Judgements and Estimates The Group applied a 27.5% tax rate for the years ended 2019/20 and 2020/21 on the basis that the Group had less than $50 million from aggregated turnover from ordinary income and the ordinary income of any connected or affiliate entity. This was confirmed by a private ruling from ATO for the 2018/2019 financial year in that Brisbane Markets Limited (BML) (while holding 41.73% of Perth Markets Ltd) did not control the Company and therefore the Group’s revenue would not be aggregated with BML. The tax rate applied to income tax for Perth Markets Limited for the 2018/2019 year was 27.5%. PMGL applied to the ATO for a private tax ruling for the 2019/2020 year on the same basis and that a tax rate of 27.5% would apply to the Group’s taxable income for that financial year. In September 2020, the ATO advised that it had made a judgement error in providing its tax ruling for the 2018/2019 year. The request for a private tax ruling for the 2019/2020 year for a Group income tax rate of 27.5% was denied. As a result, the tax liabilities of PMGL, including the deferred tax liability relating to the future tax payable arising from the increased Investment Property valuations, were restated at the applicable corporate tax rate of 30% as at 30 June 2021 by $2.6 million. 8. Receivables 2022 $’000 2021 $’000 Interest revenue 789 486 Total other income 789 486 Classification and measurement of receivables Receivables are recognised and carried at original invoice amount less an allowance for any uncollectible amounts (i.e. impairment). The collectability of receivables is reviewed on an ongoing basis and any receivables identified as uncollectible are written off against the allowance account. The carrying amount is equivalent to fair value as it is due for settlement within 30 days and therefore all classified as current. In most cases the Group holds collateral as security or other credit enhancements relating to receivables for lease rentals. These normally include a bank guarantee or cash security deposit held on trust. 9. (a) Other financial assets 2022 $’000 2021 $’000 Current Short-term investment deposits(a) 1,900 1,783 Total current 1,900 1,783 Non-current Share investment, fair value through profit or loss(b) 4,578 3,995 Total non-current 4,578 3,995 32
RkJQdWJsaXNoZXIy MTI3ODI1