annual report/2006 - University of Melbourne

Notes to and forming part of the Financial Statements
Note 17 Income Tax Expense/(Benefit)
The prima facie tax on the operating result from
continuing operations is reconciled to the income tax
provided in the Financial Statements as follows:
CONSOLIDATED
UNIVERSITY
2006 2005 2006 2005
NOTES $’000 $’000 $’000 $’000
Prima facie Tax Payable on Operating
Profit/(Loss) of Tax Paying Subsidiaries before
Income Tax: (55) (3,216) - -
Income Tax effect of -
Non-Deductible Expenditure 56 3,198 - -
Other (2) 1 - -
Income Tax Expense/(Benefit) (1) (17) - -
Note 18 Receivables
RECEIVABLES (CURRENT)
Trade Receivables 40,105 40,170 35,211 34,086
Sundry Debtors 24,642 22,141 19,253 15,625
Less: Provision for Doubtful Receivables (540) (600) (398) (387)
64,207 61,711 54,066 49,324
Student Loans 1,735 1,934 1,735 1,914
Less: Provision for Doubtful Receivables (50) (50) (50) (50)
1,685 1,884 1,685 1,864
Deferred Government Contributions for
Superannuation 7,855 7,342 6,922 6,387
Other 1,442 1,309 665 665
Less: Provision for Doubtful Receivables - (73) - -
Total Current Receivables 75,189 72,173 63,338 58,240
RECEIVABLES (NON-CURRENT)
Student Loans 1 5 - -
Deferred Government Contributions for
Superannuation 97,601 103,547 83,801 89,003
State Government of Victoria (MTC Development) 51,000 - 51,000 -
Other 2,282 2,521 2,282 3,770
Less: Provision for Doubtful Receivables (2,258) (2,258) (2,258) (2,258)
Total Non-Current Receivables 148,626 103,815 134,825 90,515
(a) Government Contributions to Superannuation
The University recognises a receivable for the amount expected to be received from the Australian Government in respect
of unfunded superannuation schemes operated by the State Government. The total consolidated amount owing in respect of
these schemes at 30 June 2006 is recorded at $105.456 million (2005 $110.889 million). Refer Notes 1.15(iv), 29 and 36.
(b) Melbourne Theatre Company Development
The University has entered into an agreement with the State Government of Victoria for the development of a 500 seat theatre
for the Melbourne Theatre Company. The $51.0 million receivable represents the total value of the theatre to be received by the
University on completion.
(c) Effective Interest Rates and Credit Risk
Information concerning the effective interest rate and credit risk of both current and non-current receivables is set out in Note 32
Financial Instruments.
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The University of Melbourne Annual Report 2006