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9 TRADE AND OTHER RECEIVABLES
(a) Current - Trade and other receivables
Consolidated
Note
2016
$'000
2015
$'000
Trade receivables
7,584
4,952
Property Settlements
3,008
1,515
Less provision for doubtful receivables
(510)
(350)
Receivables from related parties
13
4,271
4,041
Income tax receivables
1,251
1,023
Prepayments
1,539
1,424
GST
-
483
Other receivables
340
881
17,483
13,969
Consolidated
2016
$'000
2015
$'000
Movements in the provision for doubtful receivables are as follows:
Balance at beginning of the year
350
253
Additional provisions
345
281
Provision reversals
(185)
(184)
510
350
Recognition and measurement
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for doubtful debts.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off.
A provision for doubtful receivables is established when there is objective evidence that the Trust will not be able to collect all
amounts due according to the original terms of receivables. The amount of the provision is the difference between the asset’s
carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of
the provision is recognised in the statement of comprehensive revenue and expense within expenses.
When a trade receivable is uncollectible, it is written off. Subsequent recoveries of amounts previously written off are credited
against other expenses in the statement of comprehensive revenue and expense.