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  • Administered schedule of assets and liabilities

    Administered schedule of assets and liabilities as at 30 June 2017
      Note 2017$m 2016$m Original budget$m

    ASSETS

    Financial Assets

    Cash   341 300 315
    Cash held in OPA for special Accounts1   96 93 -
    Total financial assets   437 393 315

    Non-Financial Assets

    Taxation receivables1 15A 21,077 18,483 19,889
    Accrued revenues 15B 13,974 13,621 14,081
    Total non-financial assets   35,051 32,104 33,970
    Total assets administered on behalf of Government   35,488 32,497 34,285

    LIABILITIES

    Payables

    Subsidies   35 33 8
    Personal benefits   (1) 29 18
    Superannuation guarantee charge   8 20 65
    Taxation refunds due   1,222 692 636
    Superannuation holding account   97 93 140
    Other payables   - - 65
    Total payables   1,361 867 932

    Provisions

    Subsidies 16A 4,175 4,053 4,709
    Personal benefits 16A 1,216 1,275 1,253
    Other accrued expenses 16A 73 55 18
    Income taxation refunds provided for1 16A 1,345 1,909 1,826
    Indirect taxation refunds provided for1 16A 241 232 426
    Superannuation guarantee payments 16A 624 612 318
    Unclaimed superannuation payments 16A 840 634 829
    Other provisions for refund 16A 6 - -
    Interest on overpayment of taxes 16A - 8 26
    Total provisions 16A 8,520 8,778 9,405
    Total liabilities administered on behalf of Government   9,881 9,645 10,337
    Net assets   25,607 22,852 23,948
    1 Prior year adjustments have been made to these numbers. Refer to Overview.

     

    Accounting Policy
    Administered Liabilities
    Administered liabilities include payables and provisions. Payables are recognised for claims on hand and provisions are raised for accrued expenses in accordance with the accounting policy in Note 13. The majority of the ATO’s administered liabilities are not categorised as financial liabilities as they are statutory in nature.


    Budget Variances Commentary: Schedule of Assets and Liabilities    

    Affected line items Explanation of major variances
    Taxation refunds due Provisions for refunds can be volatile due to the timing of lodgements, payments and audit outcomes from year to year. It is noted the estimate was based on the latest closing balance of the payable account available (2014-15).
    Other payables The actuals are lower than budget due to the changed accounting treatment for the recovery of legal costs. It should be noted the estimate was based on the latest closing balance of the payable account available (2014-15).
    Subsidies provision The actuals were lower than budget due to:
    1) Slower growth in Research and Development claims
    2) ATO compliance activity resulting in higher than expected disallowance of Research and Development refundable tax offset claims.
    Income taxation refunds provided for The above statement should be read in conjunction with the accompanying notes. The actuals were lower than budget primarily due to company income tax. Provisions for refunds can be volatile due to the timing of lodgements, payments and audit outcomes from year to year. It is noted the estimate was based on the latest closing balance of the provision available (2014-15).
    Indirect taxation refunds provides for The actuals were lower than budget primarily due to GST. Provisions for refunds can be volatile due to the timing of lodgements and economic factors from year to year. It is noted the estimate was based on the latest closing balance of the provision available (2014-15).
    Superannuation guarantee payments The actuals were higher than budget primarily due to a decrease in the provision for bad and doubtful debts in 2015-16 which drove an increase in the SGC payment provision. It should be noted the estimate was based on the latest closing balance of the provision available (2014-15) and estimated movements for 2015-16 and 2016-17. The change in the provision in 2016-17 was broadly in line with expectations.
     

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

      Last modified: 30 Oct 2017QC 53654