Notes to the financial statements
Note 1: Budget Variance Commentary for the period ended 30 June 2020
IP Australia considers that major variances are those:
- Variance between budget and actuals is greater than 10% of the original estimate or
- An item below this threshold but is considered important for the reader’s understanding or is relevant to anassessment of the discharge of accountability and to an analysis of performance of IP Australia.
Where a budget has not been provided for in the Portfolio Budget Statement (PBS), for example non-cash items such as sale of asset adjustments and finance cost, for these items no explanation has been provided unless the variance is considered to be ‘major’.
The Budget is not audited.
STATEMENT OF COMPREHENSIVE INCOME
Employee benefits
Variance to budget is primarily due to ending the financial year with a slightly higher average staffing level than planned, together with a number of separation payments which were not included in the budget.
Suppliers
Suppliers expense ended lower than estimated with the implementation of saving initiatives to offset the drop in revenue. This together with the introduction of new Australian Accounting Standard, AASB 16 leases, from 1 July 2019 that resulted in operating leases expenses, classified as suppliers under the previous standard, to be replaced with depreciation charge for the right-of-use assets and interest expense.
Depreciation and amortisation
Depreciation expense was higher than estimated primarily due to the introduction of new Australian Accounting Standard, AASB 16 leases, from 1 July 2019. This resulted in additional depreciation charge for the right-of-use assets which was not included in the 2019-20 budget.
Revenue from contracts with customers
IP Australia revenue from contracts with customers is below budget mainly due to less than planned IP Right's application, examination and renewal revenues.
STATEMENT OF FINANCIAL POSITION
Cash and cash equivalents
Decrease in cash and cash equivalent is primarily related to the fall in revenue from contracts with customers, higher capital expenditure, and starting the financial year with a lower cash position than originally planned in the budget.
Prepayments
Increase in prepayments are mainly associated with maintenance contracts and subscriptions related to IT projects.
Leasehold improvements, plant and equipment and intangibles
The overall asset values are higher than forecast with the recognition of right-of-use assets as a result of introduction of new Australian Accounting Standard, AASB 16 leases, from 1 July 2019.
Suppliers
The liability is difficult to estimate a year-out from report date and actual results reflect activity levels with vendors leading up to 30 June combined with derecognition of the operating lease rentals liability due to the application of new Australian Accounting Standard, AASB 16 leases.
Other payables
Increase in other payables is mainly due to the combination of additional recognition of unearned revenue, and derecognition of lease incentive as a result of application of new Australian Accounting Standards, AASB 15 Revenue from Contracts with Customers and AASB16 leases respectively.
Employee provisions
Employee provisions variance is primarily related to higher than anticipated staffing levels and increased leave liabilities.
CASHFLOW STATEMENT
The variance reflects movement of cash from Official Public Account. This was a result of a decrease in revenue from contracts with customers and increased capital expenditures.
Note 1: Financial Performance
1.1: Expenses
2020 $'000 | 2019 $'000 | |
Note 1.1A: Employee Benefits | ||
Wages and salaries | 102,891 | 99,226 |
Superannuation: | ||
Defined contribution plans | 11,602 | 10,706 |
Defined benefit plans | 7,524 | 7,210 |
Leave and other entitlements | 11,045 | 15,113 |
Separation and redundancies | 1,934 | 1,703 |
Total employee benefits | 134,996 | 133,958 |
Accounting Policy
Accounting policies for employee related expenses is contained in note 2.5A.
Note 1.1B: Suppliers | ||
Goods and services supplied or rendered | ||
Contractors & Consultants | 12,385 | 20,448 |
Travel | 1,164 | 2,277 |
Communication & IT Services | 19,972 | 20,598 |
Administrative Services | 7,228 | 9,322 |
Subscription to World Intellectual Property Organisation | 1,080 | 1,054 |
Total goods and services supplied or rendered | 41,829 | 53,699 |
Goods supplied | 329 | 648 |
Services rendered | 41,500 | 53,051 |
Total goods and services supplied or rendered | 41,829 | 53,699 |
Other suppliers | ||
Operating lease rentals | - | 12,857 |
Workers compensation expenses | 330 | 788 |
Total other suppliers | 330 | 13,645 |
Total suppliers | 42,159 | 67,344 |
Note 1.1C: Finance costs | ||
Interest on lease liabilities | 1,976 | - |
Total finance costs | 1,976 | - |
IP Australia has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117.
