2019-11-12 S&O Agenda - Item 11 - Attachment 1 - Draft Noosa Council 2018-19 Annual Report

                                                                                             Financial Statements 2019



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2019

Note 32. Transactions with Related Parties

                                                                                                                     2016
(a) Subsidiaries (ie. Entities and Operations controlled by Council)

Council has no interest in any Subsidiaries.



(b) Associates

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:

                                                                      Additional                   2019              2018
                                                                    Information                    $'000             $'000
Revenue
Interest on loans                                                           3(c)                   2,471            2,549
Taxation equivalents                                                        3(e)                   1,754            3,067
Dividends                                                                  24(d)                   1,487               30

Amounts receivable
Interest                                                                                             618              637
Taxation equivalents                                                                                  87            1,180

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 24 Equity Investments.



(c) Joint Ventures

Council has no interest in any Joint Ventures.




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