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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.