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Administered Schedule of Assets and Liabilities

as at 30 June 2019

2019

2018

Original Budget

Note

$'m

$'m

$'m

ASSETS

Financial Assets

Cash

381

300

439

Cash held in special accounts1

84

106

-

Total financial assets

465

406

439

Non-Financial Assets

Receivables2

15A

24,980

22,616

24,649

Accrued revenues

15B

13,750

14,276

15,734

Total non-financial assets

38,730

36,892

40,383

Total assets administered on behalf of Government

39,195

37,298

40,822

LIABILITIES

Payables

Subsidies

28

21

35

Personal benefits

4

15

(1)

Superannuation guarantee charge

35

33

8

Taxation refunds due

1,165

1,008

1,221

Superannuation holding account

84

106

104

Other payables

1

1

2

Total payables

1,317

1,184

1,369

Provisions

Subsidies

16

3,644

3,901

4,027

Personal benefits

16

1,160

1,222

1,226

Other accrued expenses

16

159

78

90

Income taxation refunds

16

2,478

2,190

901

Indirect taxation refunds

16

260

306

241

Superannuation guarantee payments

16

644

854

790

Unclaimed superannuation payments

16

1,695

746

792

Other refunds

16

10

5

-

Interest on overpayment of taxes

16

22

-

-

Total provisions

10,072

9,302

8,067

Total liabilities administered on behalf of Government

11,389

10,486

9,437

Net assets

27,806

26,812

31,386

1 The closing balance of Cash held in special accounts does not include amounts held in trust for special accounts of $215 million (2018: $191 million). See Note 20 Special Accounts for more information.

2 Prior year adjustments have been made to these numbers. Refer to Overview.

Accounting Policy

Administered liabilities

Administered liabilities include payables and provisions. Payables are recognised for claims on hand and provisions are raised for accrued expenses in accordance with the accounting policy in the Administered Expenses in Note 13. The majority of the ATO’s administered liabilities are not categorised as financial liabilities as they are statutory in nature.

Budget Variances Commentary : Schedule of Assets and Liabilities

Affected line items

Explanation of major variances

Receivables

The actuals are higher than budget primarily due to individuals, consistent with the increase in individuals revenue and a lower impairment allowance. This has been partially offset by higher than expected provisions for credit amendments and lower than expected company receivables.

Accrued revenues

The actuals are lower than budget primarily due to the impact of the goods and services tax property measures that were yet to be fully factored into the budget.

Subsidies

The actuals are lower than budget primarily due to the provision for research and development (R&D) tax incentives. R&D claims are lower than expected due to a decline in lodgments and aggregate claims.

Income taxation refunds

The actuals are higher than budget primarily due to a higher provision for refunds for company income tax. Provisions for refunds can be volatile due to the timing of lodgments, payments and audit outcomes from year to year. It is noted that budget was based on the latest actual balance of the provision account available (2016-17), which was lower at that time.

Superannuation guarantee payments

The actuals are lower than budget primarily reflecting delays in the passage of the superannuation guarantee amnesty legislation as well as a higher than expected provisioning for bad and doubtful debt.

Unclaimed superannuation payments

The actuals are higher than budget reflecting the recognition of future outflow of existing ATO-held unclaimed superannuation monies as a result of the Protecting Your Super package.

Visit

https://www.transparency.gov.au/annual-reports/australian-taxation-office/reporting-year/2018-2019-31