The above lease disclosures should be read in conjunction with the accompanying notes 2.2A and 2.4A.
1.2: Own-Source Revenue and Gains
2020 $'000 | 2019 $'000 | |
Own-Source Revenue | ||
Note 1.2A: Revenue from contracts with customers | ||
Provision of goods | 363 | 769 |
Rendering of services | 201,203 | 199,419 |
Total revenue from contracts with customers | 201,566 | 200,188 |
Major services and goods are made up of | ||
Patent fees | 123,433 | 121,884 |
Trade Mark fees | 71,784 | 70,467 |
Design fees | 3,610 | 3,685 |
Plant Breeders Rights fees | 1,309 | 1,486 |
Other goods and services | 854 | 1,842 |
Trans-Tasman IP Attorney fees | 576 | 824 |
201,566 | 200,188 |
Accounting Policy
Revenue from the sale of goods and services are recognised when a customer obtains control of the goods and services. IP Australia operates on a cost recovery basis, funding its operations almost entirely through revenues raised from charges for intellectual property services. The breakdown of major services provided by IP Australia are listed above.
For majority of services provided by IP Australia, the performance obligation is satisfied at a point in time. IP Australia recognises revenue when (or as) it satisfies each performance obligation by transferring promised goods or services to the customer.
For trademark application service provided by IP Australia, the performance obligation is satisfied over time. IP Australia uses the input method for measuring progress towards satisfaction of a performance obligation using its Activity Based Costing system.
1.2B: Resources Received Free of Charge | ||
Remuneration of auditors | 155 | 155 |
Plant and equipment | 3 | - |
158 | 155 | |
1.2C: Rental income | ||
Sub-lease income | 68 | - |
68 | - |
IP Australia sub-leased part of it's premises to National Disability Insurance Agency (NDIA) without limiting IP Australia's obligation under the Head Lease. IP Australia agrees to perform all of its obligations as tenant under the Head Lease except those which NDIA is required to perform "under sublease agreement".
Maturity analysis of operating lease income receivables: | 2020 $'000 |
Within 1 year | 752 |
Total undiscounted lease payments receivable | 752 |
Note 2: Department Financial Position
2.1: Financial Assets
2020 $'000 | 2019 $'000 | ||
Note 2.1A: Cash and Cash Equivalents | |||
Cash in special accounts (held as cash in OPA) | 16,125 | 43,625 | |
Cash on hand or on deposit | 6,867 | 1,584 | |
Total cash and cash equivalents | 22,992 | 45,209 |
The closing balance of Cash in special accounts does not include amounts held in trust: $479,253 in 2020 and $352,000 in 2019. See note 3.2 Special Accounts for more information.
2020 $'000 | 2019 $'000 | |
Note 2.1B: Trade and Other Receivables | ||
Trade receivable | 726 | 1,624 |
GST receivable from the Australian Taxation Office | 745 | 1,329 |
Other receivables | 103 | 19 |
Total trade and other receivables | 1,574 | 2,972 |
Accounting Policy
Trade receivables and other receivables are held for the purpose of collecting the contractual cash flows of principal and interest at market interest rates. They are subsequently measured at amortised cost using the effective interest method, adjusted for any loss allowance.
Credit terms for goods and services were within 30 days (2018-19: 30 days).
