit taking institution,
(c) an advance to an authorised deposit taking institution or an
eligible company secured by such legally enforceable documents or other
security as the Secretary of the Treasury or an officer of the Treasury
authorised by the Secretary for the purpose may approve,
(d) futures contracts traded on the Sydney Futures Exchange
(e) forward rate agreements that comply with the Public Authorities (Financial Arrangements) Act
(f) option contracts traded on the Sydney Futures Exchange
(g) option contracts with an authorised deposit taking institution or
an eligible company or with a statutory body constituted under an Act of the
Commonwealth or of a State,
(h) securities the repayment of which is guaranteed by the Government
(i) deposits with the New South Wales Treasury Corporation, including
investments in an Hour-Glass investment facility of the Treasury Corporation
(being a unit trust scheme within the meaning of the Duties Act
(j) the purchase and sale prior to, and at, maturity of an investment
prescribed by any of the preceding paragraphs.
(2) The Treasurer may:(a) nominate the prescribed investments, if any, in which money must
be invested, and
(b) determine the amount of money that must be invested in each
prescribed investment so nominated.
company means:(a) a company that is accredited with a rating of between
“AAA” and “AA” by Standard & Poor’s
(Australia) Pty Ltd or is accredited with a rating of between
“Aaa” and “Aa” by Moody’s Investors Service Pty
(b) a company whose liabilities are unconditionally guaranteed by a
company to which paragraph (a) applies.
FundFor the purposes of section 59B (2) of the Act, the following
statutory authorities are prescribed:(a) the statutory authorities specified in Schedule 2 to the
(b) Essential Energy,
(c) Delta Electricity,
(d) Ausgrid,
(e) Eraring Energy,
(f) Endeavour Energy,
(g) Macquarie Generation.
17 Repeal and savings(1) The Public
Finance and Audit Regulation 2005 is
the Public Finance and
Audit Regulation 2005, had effect under that Regulation
continues to have effect under this Regulation.Schedule 1 Prescribed audits(Clause 10)Part 1 Persons, groups of persons or bodies1 Agricultural Scientific Collections Trust2 Ambulance Service of NSW3 (Repealed)4 AustLII Foundation Limited5 The Australian Institute of Asian Culture and Visual Arts
Limited6 Belgenny Farm Agricultural Heritage Centre
Trust7 The Brett Whiteley Foundation8 Buroba Pty Ltd9 C. B. Alexander Foundation10 CCP Holdings Pty Limited11 Cobbora Coal Unit Trust12 Cobbora Management Company Pty Limited13 Cobbora Unincorporated Joint Venture14 (Repealed)15 Cowra Japanese Garden Maintenance Foundation
Limited16 Cowra Japanese Garden Trust17 Dumaresq-Barwon Border Rivers Commission18 Eif Pty Limited19 Gosford City Council, being a water supply authority listed in
Schedule 3 to the Water Management Act
200019A Illawarra Health and Medical Research Institute
Limited19B Local health districts within the meaning of the Health Services Act
199720 Marine Parks Authority21 Minister administering the Environmental Planning and Assessment Act
1979 (a corporation)22 Minister administering the Heritage Act 1977 (a
corporation)22A National Art School23 NSW Businesslink Pty Limited24 NSW Fire Brigades Superannuation Pty
Limited25 State Super Financial Services Australia
Limited26 Trustees of the Farrer Memorial Research Scholarship
Fund27 The trustees for the time being of The Art Gallery of New South
Wales Foundation28 Trustee of the Home Purchase Assistance
Fund29 Each board of management, state conservation area trust and trust
board established for a state conservation area within the meaning of the
197430 The trustees for the time being of each superannuation scheme
established by a trust deed as referred to in section 127 of the Superannuation Administration Act
199631 (Repealed)32 Uniprojects Pty Limited33 United States Studies Centre Limited34 Universities Admissions Centre (NSW & ACT) Pty
Limited35 Valley Commerce Pty Ltd36 Wyong Council, being a water supply authority listed in Schedule 3
to the Water Management Act
2000Part 2 Funds or accounts37 Crown Employees (NSW Fire Brigades Fire Fighting Staff Death and
Disability) Superannuation Fund38 Energy Investment Fund39 Home Warranty Insurance Fund40 Macquarie University Professorial Superannuation
Scheme40A Parliamentary Contributory Superannuation
Fund41 State Super Allocated Pension Fund established by State Super
Allocated Pension Fund Trust Deed dated 23 November
199342 State Super Fixed Term Pension Plan established by State Super
Fixed Term Pension Plan Trust Deed dated 14 July 199943 State Super Personal Retirement Plan established by State Super
Personal Retirement Plan Trust Deed dated 3 April 199044 State Super Investment Fund established by State Super Investment
Fund—Cash Fund Constitution dated 22 November 1991, State Super
Investment Fund—Capital Stable Fund Constitution dated 22 November 1991,
State Super Investment Fund—Balanced Fund Constitution dated 22 November
1991 and State Super Investment Fund—Growth Fund Constitution dated 24
April 199745 The superannuation fund amalgamated under the
Superannuation Administration Act 1991 and
continued to be amalgamated under the Superannuation Administration Act
199646 University of Sydney Professorial Superannuation
SystemHistorical notesThe following abbreviations are used in the Historical notes:
Am amended LW legislation website Sch Schedule Cl clause No number Schs Schedules Cll clauses p page Sec section Div Division pp pages Secs sections Divs Divisions Reg Regulation Subdiv Subdivision GG Government Gazette Regs Regulations Subdivs Subdivisions Ins inserted Rep repealed Subst substituted Table of amending instrumentsPublic Finance
and Audit Regulation 2010 (395). LW 30.7.2010. Date of
commencement, on publication on LW, cl 2. This Regulation has been amended as
2011(115)Public Finance and Audit Amendment
(Energy Services Corporations) Regulation 2011. LW
(173)Public Finance and Audit Amendment
(Illawarra Health and Medical Research Institute Limited) Regulation
(364)Public Finance and Audit Amendment
(Parliamentary Contributory Superannuation Fund) Regulation
2011. LW 14.7.2011.Date of commencement, on publication on LW, cl
(365)Public Finance and Audit Amendment
(Payment of Accounts) Regulation 2011. LW 14.7.2011.Date of commencement, on publication on LW, cl
(381)Public Finance and Audit Amendment
Regulation 2011. LW 29.7.2011.Date of commencement, on publication on LW, cl
(425)Public Finance and Audit Amendment
(National Art School) Regulation 2011. LW 12.8.2011.Date of commencement, on publication on LW, cl
2012(472)Public Finance and Audit Amendment
(Prescribed Audits) Regulation 2012. LW 21.9.2012.Date of commencement, on publication on LW, cl
(597)Public Finance and Audit Amendment
(Officers) Regulation 2012. LW 6.12.2012.Date of commencement, on publication on LW, cl
Cl 13Am 2011 (365), Sch 1
[1]–[4].Cl 14Am 2012 (597), cl 3.Cl 16Subst 2011 (115), cl 3.Sch 1Am 2010 No 97, Sch 2.26; 2011 (173), cl 3; 2011 No
4. Sch 2.29; 2011 (364), cl 3; 2011 (381), cl 4 (1) (2); 2011 (425), cl 3;
2012 (472), cl 3.