NOTES TO THE FINANCIAL STATEMENTS
Note 3: Income Tax (continued) (f) Tax Liabilities
2021 $
2020 $
Current
Income Tax (Refundable) / Payable
87,132
(34,588)
BAS payable
33,213
45,094
120,345
10,506
(g) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the relevant tax authority. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Consolidated Statement of Financial Position are shown inclusive of GST. Note 4: Receivables
2021
2020
Current Trade receivables
3,764,644
3,954,493
Allowance for impairment of receivables
(100,000)
(100,000)
3,664,644
3,854,493
Non-Current Trade receivables
75,567
50,000
Allowance for impairment of receivables
-
-
75,567
50,000
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and are generally due for settlement within 70 days and are therefore classified as current. Some members may request extended terms to pay their initial joining fee. In some cases the extended terms can involve monthly repayments over a maximum of a 3 year period. The portion that will be received more than 12 months in the future is recognised as non-current. Impairment of trade receivables The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates used are based on previous experience adjusted for expectations of relevant factors.
GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 I 51
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