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Administered Reconciliation Schedule

Administered Reconciliation Schedule

for the period ended 30 June 2021

2021

2020

Notes

$’000

$’000

Opening assets less liabilities as at 1 July

(64,220)

30

Adjustment to administered cash held

-

(182)

Adjustment on initial application of AASB 15/AASB 1058

-

(68,235)

Adjusted opening assets less liabilities

(64,220)

(68,387)

Net (cost of)/contribution by services

Income

36,574

43,009

Expenses

Payments to entities other than corporate Commonwealth entities

(13,836)

(11,943)

Transfers from the Australian Government

Transfers from OPA

6,700

7,104

Appropriation transfers to OPA

Transfers to OPA

(10,218)

(34,003)

Closing assets less liabilities as at 30 June

(45,000)

(64,220)

The above schedule should be read in conjunction with the accompanying notes.

Accounting Policy

Administered Cash Transfers to and from the Official Public Account

Revenue collected by the entity for use by the Government rather than the entity is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the entity on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.