Annual Report 2020-21

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2021

Note 17. Leases (continued)

If the lease contains lease and non-lease components then the non-lease components are accounted for in accordance with
AASB 15 Revenue from Contracts with Customers .

The lease income is recognised on a straight-line basis over the lease term.


Operating Leases
§Subnote§




Where Council retains the risks and rewards relating to a lease, they are classified as operating leases and relate to the
investment property in the statement of financial position.

Rent from investment and other property is recognised as income on a periodic straight line basis over the lease term.
            §Subnote§




            $ '000                                                                                        2021                 2020

The minimum lease receipts are as follows:
Not later than one year                                                                                    237                 219
Between one and five years                                                                                 521                 474
Later than five years                                                                                        –                   –
Total lease receipts                                                                                       758                 693

Rental income from investment property recognised in the operating result is $257,088 (2020: $194,808).

Direct operating expenses primarily for repairs and maintenance on property that did not generate rental income for the period
were $5,245 (2020: $4,662). Direct operating expenses primarily for repairs and maintenance on property that did generate
rental income for the period were $36,713 (2020: $32,636).

There are no restrictions on the realisability of investment property or remittance of income and proceeds of disposal. The
Council does not have any contractual obligations to purchase, construct or develop investment property or for repairs,
maintenance or enhancements.



Note 18. Payables
§Note§




Trade  Creditors
__________________
Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed
purchase/contract price net of applicable discounts other than contingent discounts. Amounts owing are unsecured and are
generally settled on 30 day terms.

Employee Related Accruals
Employee related accruals comprise annual leave, long service leave and accrued salaries and wages in respect of services
provided by the employees up to the reporting date. Liabilities for employee benefits are assessed at each reporting date.
Where it is expected that the leave will be paid in the next twelve months the liability is treated as a current liability. Otherwise
the liability is treated as non-current.
§Subnote§




$ '000                                                                                                    2021                2020
Current
Employee Entitlements                                                                                       71                  90
ATO - net GST payable                                                                                      335                 124
Trade Creditors                                                                                          1,728               1,367
Accruals                                                                                                 4,806               4,583
Employee Related Accruals                                                                                  404               1,528
Total Current Payables                                                                                  7,344               7,692




                                                                                                                        Page 36 of 61