The AMFRTF is a Corporate Commonwealth Entity. It is a not‐for‐profit entity. The AMFRTF was
established by the Services Trust Funds Act 1947. The Act provides that the Trustees shall, subject
to and in accordance with the regulations, apply the Fund in providing benefits for members of
the Defence Forces who have served in, or in association with, the Australian Army and to the
dependants of such members. The AMFRTF does not receive nor is it reliant on the Australian
Government for funding.
Basis of Preparation
The Financial Statements are general purpose financial statements and are required by section
42 of the Public Governance, Performance and Accountability Act 2013. The financial statements
have been prepared in accordance with:
a. Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
b. Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the
historical cost convention, except for certain assets and liabilities at fair value. Except where
stated, no allowance is made for the effect of changing prices on the results or the financial
position. The financial statements are presented in Australian dollars.
In the current year, the AMFRTF has reclassified donation income in the Cash Flow Statement as part of operating activities. These amounts were previously reflected as cash flows from financing activities. The AMFRTF has also reclassified the Bad & doubtful debt recoveries previously disclosed in Note 1.2A to reduce the impairment expense at Note 1.1D.
New Accounting Standards
Adoption of New Australian Accounting Standard Requirements
No accounting standard has been adopted earlier than the application date as stated in the standard.
The AMFRTF has applied the requirements of AASB 9 Financial Instruments from 1 July 2018. As a result, the AMFRTF has revisited the recognition and measurement requirements for its financial instruments including loans outstanding. Management has assessed that the implementation of this new standard did not have a material effect on the financial statements at this date. All other new /revised/amending standards and/or interpretations that were issued prior to the sign‐off date and are applicable to the current reporting period did not have a material effect on the AMFRTF’s financial statements.
Future Australian Accounting Standard Requirements
All new/revised/amending standards and/or interpretations that were issued prior to the signoff date and are applicable to the future reporting period(s) are not expected to have a future material impact on the AMFRTF’s financial statements.
Taxation The AMFRTF is exempt from all forms of taxation except Fringe Benefits Tax and the
Goods and Services Tax (GST). The Australian Taxation Office has advised that the AMFRTF is a ‘financial supply provider’, consequently GST is not charged on revenue. The AMFRTF has no
entitlement to input tax credits. Expenses are GST inclusive.
Events after the reporting period There was no subsequent event that had the potential to significantly affect the ongoing structure and financial activities of the AMFRTF.