2.2: Non-Financial Assets
Note 2.2A: Reconciliation of the opening and closing balances of Property, Plant and Equipment and Intangibles 2020 | ||||||
Leasehold Improvements | Plant & equipment | Computer software internally developed | Computer software purchased | Total Intangibles | Total | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
As at 1 July 2019 | ||||||
Gross book value | 38,254 | 16,448 | 178,739 | 15,674 | 194,413 | 249,115 |
Accumulated depreciation and impairment | (2,821) | (8,004) | (82,670) | (12,758) | (95,428) | (106,253) |
Total as at 1 July 2019 | 35,433 | 8,444 | 96,069 | 2,916 | 98,985 | 142,862 |
Recognition of right of use asset on initial application of AASB 16 | 160,113 | 1,676 | - | - | - | 161,789 |
Adjusted Net book value as at 1 July 2019 | 195,546 | 10,120 | 96,069 | 2,916 | 98,985 | 304,651 |
Additions - by purchase or Internally developed | 11,455 | 1,795 | 20,667 | 145 | 20,812 | 34,062 |
Depreciation/Amortisation expense | (2,996) | (3,582) | (11,499) | (1,078) | (12,577) | (19,155) |
Depreciation on right-of-use assets | (12,546) | (646) | - | - | - | (13,192) |
Other movements: | ||||||
Derecognition of lease incentive | (7,948) | - | - | - | - | (7,948) |
Other movements of right-of-use assets | - | 28 | - | - | - | 28 |
Disposals and write down of assets | - | (153) | (9) | - | (9) | (162) |
Total as at 30 June 2020 | 183,511 | 7,562 | 105,228 | 1,983 | 107,211 | 298,284 |
Total as at 30 June 2020 represented by: | ||||||
Gross book value | 201,560 | 18,827 | 197,357 | 14,744 | 212,101 | 432,488 |
Accumulated depreciation and impairment | (18,049) | (11,265) | (92,129) | (12,761) | (104,890) | (134,204) |
Total as at 30 June 2020 represented by: | 183,511 | 7,562 | 105,228 | 1,983 | 107,211 | 298,284 |
Carrying amount of right-of-use assets | 147,567 | 1,058 | - | - | - | 148,625 |
No indicators of impairment were identified for leasehold improvements, plant and equipment and intangibles.
No property, plant and equipment and intangibles are expected to be sold or disposed of within the next 12 months.
All revaluations were conducted in accordance with the revaluation policy. IP Australia performs formal revaluation every four years. The last formal revaluation was June 2017.
The fair value of IP Australia’s leasehold improvements and plant and equipment has been taken to be the market value of similar items or depreciated replacement cost as determined by an independent valuer. In some instances, IPA’s leasehold improvements that were purposed-built and some specialised plant and equipment may in fact realise more or less in the market.
Capital commitments
As at the 30 June 2020 IP Australia had capital commitments with respect to leasehold improvements for Canberra office accommodation.
Commitments payable on non-financial assets purchases by maturity: | 2020 $'000 |
Within 1 year | 829 |
Total capital commitments1 | 829 |
- Total capital commitment excludes GST.
Accounting Policy
The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value.
Asset Recognition Threshold
Purchases of property, plant and equipment are recognised initially at cost in the statement of financial position, except for purchases of leasehold improvements costing less than $20,000 (2018-19: $20,000) and computer equipment costing less than $1,000 (2018-19: $1,000). Purchases of other plant and equipment are also recognised initially at cost in the statement of financial position, except for purchases costing less than $5,000 (2018-19: $5,000).
Lease Right of Use (ROU) Assets
Leased ROU assets are capitalised at the commencement date of the lease and comprise of the initial lease liability amount, initial direct costs incurred when entering into the lease less any lease incentives received. These assets are accounted for by IP Australia as separate asset classes to corresponding assets of leasehold improvements and Plant and Equipments, but included in the same column as where the corresponding underlying assets would be presented if they were owned.
An impairment review is undertaken for any right of use lease assets that shows indicators of impairment and an impairment loss is recognised against any right of use lease assets that is impaired. Lease ROU assets continue to be measured at cost after initial recognition.
Revaluations
Following initial recognition at cost, property, plant and equipment (excluding ROU assets) are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets did not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.
Revaluation adjustments are made on a class basis. Any revaluation increment was credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of assets were recognised directly through the surplus/deficit except to the extent that they reversed a previous revaluation increment for that
class.
Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount. Carrying amount of the asset after revaluation equals its revalued amount.
Depreciation
Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to IP Australia using, in all cases, the straight-line method of depreciation. Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the improvements or the unexpired period of the lease.
Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.
