Refundables and payables are financial liabilities and are recognised at their nominal value as they are due within 12 months. The nominal value is considered to approximate their fair value.
Taxes refundable represent refunds due to customers.
KiwiSaver payable mainly represents the annual government contribution payments to be paid in July 2022. The balance also includes a small amount of contributions yet to be forwarded to scheme providers at balance date.
|Actual 2021 ($000)||Refundables and payables||Actual 2022 ($000)|
|$13,170||Paid parental leave payable||$14,535|
|$5,384,129||Total refundables and payables||$5,466,633|