Annual Report 2018-2019 Essential Services Commission of South Australia
Tabled paper 1481
Tabled Papers for 13th Assembly 2016 - 2020; Tabled Papers; ParliamentNT
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Department of the Legislative Assembly
Essential Services Commission Notes to and forming part of the financial statements for the year ended 30 June 2019 19 6. Financial assets 6.1. Receivables 2019 2018 $'000 $'000 Current Receivables 923 834 Less allowance for doubtful debts (41) (33) Total receivables 882 801 Accrued revenue 189 201 Prepayments 75 44 Total current receivables 1 146 1 046 Total receivables 1 146 1 046 Receivables arise in the normal course of selling goods and services to other South Australian Government agencies and to the public. Receivables are normally settled within 30 days after the issue of an invoice. Receivables, prepayments and accrued revenues are non-interest bearing. Collectability of receivables is reviewed on an ongoing basis. Receivables are held with the objective of collecting the contractual cash flows and they are measured at amortised cost. The net amount of GST payable to the Australian Taxation Office is included as part of receivables. 7. Liabilities 7.1. Payables 2019 2018 $'000 $'000 Current Creditors and accrued expenses 127 124 Employment on-costs 50 51 Total current payables 177 175 Non-current Employment on-costs 76 61 Total non-current payables 76 61 Total payables 253 236 Payables and accruals are raised for all amounts owing but unpaid. Sundry payables are normally settled within 30 days from the date the invoice is first received. All payables are non-interest bearing. The carrying amount of payables represents fair value due to their short-term nature. Employment on-costs Employment on-costs include payroll tax and superannuation contributions. The Commission makes contributions to the South Australia Government and externally managed superannuation schemes. These contributions are treated as an expense when they occur. As a result of an actuarial assessment performed by Department of Treasury and Finance, the percentage of the proportion of long service leave taken as leave remains at 41% and the average factor for the calculation of the employer superannuation on-costs has decreased from the 2018 rate of 9.9% to 9.8%. These rates are used in the