Online version of the 2013-14 Department of Health Annual Report

Note 21: Administered - Financial Assets

Notes to and Forming Part of the Financial Statements

Page last updated: 31 October 2014

 
2014
$'000
2013
$'000
Note 21A: Cash and cash equivalents
Cash on hand or on deposit
1,288
-
Cash in special accounts
11,966
6,765
Total cash and cash equivalents
13,254
6,765
 
Note 21B: Personal benefits receivable
Pharmaceutical benefits
133,722
100,658
Medicare benefits
49,320
93,471
Other personal benefits
89
378
Total personal benefits receivable
183,131
194,507
 
Note 21C: Trade and other receivables
Goods and services receivables in connection with
Related parties
403
36,844
External parties
154,771
229,092
Total goods and services receivables 
155,174
265,936
 
These amounts represent receivables for
Subsidies
Residential and flexible care
-
21,250
Medical indemnity
11,147
4,989
State and territory governments
-
75,001
Other - recoveries and miscellaneous receivables
144,027
164,696
Total goods and services receivables 
155,174
265,936
 
Advances and loans
Aged care facilities
-
131,498
Total advances and loans
-
131,498
 
Other receivables
GST receivable from the Australian Taxation Office
27,750
51,603
Total other receivables
27,750
51,603
Total trade and other receivables (gross)
182,924
449,037
 
Less impairment allowance
Goods and services
(11,132)
(25,524)
Total impairment allowance
(11,132)
(25,524)
Total trade and other receivables (net)
171,792
423,513
 
Trade and other receivables (net) expected to be recovered in
No more than 12 months
171,792
301,759
More than 12 months
-
121,754
Total trade and other receivables (net)
171,792
423,513
 
Trade and other receivables (gross) aged as follows
Not overdue
158,692
238,818
Overdue by:
0 to 30 days
13,327
70,819
31 to 60 days
63
13,360
61 to 90 days
85
1,107
More than 90 days
10,757
124,933
Total trade and other receivables (gross)
182,924
449,037
     
Impairment allowance is aged as follows
Not overdue
-
-
Overdue by:
0 to 30 days
(227)
-
31 to 60 days
(63)
-
61 to 90 days
(85)
-
More than 90 days
(10,757)
(25,524)
Total impairment allowance 
(11,132)
(25,524)

Credit terms for goods and services were net 30 days (2013: 30 days).

Loans were made to approved providers under the Aged Care Act 1997 for an estimated period of 12 years. No security is generally required. Principal is repaid in full at maturity. Interest rates are linked to the Consumer Price Index. Interest payments are due on the 21st day of each calendar month. Loans were transferred to DSS as a result of AAO changes on 18 September 2013. Refer to Note 11.

Reconciliation of the Impairment Allowance
Movement in relation to 2014
 
Goods and Services Receivable
$'000 
Total
$'000
Opening balance
(25,524)
(25,524)
Amounts written off
209
209
Amounts recovered and reversed
269
269
Restructure
20,477
20,477
Increase recognised in net cost of services
(6,563)
(6,563)
Closing balance
(11,132)
(11,132)
Movement in relation to 2013
 
Goods and Services Receivable
$'000 
Total
$'000
Opening balance
(35,087)
(35,087)
Amounts written off
7,826
7,826
Increase recognised in net cost of services
1,737
1,737
Closing balance
(25,524)
(25,524)
Note 21D: Other investments
   
Goods and Services Receivable
$'000 
Total
$'000
Aged Care Standards and Accreditation Agency Ltd
(i)
-
14,846
Australian Institute of Health and Welfare
(ii)
4,861
4,673
Food Standards Australia New Zealand
(iii)
7,332
6,732
General Practice Education and Training Ltd
(iv)
25,068
18,253
Private Health Insurance Administration Council
(v)
4,915
4,912
Health Workforce Australia
(vi)
159,138
143,227
Australian Commission on Safety and Quality in Health Care
(vii)
1,300
963
Australian Sports Commission
(viii)
310,306
-
Australian Sports Foundation Ltd
(ix)
11,910
-
Total other investments
 
524,830
193,606
 
 
Other investments expected to be recovered
 
More than 12 months
 
524,830
193,606
Total other investments
 
524,830
193,606
  1. Aged Care Standards and Accreditation Agency Ltd accredits, monitors and promotes high quality care through information, education and training for Australian Government funded aged care homes. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2013. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period. The Department transferred this investment to DSS for no consideration as a result of AAO changes on 18 September 2013.
  2. Australian Institute of Health and Welfare informs community discussion and decision making through national leadership and collaboration in developing and providing health and welfare statistics and information. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  3. Food Standards Australia New Zealand protects and informs consumers through the development of effective food standards, in a way that helps stimulate and support growth and innovation in the food industry. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  4. General Practice Education and Training Ltd works to ensure general practice education and training meet the needs of communities, individuals and general practitioners across Australia. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  5. Private Health Insurance Administration Council regulates the financial performance of the private health industry, calculates the reinsurance pool, reviews pricing applications, registers health insurance organisations, and provides information relating to membership in private health insurance and the benefits paid by the industry. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  6. Health Workforce Australia aims to ensure that Australia has the health workforce necessary to meet future needs through integrated clinical training, workforce planning and reform. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  7. Australian Commission on Safety and Quality in Health Care works to lead and coordinate national improvements in safety and quality in health care across Australia. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  8. The Australian Sports Commission manages, develops and invests in sport at all levels. It works closely with a range of national sporting organisations, state and local governments, schools and community organisations to ensure sport is well run and accessible. This investment was transferred to the Department for no consideration from DRALGAS as a result of AAO changes on 18 September 2013. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.
  9. The Australian Sports Foundation Ltd assists sporting, community, educational and other government organisations to raise funds for the development of sports infrastructure. This investment was transferred to the Department for no consideration from DRALGAS as a result of AAO changes on 18 September 2013. The Department classifies this investment as ‘available for sale’ and it was measured at fair value as at 30 June 2014. Fair value has been taken to be the unaudited net assets of the entity as at the end of the reporting period.