D4: Other provisions

Policy and measurement

Finance recognises a provision when it has a legal or constructive obligation to make a payment, it is probable that payment will be made and the amount to be paid can be reliably measured.

In the following note disclosure, Departmental and Administered items are included together for presentation purposes only and these balances should not be compared.

Further information

Remediation

Finance currently has agreements for the leasing of premises which have provisions requiring Finance to restore the premises to their original condition at the conclusion of the lease.

The domestic property portfolio managed by Finance has a small number of properties with potential remediation issues that are currently the subject of further investigation. A provision has been raised in relation to remediation of three properties.

Excess lease space

Finance has reviewed the leasing of all premises for surplus space and has recognised a provision in relation to five Administered premises. Finance has made a provision to reflect the present value of this surplus space.

Act of Grace

The Act of Grace mechanism is a discretionary power found in section 65 of the PGPA Act, which allows payments to be made if it is appropriate and a decision maker considers there are special circumstances. In most cases these relate to pension payments to spouses of former members of the Commonwealth defined benefit superannuation schemes.

Same Sex Relationships Act

The Same Sex Relationships (Equal Treatment in Commonwealth Laws – General Reform) Act 2008 removes discrimination against same-sex couples and their dependent children from a wide range of Commonwealth laws and programs. These relate to pension payments to partners of former members of the Commonwealth defined benefit superannuation schemes.