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2. Income and Expenses Administered on Behalf of Government
This section analyses the activities that the Australian Financial Security Authority does not control but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.
2.1. Administered - Expenses
Note 2.1A: Impairment Loss on Financial Instruments
Total impairment loss on financial instruments
Note 2.1B: Payments Made Through Special Accounts
Official Trustee management fees
Payments to Official Trustee
Legal Aid commission payments
Total other expenses
A provision for impairment of PPOs is recognised when there are no assets identified as available for realisation an application to the PPO debt. This accounting treatment in no way impacts the legal liability of the defendant to pay the PPO debt, nor the ability of the Official Trustee to receive instructions at a subsequent time to realise property for application to the PPO debt.
Payments made through Special Accounts
Section 297 of the Proceeds of Crime Act 2002 specifies permitted payments from the Confiscated Assets Account maintained by AFSA. Program payments are made pursuant to written Ministerial orders and are used for crime prevention or law enforcement initiatives, or for measures related to diversion from illegal drug use including treatment. Restitution payments are payments the Commonwealth is directed to make by an order pursuant to section 297(fa) of the Proceeds of Crime Act 2002.
2.2. Administered - Income
Note 2.2A: Charges
Charges revenue relates to levies on asset realisations and interest paid by the Official Trustee and Registered Practitioners. Registered Practitioners were required to lodge Annual Administration Returns by 4 August 2020 for the 2019–20 financial year. AFSA recognises charges revenue based on amounts paid by the Official Trustee and Annual Administration Return lodgements.
Note 2.2B: Fees and Fines
Pecuniary Penalty Orders
Official Trustee fees
NPII search fees
Bankruptcy notice fees
Debt agreement proposal fees
Total fees and fines
All administered revenues are revenues that relate to ordinary activities performed by AFSA on behalf of the Australian Government. As such, administered appropriations are not revenues of the individual entity that oversees distribution or expenditure of the funds as directed.
Fees and Fines
Fees for activities performed by AFSA under the Bankruptcy Act 1966 and Proceeds of Crime legislation are outlined in the Cost Recovery Impact Statements referred to in note 5.3.
PO’s and Forfeiture Orders are statutory revenues recorded and collected by AFSA on behalf of the Commonwealth.
Note 2.2C: Interest
Interest on Common Investment Fund Equalisation Account