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Administered Reconciliation Schedule

Notes

2020

2019

$'000

$'000

Opening assets less liabilities as at 1 July

-

-

Net contribution by services

Income

1,182

1,970

Transfers (to)/from the Australian Government

Appropriation transfers from Official Public Account

Special appropriations (unlimited)

Payments to entities other than corporate Commonwealth entities

677

6

Appropriation transfers to OPA

Transfers to OPA

(1,911)

(1,976)

Closing assets less liabilities as at 30 June

(52)

-

The above schedule should be read in conjunction with the accompanying notes.

Accounting Policy

Administered Cash Transfers to and from the Official Public Account

Revenue collected by the entity for use by the Government rather than the entity is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the entity on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.