Note 23: Payables
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2009 $m |
30 June 2008 $m |
|
By type |
||||
| 5,318 | 5,498 | Accounts payable | 5,380 | 6,444 |
| 3,179 | 4,451 | Taxes repayable | 3,759 | 4,451 |
| 8,497 | 9,949 | Total payables | 9,139 | 10,895 |
By maturity |
||||
| 8,136 | 9,409 | Expected to be settled within one year | 8,981 | 10,707 |
| 361 | 540 | Expected to be outstanding for more than one year | 158 | 188 |
| 8,497 | 9,949 | Total payables | 9,139 | 10,895 |
By source |
||||
| 5,235 | 7,232 | Core Crown | 6,885 | 7,425 |
| 3,910 | 3,451 | Crown entities | 3,968 | 4,042 |
| 4,079 | 4,558 | State-owned enterprises | 4,324 | 4,877 |
| (4,727) | (5,292) | Inter-segment eliminations | (6,038) | (5,449) |
| 8,497 | 9,949 | Total payables | 9,139 | 10,895 |
Government entities have financial internal control procedures in place to ensure that accounts payable are settled accurately and on a timely basis. The carrying value is a reasonable approximation of the fair value for accounts payable, as they are typically short-term in nature.
Taxes repayable represent refunds due to the taxpayer as a result of assessments being filed. Refunds are issued to taxpayers once account and refund reviews are complete. The carrying value is a reasonable approximation of the fair value for taxes repayable.
