NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
Note 3: Income Tax (continued) (f) Tax Liabilities
2022 $
2021 $
Current
BAS payable
45,094
38,763
45,094
38,763
(g) Tax Receivables
2022 $
2021 $
Current
Income Tax Refund
34,588
169,339
34,588
169,339
(h) 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
2022
2021
Current Trade receivables
3,954,493
4,199,226
Allowance for impairment of receivables
(100,000)
(100,000)
3,854,493
4,099,226
Non-Current Trade receivables
50,000
21,800
Allowance for impairment of receivables
-
-
21,800 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.
GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022 I 53
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