PDF - 1.62 MB - Sydney Harbour Federation Trust

Financial Statement 2006-07Notes to and forming partof the Financial Statements for the year ended 30 June 2007381.17 TaxationThe Trust is exempt from all forms of taxation exceptfringe benefits tax (FBT) and the goods and servicestax (GST).Revenues, expenses and assets are recognised netof GST:• except where the amount of GST incurred isnot recoverable from the Australian TaxationOffice; and• except for receivables and payables.Note 2: Events after the Balance Sheet DateSection 21 of the Sydney Harbour Federation TrustAct 2001 provides for the Minister for theEnvironment and Water Resources to specify thatother harbour land that is a Commonwealth place isto vest in the Trust. As at the reporting date theMinister was proposing that the MacquarieLightstation at Vaucluse, Snapper Island and HMASPlatypus vest in the Trust.At the time of this report, vesting of these lands hadnot occurred.There are no other events that have occurred afterthe balance date that would have an effect on theTrust’s 2006-2007 financial statements other thanthose that are already reflected in the financialstatements.