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Section 3: Budgeted financial statements
Budget statement of revenues and expenses
This statement provides a picture of the expected financial results for the ATO by identifying full accrual expenses and revenues, which highlights whether the ATO is operating at a sustainable level.
Budget statement of assets and liabilities
This statement shows the financial position of the ATO. It enables decision makers to track the management of the ATO's assets and liabilities.
Budget cash flow statement
This statement identifies expected cash flows from operating activities, investing activities and financing activities.
Capital budget statement
This statement shows all proposed capital expenditure funded either through the Budget as appropriations or from internal sources.
Table 3.2: Budget statement of assets and liabilities (Agency)
Table 3.2: Budget statement of assets and liabilities (Administered)
Table 3.3: Budget cash flow statement (Agency)
Table 3.3: Budget Cash Flow Statement (Administered)
Table 3.4: Capital budget statement
Notes to the financial statements
Basis of accounting
The agency budget statements are prepared in compliance with Australian Accounting Standards, Accounting Guidance Releases and having regard to Statements of Accounting Concepts.
Agency
The ATO is budgeting for an Operating Deficit for 2000-01. Approval for this deficit was obtained from the Treasurer and comes about as a result of pressures on the ATO budget in relation to unexpected workload volumes, the increase in activity to meet community demands and the steps being taken to maintain the integrity of the tax system in transition.
Administered
Recognition of Taxation Revenue
For 1999-2000 to 2000-01 and forward years administered taxation revenue has been brought to account on a year by year basis where:
- the identity of the taxpayer is certain;
- the amount of the liability or refund is certain;
- the liability or entitlement to a refund has been notified to the Commissioner or advised by the taxpayer;
- there is an intention on the part of the Commissioner to collect the liability; and
- there is a legislative intent by the Commonwealth to change the basis or application of taxation law.
This recognition policy does not include the following item as revenue of the period:
- estimates of future collections or refunds from Individuals in respect of income tax returns to be lodged for the current financial year ended at 30 June;
- estimates of instalments of tax and final payments for companies due after 30 June;
- estimates of final amounts for Petroleum Rent Resource Tax due after 30 June; and
- actual payments for Pay As You Earn, Pay As You Go, Wholesale Sales Tax, Goods and Services Tax, Excise, Prescribed Payments and Withholding Taxes for amounts collected or withheld in June but not remitted to the Commissioner until July.
Items recognised as reductions to taxation revenue
The following items are recognised as reductions (increases) to taxation revenue and not as expense:
- refunds of revenue;
- increase (decrease) in movement of provision for credit amendments;
- diesel fuel rebates and diesel fuel credits; and
- increases (decreases) in movement of provision for diesel fuel rebates.
Appendix 1
Note: GST administration charges are now reported by the Department of the Treasury
Appendix 2
Estimates of expenses from special appropriations
