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2018-11-06 S&O Agenda - Attachment 1 to Item 5 - Draft Annual Report 2017-18
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Financial Statements 2018
Noosa Shire Council
Notes to the Financial Statements
for the year ended 30 June 2018
Note 31. 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 2018 2017
Information $'000 $'000
Revenue
Interest on loans 3(c) 2,549 2,623
Taxation equivalents 3,067 1,456
Dividends 3(c) 30 1,568
Other revenue - 7
Amounts receivable
Interest 637 656
Dividends - 925
Taxation equivalents 1,180 477
Loans
Loans 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 23 Equity Investments.
(c) Joint Ventures
Council has no interest in any Joint Ventures.
Page 46
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