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Overview

The Australian Military Forces Relief Trust Fund (AMFRTF) is a Corporate Commonwealth Entity and a not-for-profit entity. The AMFRTF was established by the Services Trust Funds Act 1947 (the Act). 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:

  1. Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
  2. 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.

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 1058 Income of not-for-profit entities effective from 1 July 2019. As part of the implementation, the management of the AMFRTF has undertaken an assessment and concluded that the income recognition methods that have historically been in place are consistent with the requirements of this new standard. Accordingly, there were no adjustments and no amounts taken to retained surplus on initial adoption of this new standard. Accordingly, the comparative information presented for 2019 is not restated, that is, it is presented as previously reported under the various applicable AASBs and related interpretations.

Future Australian Accounting Standard Requirements

All new/revised/amending standards and/or interpretations that were issued prior to the sign-off 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.