Page 39 - Annual Report 2016

QUEENSLAND TOUCH ASSOCIATION Inc.
ABN 32 751 852 440

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2016 2015
$ $
NOTE 14: CASH AND CASH EQUIVALENTS
Cash Reserve 390,867 652,404
Cheque Account 138,501 134,441
Debit Cards 1,474 4,109
530,842 790,954

NOTE 15: PROPERTY PLANT AND EQUIPMENT
Plant and Equipment 66,945 72,080
Less Accumulated Depreciation (49,816) (49,486)
17,129 22,594

Office and Computer Equipment 1,533 3,024
Less Accumulated Depreciation (1,210) (2,508)
323 516
Motor Vehicle 41,990 41,990
Less Accumulated Depreciation (13,906) (4,544)
28,084 37,446

Leasehold Improvements - 4,514
Less Accumulated Depreciation - (1,699)
- 2,815
45,536 63,371

NOTE 16: TRADE AND OTHER PAYABLES
Trade Creditors 132,850 166,505
Income in Advance 33,538 -
Superannuation Payable 2,051 -
168,439 166,505

NOTE 17: TAX LIABILITIES
FBT Payable 3,076 -
GST 478 8,744
PAYG Withholdings Payable 12,474 11,532
16,028 20,276

NOTE 18: RELATED PARTY TRANSACTIONS
Board Member Related Entities

Transactions between related parties are on normal commercial terms and conditions no more favourable than
those available to other parties unless otherwise stated.

During the 2016 financial period, the association made payments in the amount of $92,285 (2015: $46,810) to
Inferno Sports for services. Inferno sports is a clothing company part owned by Chairman, Gavin Shuker. All
transactions are entered under normal commercial terms.

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