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  • Administered schedule of assets and liabilities

    Administered schedule of assets and liabilities as at 30 June 2018
      Note 2018$'m 2017$'m Original budget$'m

    ASSETS

    Financial Assets

    Cash   300 341 300
    Cash held in OPA for special Accounts1   106 94 -
    Total financial assets   406 435 300

    Non-Financial Assets

    Taxation receivables1 15A 22,569 20,511 22,791
    Non-taxation receivables2 15B 3 14 30
    Accrued revenues 15C 14,276 13,974 14,726
    Total non-financial assets   36,848 34,499 37,547
    Total assets administered on behalf of Government   37,254 34,934 37,847

    LIABILITIES

    Payables

    Subsidies   21 35 22
    Personal benefits1   15 23 30
    Superannuation guarantee charge   33 7 20
    Taxation refunds due   1,008 1,222 692
    Superannuation holding account   106 95 116
    Other payables   1 - -
    Total payables   1,184 1,382 880

    Provisions

    Subsidies 16A 3,901 4,175 4,537
    Personal benefits 16A 1,222 1,216 1,314
    Other accrued expenses 16A 78 73 60
    Income taxation refunds provided for 16A 2,190 1,345 2,044
    Indirect taxation refunds provided for 16A 306 241 236
    Superannuation guarantee payments 16A 854 624 647
    Unclaimed superannuation payments 16A 746 840 609
    Other provisions for refund 16A 5 6 -
    Interest on overpayment of taxes 16A - - 8
    Total provisions 16A 9,302 8,520 9,455
    Total liabilities administered on behalf of Government   10,486 9,902 10,335
    Net assets   26,768 25,032 27,512
    1 Prior year adjustments have been made to these numbers. Refer to Overview.
    2 Non-taxation receivables was previously included as part of taxation receivables. Prior year adjustments have also been made. 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 the Administered Expenses 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
    Cash held in OPA accounts The actuals are higher than budget due to a change in accounting policy in 2016-17 that was required through the Financial Reporting Rules to include the credit balance of special accounts in the entity’s cash balance. This was adopted in June 2017 after the budget had already been developed.
    Taxation receivables The actuals are lower than budget primarily due to higher provisions for credit amendments resulting from compliance related activities and the classification of the accrued revenue for the Major bank levy in the budget as taxation receivables. This has been partially offset by higher than budgeted actuals for company receivables consistent with the increase in Company revenue.
    Accrued revenue The actuals are lower than budget primarily due to lower accrued revenue for Fringe benefits tax and Goods and services tax consistent with lower actual revenue recognised compared to budget for these items. This has been partially offset by the accrual for the Major bank levy which was budgeted for as a taxation receivable.
    Taxation refunds due Taxation refunds due can be volatile due to the timing of lodgements, payments and audit outcomes from year to year. It is noted the budget was based on the latest actual balance of the payable account available (2015-16), which was lower at that time.
    Subsidies provision Research and development tax incentive (R&D). R&D claims grew slower than expected and ATO compliance activity resulted in denying more R&D claims.
    Income taxation refunds provided for The actuals are higher than budget primarily due to a higher provision for refunds for company income tax. Provisions for refunds can be volatile due to the timing of lodgements, payments and audit outcomes from year to year.
    Indirect taxation refunds provided for The higher than budgeted actuals is primarily due to Goods and Services Tax (GST). Provisions for refunds can be volatile due to the timing of lodgements, payments and audit outcomes from year to year.
    Superannuation guarantee payments The actuals are higher than budget primarily due to compliance activities and community awareness of Superannuation guarantee non-compliance resulting in high employee notifications.
    Unclaimed superannuation payments The actuals are lower than budget primarily due to higher than anticipated reunification of Unclaimed superannuation monies (USM). This reflects the greater than anticipated impact of a number of ATO initiatives aimed at reuniting USM with individual funds.

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

      Last modified: 26 Oct 2018QC 57083