This section analyses the financial performance of the RWTF for the year ended 2020.
1.1A: Employee benefits
Wages and salaries
Leave and other entitlements
Total employee benefits
Accounting policies for employee related expenses is contained in the People and Relationships section.
Goods and services supplied or rendered
Direct debit administration fees
Group Life insurance underwriting
Web-Site and software fees
Total goods and services supplied or rendered
General and disaster relief grants
Base Welfare Grants Scheme
1.1D: Impairment loss on financial instruments
Impairment on loans
Total impairment on financial instruments
1.1E: Losses from loan re-measurement
Loss from initial recognition of loans and receivables at fair value (refer Note 6.3)
Total losses from loan re-measurement
1.1F: Depreciation and amortisation
Intangibles – database
Total write-down and impairment of other assets
The RWTF was established to provide benefits to eligible persons and does not carry out Government business activities on a commercial basis nor operate in a competitive, or potentially competitive, environment. Therefore it is not required to make Australian Income Tax Equivalent payments to the Government.
1.2 Own-Source Revenue and gains
1.2A: Sale of goods and rendering of services
Member contributions for Group Life insurance
Total sale of goods and rendering of services
Revenue from the sale of goods is recognised when control has been transferred to the buyer.
Receivables for goods and services, which have 30 days terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed as at end of reporting period. Allowances are made when collectability of the debt is no longer probable.
Resources Received Free of Charge
Resources received free of charge are recognised as revenue when and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.
Other Types of Revenue
A charge is recovered from loan applicants to help defray administrative expenses and to provide growth in the RWTF. These member contributions are recognised as income in the year the loan is made and form part of the outstanding loan amount.
Revenue from Group Life Insurance premiums are recognised on an accruals basis.
1.2B: Loans revenue
Member contributions on loans
Total fees and fines
Loan interest (refer Note 6.3)
1.2D: Other revenue
Total other revenue
Interest revenue is recognised using the effective interest method.