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Note 18: Payables

2017 Forecast Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m

By type

 
7,409 8,169 Accounts payable 10,517 7,508
4,873 4,566 Taxes repayable 4,277 4,521
12,282 12,735 Total payables 14,794 12,029

By maturity

 
11,832 12,200 Expected to be settled within one year 14,065 10,966
450 535 Expected to be outstanding for more than one year 729 1,063
12,282 12,735 Total payables 14,794 12,029

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.

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