Schedule of Administered Assets and Liabilities

Australian Taxation Office ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES as at 30 June 2016

 

Note

2016
$'m

2015
$'m

Original Budget
$'m

ASSETS

Financial Assets

Cash

300

315

443

Total financial assets

300

315

443

 

Non-Financial Assets

Taxation receivables1

4.1A

18,301

17,081

20,391

Accrued revenues

4.1B

13,621

12,712

13,874

Total non-financial assets

31,922

29,793

34,265

 

 

 

 

Total assets administered on behalf of Government

32,222

30,108

34,708

 

LIABILITIES

Payables

Subsidies

33

8

22

Personal benefits

29

19

22

Superannuation guarantee charge

20

65

11

Taxation refunds due

692

636

788

Superannuation holding account

93

73

120

Other payables

-

65

91

Total payables

867

866

1,054

 

Provisions

Subsidies

4,053

4,085

4,070

Personal benefits

1,275

1,261

1,294

Other accrued expenses

55

40

24

Income taxation refunds provided for1

2,044

2,188

1,584

Indirect taxation refunds provided for1

236

514

347

Superannuation guarantee payments

612

408

578

Unclaimed superannuation payments

634

394

634

Interest on overpayment of taxes

8

26

(7)

Total provisions

8,917

8,916

8,524

 

 

 

 

Total liabilities administered on behalf of Government

9,784

9,782

9,578

 

 

 

 

Net assets

22,438

20,326

25,130

  1. Prior year adjustments have been made to these amounts. Please refer to Overview.

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

Australian Taxation Office ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES as at 30 June 2016

Accounting Policy

Administered Liabilities

Administered liabilities include provisions and payables. Provisions are raised for accrued expenses relating to subsidies, personal benefits, taxation refunds, superannuation guarantee payments and interest on overpayments of tax in accordance with Note 2.1. Payables are recognised for claims on hand for subsidies, personal benefits, taxation refunds and super guarantee payments. The majority of the ATO’s administered liabilities are not categorised as financial liabilities as they are statutory in nature.

Budget Variances Commentary: Administered Schedule of Assets and Liabilities

Affected line items

Explanation of major variances

Taxation receivables

The actuals are lower than budget primarily due to lower than expected receivables for company and individuals income tax for reasons explained in the Administered Schedule of Comprehensive Income.

Income taxation refunds provided for

The actuals are higher than budget primarily due to greater provisions than expected for company income tax. Provisions for refunds for company tax can be volatile due to the timing of lodgments, payments and audit outcomes from year to year.

Indirect taxation refunds provided for

The actuals are lower than budget primarily due to lower provisions than expected for Goods and Services Tax (GST). Provisions for refunds for GST can be volatile due to the timing of lodgments and economic factors from year to year.

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