NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
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
2022 $
2021 $
Interest and finance charges paid
53,179
183,203
Depreciation expenses are included in: Warehouse and distribution related costs
80,269
59,024
Other costs
49,983
35,067
130,252
94,091
Employee benefits expense
2,779,418
2,825,173
COVID-19 Assistance and Support Received During the year, the Group received COVID-19 related subsidies as outlined below:
Jobsaver Subsidy FY 2022
Jobsaver Subsidy FY 2021
Government Subsidy
ATO Cashflow boost
71,373
-
Jobsaver
-
98,502
NSW payroll tax 50% reduction
-
44,615
71,373
143,117
50 I GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022
Made with FlippingBook Learn more on our blog