Depreciation rates applying to each class of depreciable asset are based on the following useful lives:
2020 | 2019 | |
Leasehold improvements | Lease term | Lease term |
Plant and equipment | 3 to 25 years | 3 to 25 years |
The depreciation rates for ROU assets are based on the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term.
Impairment
All assets were assessed for impairment at 30 June 2020. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s
recoverable amount is less than its carrying amount.
Derecognition
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.
Sale of Asset
Gains from disposal of assets are recognised when control of the asset has passed to the buyer.
Intangibles
IP Australia’s intangibles comprise internally developed and purchased software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.
Software is amortised on a straight-line basis over its anticipated useful life. The useful lives of IP Australia's software are 3 to 10 years (2018-19: 3 to 10 years).
Purchases of software are recognised initially at cost in the statement of financial position, except for purchases costing less than $5,000 (2018-19: $5,000). Dependent on the stage of development, internally developed software is recognised at cost in the statement of financial
position, except for purchases costing less than $200,000 (2018-19: $200,000).
2.3: Payables
2020 $'000 | 2019 $'000 | |
Note 2.3A: Suppliers | ||
Trade creditors and accruals | 7,128 | 10,618 |
Operating lease rentals | - | 5,062 |
Total suppliers | 7,128 | 15,680 |
Settlement is usually made within 30 days.
Note 2.3B: Other Payables | ||
Unearned revenues | ||
Patents fees | 16,304 | 7,430 |
Trade Marks fees | 24,613 | 10,621 |
Designs fees | 214 | 204 |
Plant Breeders Rights fees | 1,902 | 1,390 |
Total unearned revenues | 43,033 | 19,645 |
Other unearned income | 90 | 158 |
Lease incentive | - | 16,638 |
Salary and wages | 1,925 | 1,109 |
Superannuation | 282 | 138 |
Total other payables | 45,330 | 37,688 |
Accounting Policy
Supplier and other payables are classified as 'financial liabilities measured at amortised cost'. Liabilities are recognised to the extent that the goods or services have been received/ rendered (and irrespective of having been invoiced). Supplier and other payables are derecognised on payment.
For unearned revenue policy "refer Note 1.2A".
2.4: Interest bearing liabilities
2020 $'000 | 2019 $'000 | |
Note 2.4A: Leases | ||
Lease Liabilities | 152,014 | - |
Total leases | 152,014 | - |
IP Australia has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117.
Total cash outflow for leases for the year ended 30 June 2020 was $10.844m.
Accounting Policy
"Refer Overview Note" for accounting policy on leases.
2.5: Provisions
2020 $'000 | 2019 $'000 | |
Note 2.5A: Employee Provisions | ||
Leave | 42,722 | 41,572 |
Superannuation on-cost | 4,225 | 4,077 |
Separations and redundancies | 1,280 | 413 |
Total employee provisions | 48,227 | 46,062 |
Accounting Policy
Liabilities for ‘short-term employee benefits’ (as defined in AASB 119 Employee Benefits) and termination benefits due within twelve months of the end of the reporting period are measured at their nominal amounts. The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability. Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.
Leave
The liability for employee benefits includes provision for annual leave and long service leave.
The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time leave is taken, including IP Australia’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.
The liability for long service leave has been determined by reference to the work of an actuary as at 31 January 2019. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.
Separation and Redundancy
IP Australia recognises a provision for termination when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations.
Superannuation
IP Australia staff are predominantly members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS) or the PSS accumulation plan (PSSap). The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme.
The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported by the Department of Finance within its administered schedules and notes. IP Australia makes employer contributions to the employee’s superannuation scheme at rates determined by an
actuary to be sufficient to meet the current cost to the Government. IP Australia accounts for the contributions as if they were contributions to defined contribution plans.
The liability for superannuation recognised as at 30 June 2020 represents outstanding contributions.
