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  • Special Accounts

    Special accounts

     

    Australian Charities and Not-for-profits Commission Special Account1

    Services for Other Entities and Trust Moneys Special Account - Australian Taxation Office (Comcare receipts)2

    2018$'000 2017$'000 2018$'000 2017$'000

    Balance brought forward from previous period

    4,080 5,446

    Increases

    14,463   14,676 66   208

    Decreases

    (15,499) (16,042) (66) (208)

    Total balance carried to the next period

    3,044   4,080 (0)  

    Balance represented by:

    Cash held in entity bank accounts

    946   1,270

    Cash held in the Official Public Account

    2,098   2,810

    Total balance carried to the next period

    3,044   4,080

    1 The Australian Charities and Not-for-profits Commission Special Account
    Establishing authority: Public Governance, Performance and Accountability Act 2013 – section 80.
    Establishing instrument: Australian Charities and Not-for-profits Commission Act 2012 – section 125-5.
    Purpose: the purposes of the Account are as follows:
    (a) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in the performance of the Commissioner’s functions;
    (b) paying any remuneration and allowances payable to any person under this Act (including staff mentioned in section 120-5);
    (c) meeting the expenses of administering the Account.
    The ACNC Commissioner's functions:
    (a) the general administration of this Act;
    (b) carry out activities that assist registered entities in complying with and understanding this Act, by providing them with guidance and education; and
    (c) assisting the public in understanding the work of the not-for-profit sector, in order to improve the transparency and accountability of the sector, by giving the public relevant information on the Commission's website.

    2 Services for Other Entities and Trust Moneys Special Account – Australian Taxation Office (Comcare receipts)
    Establishing authority: Public Governance, Performance and Accountability Act 2013 – section 78.
    Establishing instrument: Financial Management and Accountability Determination 2012/15 – SOETM Special Account-ATO.
    Purpose: for the receipt of moneys temporarily held in trust for other persons.
    "Increases" represents receipts from Comcare in respect of Workers' Compensation payments for ATO employees with pre 1 July 2006 injuries.
    "Decreases" represent reimbursements to ATO of payments made in advance by ATO to employees.

    Accounting Policy

    Workers’ compensation is insured through the Government’s Comcare scheme, an integrated safety, rehabilitation and compensation system. The ATO continues to pay incapacitated employees and then receives reimbursement from Comcare.

    Amendments to the Safety Rehabilitation and Compensation Act 1988 commencing 1 July 2006 provides for reimbursements directly to employers. Receipts from Comcare for payments made to the employee for injuries occurring after 1 July 2006 are treated as receipts under section 74 of the PGPA Act.

    Receipts from Comcare for injuries prior to 1 July 2006 are credited to the Service for Other Entities Trust Moneys (SOETM) Special Account and held in the ATO’s official bank account until the employee gives written consent for the ATO to offset these amounts against payments made to the employee.

    Notes to and forming part of the financial statements
      Superannuation Holding Accounts Special Account (Administered)1 Services for Other Entities and Trust Moneys Special Account – Australian Taxation Office (Assets Held in Trust)2 Excise Security Deposits (Administered)3 Superannuation Clearing House Special Account (Assets Held as Agent)4
    2018$'000 2017$'000 2018$'000 2017$'000 2018$'000 2017$'000 2018$'000 2017$'000
    Balance brought forward from previous period5 94,844 91,658 2,172   2,114 266
    65,566
    52,595
    Increases 52,572
    48,312 5,902
    1,018
    4,261,352 4,349,115
    Decreases (41,198) (45,126) (5,784) (960) (266) (4,138,391) (4,336,144)
    Total balance carried to the next period 106,218 94,844  2,290
    2,172 188,527
    65,566
    Balance represented by:
    Cash held in entity bank accounts 10
    47
    52,797
    65,566
    Cash held in the Official Public Account 106,208 94,797 2,290 2,172 135,730
    Total balance carried to the next period 106,218 94,844 2,290 2,172 188,527
    65,566

    1 Superannuation Holding Accounts Special Account
    Establishing instrument: Small Superannuation Accounts Act 1995 – section 8
    Establishing authority: Public Governance, Performance and Accountability Act 2013 – section 80
    Purpose: for the receipt of small superannuation contributions from depositors and distribution to individuals.

    2 Services for Other Entities and Trust Moneys Special Account – Australian Taxation Office
    Establishing instrument: Financial Management and Accountability (Establishment of SOETM Special Account – ATO) Determination 2012/15 under Public Governance, Performance and Accountability Act 2013 – section 78
    Purpose: for the receipt of moneys temporarily held in trust for other persons.

    3 Excise Security Deposits
    Establishing instrument: Financial Management and Accountability (Special Accounts) Determination 2001/12 under Public Governance, Performance and Accountability Act 2013 – section 78
    Purpose: for the receipts of securities from subscribers and repaid if requirements relating to securities have been met.
    Note: as at 30 June 2016, documentary securities with bank guarantees were $150,000.
    The Excise Security Deposits Special Account was sunset on 1 April 2017. Repayment of securities will be managed using section 77 of the Public Governance, Performance and Accountability Act 2013.

    4 Superannuation Clearing House Special Account
    Establishing instrument: Financial Management and Accountability 2010/05 – Superannuation Clearing House Special Account Establishment 2010 under Public Governance, Performance and Accountability Act 2013 – section 78
    Purpose: To receive amounts for the purpose of the Superannuation Clearing House and:
    (a) make payments to superannuation funds on behalf of small business employers in performance of the functions of the Superannuation Clearing House;
    (b) repay to an original payer amounts credited to the Special Account, including the residual after any necessary payments are made for the purpose mentioned in paragraph (a);
    (c) reduce the balance of the Special Account (therefore, the available appropriation for the Special Account) without making a real or notional payment; and
    (d) repay amounts where an Act or other law requires or permits the repayment of an amount received.
    Note: The ATO commenced administering the Superannuation Clearing House Special Account during this financial year. It was previously administered by the Department of Human Services.

    5Prior year adjustments have been made to these numbers. Refer to Overview.

      Last modified: 26 Oct 2018QC 57120