NOTES TO THE FINANCIAL STATEMENTS
Note 2: Revenue and expenses (continued)
Joining fee levies The Group recognises joining fees in the month that they are invoiced to the member store. The month of invoice agrees to the month the member agreement is issued. The performance obligation is satisfied when the member joins the group. Payment is generally due end of month of invoice plus 30 days but if member request they can be granted longer terms to pay off the joining fee. Advertising revenue The Group contracts with preferred suppliers for advertising include the provision of advertising in the quarterly Go Magazines and consumer catalogues. These amounts are invoiced when the publications are distributed to Members. The performance obligation is satisfied when the publications are distributed to Members. Payment is generally due end of month of invoice plus 30 days.
(C) Profit before income tax expense includes the following expenses
2021 $
2020 $
Interest and finance charges paid
154,922
53,179
Depreciation expenses are included in: Warehouse and distribution related costs
113,022
80,269
Other costs
42,208
49,983
155,230
130,252
Employee benefits expense
2,840,029
2,779,418
COVID-19 Assistance and Support Received Subsidies During the year, the Group received several COVID-19 related support subsidies from the Australian Government as outlined below:
Subsidy FY 2021
Subsidy FY 2020
Government Subsidy
ATO Cashflow boost
65,835
71,373
NSW payroll tax refund (25% reduction)
26,971
-
92,806
71,373
I GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 48
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