NOTES TO THE FINANCIAL STATEMENTS
Note 4: Receivables (continued) The Group utilises its credit department and external debt recovery practices when required to recover outstanding debts. Once a debt becomes unrecoverable, the Group will write it off however debts that are not yet considered unrecoverable may
remain in the impairment loss allowance and continue to be monitored. The movement in the provision for impairment can be reconciled as follows:
2021 $
2020 $
Balance 1 July
100,000
100,000
Impairment loss provided for / (reversed)
40,203
9,542
Receivables written off during the year as uncollectable
(40,203)
(9,542)
100,000
100,000
Analysis of trade receivable ageing and impairment is set out below.
Expected Loss Rate Total receivable
Impairment
2021 Current receivables
2,975,903
(38,246)
1%
Past due: Less than 1 month past due Less than 2 months past due Less than 3 months past due More than 3 months past due
965,091
(48,255)
5%
9,737
(9,737)
100%
-
-
3,762
(3,762)
100%
3,954,493
(100,000)
Total
50,000 50,000
- -
Non-current receivables
0%
Total
Expected Loss Rate Total receivable
Impairment
2020 Current receivables
3,148,193
(30,672)
1%
Past due: Less than 1 month past due Less than 2 months past due Less than 3 months past due More than 3 months past due
575,940
(28,797)
5%
- -
- -
40,531
(40,531) (100,000)
100%
3,764,644
Total
75,567 75,567
- -
Non-current receivables
0%
Total
I GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 52
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