Show: Page with Right Column
Note 23: Payables
|
Forecast 30 June 2012 |
Actual | |||
|---|---|---|---|---|
|
Budget 11 $m |
Budget 12 $m |
30 June 2012 $m |
30 June 2011 $m |
|
By type |
||||
| 6,161 | 9,564 | Accounts payable | 8,255 | 7,337 |
| 3,442 | 3,302 | Taxes repayable | 3,349 | 3,762 |
| 9,603 | 12,866 | Total payables | 11,604 | 11,099 |
By maturity |
||||
| 9,304 | 12,225 | Expected to be settled within one year | 11,309 | 10,721 |
| 299 | 641 | Expected to be outstanding for more than one year | 295 | 378 |
| 9,603 | 12,866 | Total payables | 11,604 | 11,099 |
By source |
||||
| 6,371 | 6,796 | Core Crown | 7,139 | 6,997 |
| 4,663 | 6,618 | Crown entities | 5,642 | 5,587 |
| 4,917 | 5,302 | State-owned enterprises | 4,968 | 4,779 |
| (6,348) | (5,850) | Inter-segment eliminations | (6,145) | (6,264) |
| 9,603 | 12,866 | Total payables | 11,604 | 11,099 |
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.
