Annual Report 2020-21

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

    Note 32. Transactions with Related Parties

(a) Subsidiaries (ie. Entities and Operations Controlled by Council)
§Note/Subtotal§
§Subnote§




§Subnote§




Council has no interest in any Subsidiaries.


(b) Associates
§Subnote§




Council has a participating interest in the Northern SEQ Distributor-Retailer Authority (trading as Unitywater) governed by a
Participation Agreement.

Transactions with Unitywater
The amount of revenue and expenditure include in the Statement of Comprehensive Income, and the amount receivable or
payable to Unitywater are as follows:

$ '000                                                                          Notes                2021              2020
Revenue
Interest on loans                                                                 4(b)              2,219              2,392
Taxation equivalents                                                              4(a)              1,932              1,859
Dividends                                                                       12(d)               1495               1,396

Amounts receivable
Interest                                                                                              554                598
Dividends                                                                                             630                750
Taxation equivalents                                                                                  478                220

Loans
Loans                                                                             10               49,218             49,218

Unitywater operates under an income tax equivalent regime; with all tax paid being distributed to the participating Councils
on a pro-rata basis to their participation rights.

Dividends received by Council from Unitywater are recorded as a reduction in the carrying value of the non-current asset.

Shareholder loans provide for a fixed interest rate with quarterly interest only payments.

Further detail regarding Unitywater is contained in Note 12 Equity Investments.


(c) Joint ventures
§Subnote§




Council has no interest in any joint ventures.


(d) Key Management Personnel
§Subnote§




Transactions with Key Management Personel

Councillors
Cr Clare Stewart (Mayor)
Cr Frank Wilkie
Cr Karen Finzel
Cr Joe Jurisevic
Cr Amelia Lorentson
Cr Brian Stockwell
Cr Tom Wegener




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