2020-11-16 GC Agenda - Item 6 - Attachment 1 - Noosa Council Annual Report 2019-20

Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2020

Note 33. Transactions with Related Parties
                                                                                                                  2019
(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                 2020              2019
                                                                   Information                  $'000             $'000
Revenue
Interest on loans                                                          4(b)                2,392          2,471
Taxation Equivalents                                                       4(a)                1,859          1,754
Dividends                                                                 12(d)                1,396          1,487

Amounts Receivable
Interest                                                                                         598               618
Dividends                                                                                        750               817
Taxation equivalents                                                                             220                87

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

Council has no interest in any joint ventures.




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