NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
Note 2: Revenue and expenses (A) Revenue from contracts with customers. The only geographical market that Go Vita operates in is Australia. All revenue is measured as earned at a point in time.
2022 $
2021 $
a) Revenue
Product sales
33,616,017
30,914,128
Rebate on product sales
(198,587)
-
33,417,430
30,914,128
b) Other Revenue Subsidies from suppliers for advertising
706,890
310,297
Levies and amounts from members
995,846
1,011,919
ATO Covid 19 cash flow boost
71,373
-
Jobsaver subsidy
-
98,502
Interest – bank
5,059
7,379
Discounts received
2,751
3,735
Rebates
-
38,929
Other
35,807
53,584
Other revenue
1,817,726
1,524,345
Revenue from contracts with customers The Group’s core business activity is the sale of health-related products to its members. There are a number of other activities the Group undertakes in addition to the core business activity as described, namely providing ancillary services to member stores and producing advertising publications. Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal because it typically controls the goods or services before transferring them to the customer. Sale of products to customers The group recognises the revenue from the sale of products to customers on the date the products are shipped and invoiced to the stores. Payment is generally due end of month of invoice plus 30 days. (B) Other revenue Monthly administration levies The Group recognises monthly administration levies in the month that they are invoiced to the member store. The month of invoice agrees to the month of services provided. The performance obligation is satisfied at the close of each month. Payment is generally due end of month of invoice plus 30 days.
GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022 I 49
Made with FlippingBook Learn more on our blog