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Overview

Basis of preparation of the financial statements

The financial statements are general purpose financial statements and are required by clause 1(b) of section 43 of the Natural Heritage Trust of Australia Act 1997.

The financial statements have been prepared in accordance with:

  • Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
  • Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) 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 and values are rounded to the nearest thousand dollars unless otherwise specified.

New accounting standards

All new, revised or amended standards and 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 Trust’s financial statements.

AASB 1059 Service Concession Arrangements: Grantors is not applicable to the Trust’s financial statements.

Taxation

The Trust is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). Revenues, expenses, assets and liabilities are recognised net of GST except where the amount of GST incurred is not recoverable from the Australian Taxation Office and for receivables and payables.

Major events impacting the Australian Government in 2020–21

In 2019-20, Australia experienced the summer bushfires throughout the country. Due to the severity of the fires the Australian Government announced financial assistance to businesses and families affected. The assistance included $7 million over 2019-20 and 2020-21 in the Bushfire Response Package – Bushfire Wildlife Recovery Program funded by the Trust. Payments commenced in quarter three of 2019-20 ($2.060 million) and continued in 2020-21 ($4.731 million).

Events after the reporting period

There are no events occurring after the reporting period that has the potential to significantly affect the ongoing structure and financial activities of the Trust.