Skip to main content

Budget 2024 | The Government has announced proposed changes to personal income tax, the independent earner tax credit, in-work tax credit, the minimum family tax credit and the interest rate charged for overseas based student loans. They have also provided more information on FamilyBoost. Find out more:

Creditors and other payables due within 12 months are recognised at their nominal value, unless the effect of discounting is material. Creditors and other payables due beyond 12 months are subsequently measured at amortised cost using the effective interest rate method, where applicable.

Creditors and other payables are normally settled on 30-day terms. Therefore, the carrying value of creditors and other payables approximates to their fair value.

Explanation of major variances against budget

Creditors and other payables were $4.526 million below budget, due to early settlement of payables as an outcome of the Government's objective to pay 95% of domestic suppliers within 10 business days, and invoices received and processed on time resulting in less accruals at the end of the year. Inland Revenue achieved 96.3% of domestic suppliers paid within 10 working days in 2021–22.

Last updated: 22 Aug 2022
Jump back to the top of the page