2.6: Financial Instruments
Notes | 2020 $'000 | 2019 $'000 | |
Note 2.6A: Categories of Financial Instruments | |||
Financial assets at amortised cost | |||
Cash and cash equivalents | 2.1A | 22,992 | 45,209 |
Trade and other receivables | 2.1B | 829 | 1,643 |
Total financial assets | 23,821 | 46,852 | |
Financial Liabilities | |||
Financial liabilities measured at amortised cost | |||
Trade creditors | 2.3A | 7,128 | 10,618 |
Total financial liabilities | 7,128 | 10,618 |
Accounting Policy
Financial Assets
With the implementation of AASB 9 Financial Instruments for the first time in 2019, IP Australia classifies its financial assets at amortised cost.
This classification is based on IP Australia's business model for managing the financial assets and contractual cash flow characteristics at the time of recognition.
Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date.
Financial Assets at Amortised Cost
Financial assets included in this category need to meet two criteria:
- the financial asset is held in order to collect the contractual cash flows; and
- the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.
Amortised cost is determined using the effective interest method.
Effective Interest Method
Income is recognised on an effective interest rate basis for financial assets that are recognised at amortised cost.
Impairment of Financial Assets
Financial assets are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12-month expected credit losses if risk has not increased.
The simplified approach for trade, contract and lease receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses. A write-off constitutes a derecognition event where the write-off directly reduces the gross carrying amount of the financial asset.
Financial liabilities
Financial liabilities are classified as financial liabilities 'at amortised cost'. Financial liabilities are recognised and derecognised upon ‘trade date’.
Financial Liabilities at Amortised Cost
Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).
Note 3: Funding
3.1: Appropriations
Table 3.1A: Annual Appropriations (Recoverable GST exclusive) | ||||
Annual Appropriations for 2020 | ||||
Appropriation Act | ||||
Annual Appropriation $'000 | Total appropriation $'000 | Appropriation applied in 2020 (current and prior years) $'000 | Variance $'000 | |
DEPARTMENTAL | ||||
Ordinary annual services | 362 | 362 | 362 | - |
Total departmental | 362 | 362 | 362 | - |
Annual Appropriations for 2019 | ||||
Appropriation Act | ||||
Annual Appropriation $'000 | Total appropriation $'000 | Appropriation applied in 2019 (current and prior years) $'000 | Variance $'000 | |
DEPARTMENTAL | ||||
Ordinary annual services | 368 | 368 | 368 | - |
Total departmental | 368 | 368 | 368 | - |
Appropriations received under ordinary annual services are sourced from Appropriation Acts (Nos. 1 & 3).
There are no unspent annual appropriations from current or prior years.
3.2: Special Accounts
Intellectual Property Special Account1 | Services for Other Entities and Trust Moneys World Intellectual Property Organisation2 | Services for Other Entities and Trust Moneys - Security of Costs2 | Service for Other Entities and Trust Moneys - Comcare2 | |||||
2020 $'000 | 2019 $'000 | 2020 $'000 | 2019 $'000 | 2020 $'000 | 2019 $'000 | 2020 $'000 | 2019 $'000 | |
Balance brought forward from previous period | 45,209 | 84,568 | 332 | 315 | 20 | 24 | - | - |
Increases: | ||||||||
Appropriation credited to special account | 362 | 368 | - | - | - | - | - | - |
Costs recovered | 208,811 | 220,171 | - | - | - | - | - | - |
Receipts on behalf of WIPO | - | - | 4,403 | 3,951 | - | - | - | - |
Other receipts | 140 | 34 | - | - | 32 | 9 | 109 | 79 |
Total increases | 209,313 | 220,573 | 4,403 | 3,951 | 32 | 9 | 109 | 79 |
Available for payments | 254,522 | 305,141 | 4,735 | 4,266 | 52 | 33 | 109 | 79 |
Decreases: | ||||||||
Departmental | ||||||||
Payments made to suppliers | (99,544) | (130,535) | - | - | - | - | - | - |
Payments made to employees | (131,986) | (129,397) | - | - | - | - | - | - |
Money held for non-Commonwealth Party | - | - | (4,293) | (3,934) | (15) | (13) | (109) | (79) |
Total departmental decreases | (231,530) | (259,932) | (4,293) | (3,934) | (15) | (13) | (109) | (79) |
Total balance carried to the next period | 22,992 | 45,209 | 442 | 332 | 37 | 20 | - | - |
Balance represented by: | ||||||||
Cash held in entity bank accounts | 6,867 | 1,584 | 442 | 332 | 37 | 20 | - | - |
Cash held in the Official Public Account | 16,125 | 43,625 | - | - | - | - | - | - |
22,992 | 45,209 | 442 | 332 | 37 | 20 | - | - |
1. Appropriation: Public Governance and Performance, Accountability Act 2013: s78
Establishing Instrument: PGPA Act Determination - Establishment of Intellectual Property Special Account 2017 [29 March 2017]
Purpose: For developing and administering intellectual and industrial property systems, including the provision of property rights in inventions, trademarks, designs and plant breeders rights
2. Appropriation: Public Governance and Performance, Accountability Act 2013: s78
Establishing Instrument: Financial Management and Accountability Determination 2011/11
Purpose: For the services for Other Entities and Trust Moneys - IP Australia (Special Public Money) - For expenditure of money temporary held on trust or otherwise for the benefit of a person other than the Commonwealth and expenditure in connection with services performed on behalf of other Government and bodies that are not FMA Act agencies.
