19. Related Party Transactions
a. Key management personnel compensation
The key management personnel compensation included in personnel expenses are as follows:
June | June | |
Short-term employee benefits | 3,365,177 | 3,814,631 |
Post-employment benefits | 213,469 | 251,354 |
Other long term benefits | 338,681 | 62,062 |
3,917,327 | 4,128,047 |
There were 14 key management personnel for the year (2019: 14).
b. Loans to key management personnel
No loans were made available to key management personnel during the financial year.
c. Other key management personnel transactions with the consolidated entity
There have been no transactions with key management personnel during the financial year.
d. Subsidiaries
Interests in subsidiaries are set out in note 17(a).
e. Directors
The following were directors of ASC Pty Ltd during the entire financial year:
- Bruce James Carter
- Dr Rosalind Dubs
- Paul John Rizzo
- Loretta Reynolds
- Joycelyn Morton
- Stuart Whiley
- Geoffrey Rohrsheim
The Hon Gary Gray AO was a director from the beginning of the financial year until his resignation on 11 March 2020.
f. Other related parties
Australian government ministers
There have been no transactions with any Australian government ministers during the financial year.
Shareholders
In performing its contracts, the consolidated entity has transacted on normal commercial terms and conditions with its shareholder, the CoA and its related entities.
The CoA is the ultimate parent entity.
g. Transactions with other related parties
During the year, the amounts received or receivable by the consolidated entity from the CoA for various projects was $607,136,000 (2019: $683,947,000).
Certain expenditure incurred by the consolidated entity on behalf of the shareholder has been recharged and will be settled in accordance with normal commercial terms and conditions.
h. Balances With Shareholders
June | June | |
The aggregate amounts payable to the shareholders in relation to these transactions are: | ||
- | - | |
The aggregate amounts receivable from the shareholders in relation to these transactions are: | ||
94,192 | 159,815 |
i. Loans to/from the Commonwealth of Australia and its related parties Government Advance
Government advance
June 2019 | AUD | USD | GBP | CAD | EUR | JPY |
Beginning of the year | 59,553,483 | 7,368,103 | 451,286 | 2,015,093 | 11,569,081 | 12,078,961 |
Advances received | 64,000,000 | - | - | - | - | - |
Advances repaid | -65,003,739 | -6,004,955 | -207,191 | -1,800,000 | -9,051,311 | -12,078,961 |
Interest charged | -6,693 | - | - | - | - | - |
Interest received | 546,253 | - | - | - | - | - |
End of year (source currency) | 59,089,304 | 1,363,148 | 244,095 | 215,093 | 2,517,770 | - |
End of year (AUD equivalent) | $59,089,304 | $1,943,745 | $441,002 | $234,124 | $4,080,004 | - |
Total (AUD equivalent) | $65,788,179 | |||||
June 2020 | ||||||
Beginning of the year | 59,089,304 | 1,363,148 | 244,095 | 215,093 | 2,517,770 | - |
Advances received | 36,000,000 | - | - | - | - | - |
Advances repaid | -36,000,000 | - | - | - | - | - |
Interest charged | -4,539 | - | - | - | - | - |
Interest received | 96,332 | - | - | - | - | - |
End of year (source currency) | 59,181,097 | 1,363,148 | 244,095 | 215,093 | 2,517,770 | - |
End of year (AUD equivalent) | $59,181,097 | $1,986,229 | $436,976 | $229,136 | $4,120,063 | - |
Total (AUD equivalent) | $65,953,501 |
Visit
https://www.transparency.gov.au/annual-reports/asc-pty-ltd/reporting-year/2019-20-34