2021-02-09 S&O Agenda - Item 11 - Attachment 1 - Tourism Noosa Annual Report 2019-20

(i)   Goods and Services Tax (GST)
      Revenues, expenses and assets are recognised net of the amount of GST, except where the
      amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

      Receivables and payables are stated inclusive of the amount of GST receivable or payable. The
      net amount of GST recoverable from, or payable to, the ATO is included with other receivables
      or payables in the statement of financial position.



      Cash flows are presented on a gross basis. The GST components of cash flows arising from
      investing or financing activities which are recoverable from, or payable to, the ATO are
      presented as operating cash flows included in receipts from customers or payments to suppliers.

(j)   Income Tax
      No provision for income tax has been raised as the entity is exempt from income tax under Div
      50 of the Income Tax Assessment Act 1997.

(k)   Provisions


      Provisions are recognised when the entity has a legal or constructive obligation, as a result of
      past events, for which it is probable that an outflow of economic benefits will result and that
      outflow can be reliably measured. Provisions recognised represent the best estimate of the
      amounts required to settle the obligation at the end of reporting period.
(l)   Comparative Figures
      Where required by Accounting Standards comparative figures have been adjusted to conform
      with changes in presentation for the current financial year.

      When an entity applies an accounting policy retrospectively, makes a retrospective restatement
      or reclassifies items in its financial statements, a statement of financial position as at the
      beginning of the earliest comparative period must be disclosed.

(m)   Accounts Payable and Other Payables


      Accounts payable and other payables represent the liability outstanding at the end of the
      reporting period for goods and services received by the company during the reporting period
      which remain unpaid. The balance is recognised as a current liability with the amounts normally
      paid within 30 days of recognition of the liability.

(n)   Critical Accounting Estimates and Judgments

      The directors evaluate estimates and judgments incorporated into the financial statements
      based on historical knowledge and best available current information. Estimates assume a
      reasonable expectation of future events and are based on current trends and economic data,
      obtained both externally and within the company.

(o)   Economic Dependence


      Tourism Noosa Ltd is dependent on the collection of the Tourism Levy via the Noosa Council for
      the majority of its revenue to operate the business. At the date of this report, the Board of
      Directors confirms that Tourism Noosa Ltd have an agreement with the Noosa Council to collect
      the levy on behalf of Tourism Noosa Ltd for 3 years, and, following a review, to collect the levy
      for a further 2 years.