Note 8: Receivables

Accounting policy

Short-term receivables are recorded at their face value, less an allowance for expected losses and any provision for impairment.

A receivable is considered impaired when there is sufficient evidence that the Office will not be able to collect the amount due. The amount of the impairment is the difference between the carrying amount of the receivable and the present value of the amount expected to be collected.

The expected credit loss rates for receivables at 30 June 2020 and 1 July 2019 are based on the payment profile of revenue on credit over the previous two years at the measurement date and the corresponding historical credit losses experienced for that period.

The allowance for credit losses at 30 June 2020 and 1 July 2019 was determined as 0%.

Breakdown of receivables and further information

The ageing profile of receivables at year-end is detailed below:

30 June 2020	Gross $000	Estimates of losses %	Expected credit losses $000	Impaired credit losses $000	Net $000
Not past due	6,624	0	-	-	6,614
Past due 1-30 days	669	0	-	-	669
Past due 31-60 days	207	0	-	-	207
Past due 61-90 days	97	0	-	-	97
Past due over 90 days	590	0	-	(13)	587
Carrying amount	8,187		-	(13)	8,174

1 July 2019	Gross $000	Estimates of losses %	Expected credit losses $000	Impaired credit losses $000	Net $000
Not past due	6,843	0	-	(11)	6,832
Past due 1-30 days	596	0	-	-	596
Past due 31-60 days	82	0	-	-	82
Past due 61-90 days	17	0	-	-	17
Past due over 90 days	76	0	-	(6)	70
Carrying amount	7,614		-	(17)	7,597

Movements in the provision for impairment and allowance for credit loss of receivables were as follows:

	Actual 2019/20 $000	Actual 2018/19 $000
Balance at 1 July	17	31
Additional provisions made during the year	-	11
Receivables written off during the year	(4)	(25)
Balance at 30 June	13	17