2019-03-12 P&E Agenda - Item 7 - Attachment 1 - NBRF FY17-18 Annual Report

Noosa Biosphere Reserve Trust
ABN 12 733 644 586                                                                   .

Notes to the Financial Statements
For the Year Ended 30 June 2018

2    Summary of Significant Accounting Policies continued

     (b)   Income Tax

           As the Trust is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as
           amended, it is exempt from paying income tax.

     (c)   Goods and services tax (GST)

           Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
           where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

           Receivables and payable are stated inclusive of GST.

           Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows
           arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is
           classified as operating cash flows.

     (d) | Cash and cash equivalents
           Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are.                     ,
           readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

    (e)    Adoption of new and revised accounting standards                                                                            -

           The Trust has adopted all standards which became effective for the first time at 30 June 2018, the adoption of
           these standards has not caused any material adjustments to the reported financial position, performance or
           cash flow of the Trust.

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