Section 5: Budgeted financial statements
5.1: Analysis of budgeted financial statements
The office of the Inspector-General of Taxation (IGT) consists of a statutory office holder and five staff. The IGT relies upon the support and contribution to reviews of many in the private sector, particularly professional associations and business groups. The co-operation and support of relevant government agencies is also very important to the achievement of the outcome.
For 2004-05, approximately 50 per cent of the budget allocation was expended on employee costs. Another 25 per cent was expended on office accommodation and corporate overheads. The final 25 per cent was expended on direct costs associated with completion of the work programme. It is expected that this expenditure pattern will continue in future years.
5.2: Budgeted financial statements tables
Table 5.1: Budgeted departmental statement
of financial performance
for the period ended 30 June
Table 5.2: Budgeted departmental statement
of financial position
as at 30 June
* ‘Equity’ is the residual interest in assets after deduction of liabilities.
Table 5.3: Budgeted departmental statement
of cash flows
for the period ended 30 June
Table 5.4: Departmental capital budget statement
Table 5.5: Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2005‑06)
Table 5.6: Schedule of budgeted revenues and expenses administered on behalf of Government for the period ended 30 June
This table is not applicable to the IGT.
Table 5.7: Schedule of budgeted assets and liabilities administered on behalf of Government as at 30 June
This table is not applicable to the IGT.
Table 5.8: Schedule of budgeted administered
cash flows
for the period ended 30 June
This table is not applicable to the IGT.
Table 5.9: Schedule of administered capital budget
This table is not applicable to the IGT.
Table 5.10: Schedule of property, plant, equipment and intangibles — summary of movement (Budget Year 2005‑06)
This table is not applicable to the IGT.
5.3: Notes to the financial statements
Basis of accounting
The financial statements have been prepared on an accrual basis in accordance with the historical cost convention.