Abacus Property Group – Annual Financial Report 2018

ABACUS PROPERTY GROUP
NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2018
18. RELATED PARTY DISCLOSURES (continued)
(d) Transactions with related parties
2018 2017
$'000
$'000
Transactions with related parties other than associates and joint ventures
Revenues
Property management fees received / receivable 206 196
Transactions with associates and joint ventures
Revenues
Management fees received / receivable from joint ventures 3,510 4,316
Revenue received / receivable from joint ventures 82,743 61,186
Other transactions
Loan advanced to joint ventures (13,158) (12,019)
Loan repayments from joint ventures 48,735 18,161
Loan advanced from joint ventures 785 762
Terms and conditions of transactions
Sales and fees to and purchases and fees charged from related parties are made in arm’s length transactions both at normal market prices
and on normal commercial terms.
Outstanding balances at year-end are unsecured and settlement occurs in cash.
No provision for doubtful debts has been recognised or bad debts incurred with respect to amounts payable or receivable from related parties
during the year.
Entity with significant influence
Calculator Australia Pty Ltd (“Kirsh”) is a significant securityholder in the Group with a holding of approximately
49% of the ordinary securities of the Group (2017: 49%).
During the year, Abacus Property Services Pty Ltd was engaged to manage the following properties:
Property Relationship with Kirsh Charge per annum 2018 2017
$ $
14 Martin Place Tenants-in-common 3% of gross rental 181,422 195,782
4 Martin Place 100% owned by Kirsh 3% of gross rental 206,237 177,492
Mrs Myra Salkinder is a non-executive director of the Group and is a senior executive of Kirsh.
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