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Administered Reconciliation Schedule

Administered Reconciliation Schedule

as at 30 June 2020

2020

$'000

2019

$'000

Opening assets less liabilities as at 1 July

203,243

183,729

Adjusted opening assets less liabilities

203,243

183,729

Net contribution by services

Income

100,386

136,058

Expenses

(81,143)

(52,482)

Transfers (to) / from the Australian Government

Appropriation transfers from Official Public Account

Refunds of administered revenues

854

1,998

Appropriation transfers to Official Public Account

Transfers to Official Public Account

(62,885)

(66,060)

Closing assets less liabilities as at 30 June

160,455

203,243

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 AFSA for use by the Government rather than for AFSA is administered revenue. Collections are transferred to the Official Public Account 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 AFSA on behalf of the Government and reported as such in the schedule of administered cash flows and administered reconciliation schedule.