8. Other Information
8.1 Assets Held in Trust
Monetary assets held in trust are also disclosed in Note 5.2A—Special Accounts in the tables titled ‘Services for Other Entities and Trust Moneys.’ The Trust accounts are for monies received from other Government and non-agency bodies, or monies which are required to be held in trust for the benefit of a person other than the Commonwealth.
These monies are not available for other purposes of the Department and are not recognised in the financial statements.
|Services to Other Entities and Trust Monies—Department of Infrastructure and Regional Development|
|As at 1 July||227||279|
|Total as at 30 June||246||227|
|Total assets held in trust||246||227|
The Department had no non-monetary assets held in trust as at 30 June 2017 (2016: Nil).
Office of Northern
|Trade and other receivables||-||296|
|Total assets relinquished||-||296|
|Total liabilities relinquished||-||296|
|Net assets/(liabilities) relinquished||-||-|
- As a result of changes to Administrative Arrangements Orders, responsibility for the Office for Northern Australia was transferred to the Department of Industry, Innovation and Science on 22 October 2015.
Administration of Norfolk
|Land and buildings||-||6,851|
|Other property, plant and equipment||-||473|
|Total assets recognised||-||7,324|
|Land and buildings||-||5,361|
|Other property, plant and equipment||-||64|
|Total assets relinquished||-||5,425|
|Net assets recognised||-||1,899|
On 24 January 2017 land and associated assets at Moorebank NSW with a carrying value of $356.3 million were transferred from the Department of Defence. The transfer was recognised as a contribution by owners through equity (see Note 4.2A).
- Administration of Norfolk Island (2016)
On 18 June 2015, the Norfolk Island Legislative Assembly and Executive Council were abolished following amendments to the Norfolk Island Act 1979. The Australian Government assumed control of the Administration of Norfolk Island (the Administration) as an interim arrangement
On 1 July 2016, responsibility for health and aged care and education on Norfolk Island were assumed by the Australian Government. The Administration was replaced by the Norfolk Island Regional Council (Regional Council) which assumed responsibility for local government functions.
To give effect to the new governance arrangements, the then Minister for Territories, Local Government and Major Projects signed an Instrument under the Norfolk Island Land Transfer Ordinance 2016 to transfer assets between the Australian Government and the Administration. The transfers were effective from 28 June 2016
As a result of these transfers, the Department assumed administered assets associated with the Norfolk Island Police Station, Hospital and School. Assets associated with Regional Council functions, including parks, reserves and roads, were transferred to the Administration (and subsequently to the Regional Council from 1 July 2016).