3.3 Regulatory Charging Summary
2020 $'000 | 2019 $'000 | |
Amounts applied | ||
Departmental | ||
Annual appropriations | 362 | 368 |
Own source revenue | 208,811 | 220,171 |
Total amounts applied | 209,173 | 220,539 |
Expenses | ||
Departmental | 211,500 | 218,823 |
Total Expenses | 211,500 | 218,823 |
External Revenue | ||
Departmental | 201,566 | 200,188 |
Total External Revenues | 201,566 | 200,188 |
Regulatory charging activities:
IP Australia operates on a cost recovery basis, predominately funding all operations from cost recovered activities.
These activities include:
- Patents
- Trade Marks
- Designs
- Plant Breeder's Rights
- Trans-Tasman IP Attorneys Board
Documentation (Cost recovery Implementation Statement/s) for the above activities is available at
https://www.ipaustralia.gov.au/tools-resources/publications-reports/cost-recovery-implementation-statement
Note 4: Other Items
4.1 Key Management Personnel Remuneration
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. IP Australia has determined the key management personnel to be the Director General and the Deputy Director Generals. Key management personnel remuneration is reported in the table below:
2020 $ | 2019 $ | ||
Short-term employee benefits | 927,233 | 789,036 | |
Post-employment benefits | 166,765 | 138,969 | |
Other long-term employee benefits | 28,707 | 69,279 | |
Total key management personnel remuneration expenses | 1,122,705 | 997,284 |
Notes:
The total number of key management personnel that are included: 4 individuals. (2019: There were 5 key management personnel).
The remuneration totals for key management personnel include those staff who ceased in those roles as well as their replacements.
1. The above key management personnel remuneration excludes the remuneration and other benefits of the Portfolio Minister. The Portfolio Minister's remuneration and other benefits are set by the Remuneration Tribunal and are not paid by IP Australia.
4.2 Related Party Disclosures
Related party relationships:
IP Australia is an Australian Government controlled entity. Related parties to IP Australia are Key Management Personnel including the Portfolio Minister and Executive, and other Australian Government entities.
Transactions with related parties:
Given the breadth of Government activities, related parties may transact with the government sector in the same capacity as ordinary citizens. Such transactions include the payment or refund of IP rights services fees.
Giving consideration to relationships with related entities, and transactions entered into during the reporting period by IP Australia, it has been determined that there are no related party transactions to be separately disclosed (2018-19: nil).
4.3 Aggregate Assets and Liabilities
2020 $'000 | 2019 $'000 | |
Assets expected to be recovered in: | ||
No more than 12 months | 31,183 | 53,887 |
More than 12 months | 299,034 | 143,430 |
Total Assets | 330,217 | 197,317 |
Liabilities expected to be settled in: | ||
No more than 12 months | 70,958 | 44,324 |
More than 12 months | 181,741 | 55,106 |
Total liabilities | 252,699 | 99,430 |
Visit
https://www.transparency.gov.au/annual-reports/ip-australia/reporting-year/2019-20-37