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  • Statement of financial position

    Statement of financial position as at 30 June 2018
      Note 2018$'000 2017$'000 Original Budget$'000
    ASSETS
    Financial assets
    Cash 3A 28,944 23,115 63,566
    Trade and other receivables1 3B 463,812 442,292 390,230
    Total financial assets   492,756 465,407 453,796
    Non-Financial Assets
    Buildings - leasehold improvements 4A 195,175 211,310 258,496
    Plant and equipment 4A 73,017 85,389 58,972
    Intangibles - computer software 4A 520,746 497,714 479,939
    Other non-financial assets 4B 89,544 89,367 102,515
    Total non-financial assets   878,482 883,780 899,922
    Total assets   1,371,238 1,349,187 1,353,718
    LIABILITIES
    Payables
    Employees 6A 44,529 17,948 21,902
    Suppliers 6B 384,402 280,755 328,378
    Other payables 6C 84,619 91,863 104,823
    Total payables   513,550 390,566 455,103
    Interest Bearing Liabilities
    Leases 7A 10,859 15,892 -
    Total interest bearing liabilities   10,859 15,892 -
    Provisions
    Employee provisions 8A 672,872 629,701 632,175
    Other provisions 8B 29,881 30,550 24,683
    Total provisions   702,753 660,251 656,858
    Total liabilities   1,227,162 1,066,709 1,111,961
    Net assets   144,076 282,478 241,757
    EQUITY
    Contributed equity   1,550,110 1,453,370 1,593,456
    Reserves   115,401 115,519 115,542
    Accumulated deficit1   (1,521,435) (1,286,411) (1,467,241)
    Total equity   144,076 282,478 241,757
    1 Prior year adjustments have been made to these numbers. Refer to Overview.
    Budget Variances Commentary: Statement of Financial Position
    Affected line items Explanation of major variances
    Cash The actual was lower than budget primarily due to fluctuations associated with the timing of payments to employees and suppliers.
    Trade and other receivables The higher than budgeted actual is primarily driven by a higher than expected appropriation receivable aligned with pending payments to suppliers.
    Buildings - leasehold improvements Lower than budgeted Building - leasehold improvements is due to a change in asset purchase priorities after budget approval, resulting in lower than expected asset additions.
    Plant and equipment Higher than budgeted Plant and equipment is driven by a change in asset purchase priorities after budget approval, resulting in additional asset purchases.
    Intangibles - computer software Higher than budgeted Intangibles - computer software is driven by considerably higher than expected asset additions, consistent with the change in asset purchase priorities after budget approval. This increase is partially offset by a higher than budgeted depreciation charge for the year.
    Other non-financial assets The actual was lower than budget due to less than expected lease incentives provided to sublease tenants.
    Employees The higher than budgeted employee payables is driven by higher than expected separation and redundancies towards the end of the year.
    Suppliers The higher than budgeted actuals is primarily driven by pending payments for services provided on behalf of the ATO.
    Other payables The actual was lower than budget primarily due to reduced operating lease incentives.
    Employee provisions The higher than budgeted actual is predominantly due to the higher than expected provision for employee benefits following the adoption of the ATO Enterprise Agreement 2017.
    Other provisions The higher than budgeted actual is largely driven by additional legal costs and indemnities for unforeseen cases not factored into the budget.
    Accumulated deficit The budgeted equity balances did not account for an operating deficit nor subsequent appropriation reductions associated with the repeal of a number of Appropriation Acts related to prior years.

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

      Last modified: 26 Oct 2018QC 57044