2018-02-06 Planning & Environment Committee Agenda

PLANNING & ENVIRONMENT COMMITTEE MEETING AGENDA   6 FEBRUARY 2018




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PLANNING & ENVIRONMENT COMMITTEE MEETING AGENDA                                                                      6 FEBRUARY 2018

                Noosa Biosphere Reserve Trust
                ABN 12 733 644 586

                Notes to the Financial Statements
                For the Year Ended 30 June 2017

                2   Summary of Significant Accounting Policies continued

                    (b)    Income Tax

                           As the Trust is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as
                           amended, it is exempt from paying income tax.

                    (c)    Goods and services tax (GST)

                           Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
                          where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
                           Receivables and payable are stated inclusive of GST.

                           Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows
                          arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is
                          classified as operating cash flows.
                    (d) | Cash and cash equivalents
                          Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are
                          readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
                    (e)   Employee benefits

                          Provision is made for the Trust's liability for employee benefits arising from services rendered by employees to
                          the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have
                          been measured at the amounts expected to be paid when the liability is settled.
                          Employee benefits expected to be settled more than one year after the end of the reporting period have been
                          measured at the present value of the estimated future cash outflows to be made for those benefits.

                          Obligations for contributions to defined contribution superannuation plans are recognised as an employee
                          benefit expense in profit or loss in the periods in which services are provided by employees.
                   (f)    Adoption of new and revised accounting standards
:                         The Trust has adopted all standards which became effective for the first time at 30 June 2017, the adoption of
                          these standards has not caused any material adjustments to the reported financial position, performance or
                          cash flow of the Trust.

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