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Note 18: Discontinued operations

During the year, the Cardwell Supermarket operations was disposed on 11 March 2020 at $300,000 plus stock-in-trade estimated to be $300,000. The disposal is a going concern and is consistent with Outback Stores’ focus on the long term objective of managing remote community stores. Cardwell Supermarket Pty Ltd is in the process of being wound up and will be legally deregistered in the 2021 financial year.

The results of the discontinued operations (i.e. Cardwell Supermarket) included in the profit or loss for the year are set out below.

2020

2019

Loss for the year from discontinued operation

$

$

Revenue

3,551,838

5,093,442

Expenses

(3,542,535)

(5,243,016)

Other non-operating income

1,933

24,998

Losses from sale of assets

(376,660)

-

Loss before tax

(365,424)

(124,576)

Attributable income tax benefit

119,578

69,956

Loss for the year from discontinued operations

(245,846)

(54,620)

The major classes of assets and liabilities comprising the operations classified a held for sale are as follows:
During the year, Cardwell Supermarket used $216,060 (2019: contributed $63,348) to the Group’s net operating cash flow, paid $554,041 (2019: $3,720) in respect of investing activities and paid nil (2019: Nil) in respect of financing activities.

2020

2019

$

$

Property plant and equipment

-

642,435

Deferred tax assets

-

20,893

Inventories

-

252,737

Trade receivables

12,949

42,595

Cash and bank balances

1

140,300

Total assets classified as held for sale

12,950

1,098,960

Trade payables

-

287,832

Provisions

-

65,889

Deferred tax liability

-

17,803

Total liabilities associated with assets classified as held for sale

-

371,524

Net assets of disposal group

12,950

727,436