H. Other Information
This section includes additional financial information which is considered relevant to assist users in understanding the financial statements.
H1 Current and non-current distinction for assets and liabilities
Departmental | Administered | |||
30 June | 30 June | 30 June | 30 June | |
2021 | 2020 | 2021 | 2020 | |
$'000 | $'000 | $'000 | $'000 | |
Assets expected to be recovered in: | ||||
No more than 12 months | ||||
Cash and cash equivalents | 4,219 | 2,780 | 1,413,762 | 3,497,785 |
Special account cash held in OPA | 1,246,003 | 903,273 | - | - |
Trade and other receivables | 25,881 | 19,445 | 991 | 1,518 |
Special account capital receivable | 11,325 | 24,640 | - | - |
Other departmental undrawn | 47,353 | 95,527 | - | - |
Reinsurance and other recoveries | 783 | 1,108 | - | - |
Lease incentive assets | 133 | 133 | - | - |
Investment funds | - | - | 26,413,588 | 27,224,987 |
Loans | - | - | 82,246 | - |
Other financial assets | 2,599 | 3,283 | 47,954 | 71,354 |
Prepayments | 7,357 | 8,721 | 4,575 | 3,720 |
Assets held for sale | 12,209 | 247 | - | - |
Total no more than 12 months | 1,357,862 | 1,059,157 | 27,963,116 | 30,799,364 |
More than 12 months | ||||
Reinsurance and other recoveries | 1,654 | 1,495 | - | - |
Lease incentive assets | 651 | 784 | - | - |
Investment funds | - | - | 23,112,900 | 17,018,937 |
Loans | - | - | 212,845 | 118,831 |
Commonwealth entities and companies | - | - | 1,867,319 | 1,570,611 |
Land | 459,906 | 435,522 | - | - |
Buildings | 641,023 | 695,722 | - | - |
Leasehold improvements | 25,800 | 27,165 | 34,394 | 29,498 |
Investment property | 834,755 | 854,012 | - | - |
Infrastructure | - | 72,326 | 72,088 | |
Plant and equipment | 20,416 | 22,798 | 15,048 | 11,677 |
Intangibles | 91,606 | 105,885 | 94 | 114 |
Right-of-use assets | 432,769 | 450,821 | 271,251 | 292,596 |
Prepayments | 585 | 316 | 143 | - |
Total more than 12 months | 2,509,165 | 2,594,520 | 25,586,320 | 19,114,352 |
Total assets | 3,867,027 | 3,653,677 | 53,549,436 | 49,913,716 |
Liabilities expected to be settled in: | ||||
No more than 12 months | ||||
Trade creditors and accruals | 37,734 | 38,372 | 15,464 | 14,776 |
Unearned revenue | 15,822 | 14,841 | 97 | 52 |
Return of equity - special accounts | 73,206 | 115,955 | - | - |
Outstanding insurance claims | 239,924 | 170,626 | - | - |
Investment funds | - | - | 609,305 | 299,579 |
OPA overnight cash payable | - | - | 2,601,308 | 2,029,429 |
Employee provisions | 17,431 | 17,494 | 36,253 | 33,745 |
Superannuation provisions | - | - | 7,215,318 | 7,126,629 |
Lease liabilities | 7,713 | 7,258 | 36,881 | 34,400 |
Other provisions | 2,212 | 11,626 | 1,444 | 1,584 |
Other payables | 4,426 | 5,243 | 21,051 | 16,707 |
Total no more than 12 months | 398,468 | 381,415 | 10,537,121 | 9,556,901 |
More than 12 months | ||||
Unearned revenue | 981 | 982 | - | - |
Outstanding insurance claims | 854,718 | 419,933 | - | - |
Employee provisions | 48,494 | 46,044 | 260,504 | 283,638 |
Superannuation provisions | - | - | 219,193,605 | 234,627,766 |
Lease liabilities | 447,279 | 454,980 | 246,779 | 264,821 |
Other provisions | 2,817 | 1,334 | 14,512 | 16,550 |
Other payables | - | - | - | 11,000 |
More than 12 months | 1,354,289 | 923,273 | 219,715,400 | 235,203,775 |
Total liabilities | 1,752,757 | 1,304,688 | 230,252,521 | 244,760,676 |
H2 Other policy and disclosures
This section of the report provides additional information in relation to line items in the primary statements that do not have specific disclosures in the preceding notes. They are additional disclosures directed at the interests of particular users and their needs.
Competitive neutrality (including income tax equivalent)
Finance is exempt from all forms of taxation except Fringe Benefits Tax and GST.
Finance applies the Australian Government's Competitive Neutrality Policy Statement (June 1996) to properties in the portfolio that are leased and managed in a competitive environment. The taxation equivalent regime is applied as a competitive neutrality charge (shown as competitive neutrality and income tax equivalent in the Statement of Comprehensive Income) and a notional payment is calculated quarterly to cover indirect taxes such as payroll tax, council rates, stamp duty and land tax and income tax based upon accounting income; as if they have been applied to these properties. These amounts have been paid or are payable by Finance to the OPA.
Volunteer services
Volunteer services are recognised as revenue when, and only when, a fair value can be reliably determined and the services would be purchased if they had not been donated. Use of the resources is recognised as an expense. Volunteer services are recorded as either revenue or gains depending on their nature. Volunteer services relate to Australian National Audit Office audit fees for Finance’s financial statements and whole of government financial statements (2021: $1.3 million).
Volunteer services includes rent for office space in the Ministerial Wing of Parliament House. |
Cash and cash equivalents
Cash and cash equivalents include cash on hand, cash held with outsiders, cash in special accounts and demand deposits in bank accounts with an original maturity of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. Cash is recognised at its nominal amount. Cash and cash equivalents held for investment purposes are classified as investments.
Official Public Account (OPA) The OPA consists of the central bank accounts administered by Finance where the aggregate balance represents the government’s daily cash position. Cash in bank accounts held by non-corporate Commonwealth entities (NCCE) are consolidated in the OPA each night. The amounts to be returned to the NCEs before the next business day is reported in the Administered financial statements as OPA overnight cash payable. Transfers to and from the OPA with other Commonwealth entities represents receipts collected on behalf of the Commonwealth and the Commonwealth payments drawn from the Appropriation Acts. |
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