Note 23: Payables
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2010 $m |
30 June 2009 $m |
|
By type |
||||
| 5,845 | 5,191 | Accounts payable | 6,703 | 5,380 |
| 4,451 | 3,759 | Taxes repayable | 3,228 | 3,759 |
| 10,296 | 8,950 | Total payables | 9,931 | 9,139 |
By maturity |
||||
| 9,987 | 8,775 | Expected to be settled within one year | 9,734 | 8,981 |
| 309 | 175 | Expected to be outstanding for more than one year | 197 | 158 |
| 10,296 | 8,950 | Total payables | 9,931 | 9,139 |
By source |
||||
| 7,373 | 6,330 | Core Crown | 7,120 | 6,885 |
| 3,457 | 3,606 | Crown entities | 4,390 | 3,968 |
| 4,715 | 4,466 | State-owned enterprises | 4,652 | 4,324 |
| (5,249) | (5,452) | Inter-segment eliminations | (6,231) | (6,038) |
| 10,296 | 8,950 | Total payables | 9,931 | 9,139 |
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.
