Notes to the Financial Statements

for the year ended 30 September 2019

7. Lease inducements

2019

Cost Amortisation Carrying value $ $ $

Lease inducements 95,000 59,375 35,625 2018

Cost Amortisation Carrying value $ $ $

On 1 May 2018 the remaining balance of the lease inducement relating to the restaurant of $360,000 was written off due to the conditions set out in a settlement agreement between the restaurant owners and ADLS. See note 6 above.

8. Income received in advance

Lease inducements 95,000 43,542 51,458 2019 2018 $ $

For future Membership fees 283,177 267,356

For future CPD events 14,905 31,330

For future collegial events 15,182 7,245

For future rooftop hire events 4,310 6,760

For future rentals and Opex 54,904 1,429

For future NZLD subscriptions 6,100378,578 314,120

The Society receives monies in advance of an event or product being available. This is recorded as a liability until performance of that event has taken place or delivery of that product has been completed.

9. Taxation

2019 2018 $ $

Income taxation due on net non-membership income 87,971 197,122

Provisional tax payments made during the year (124,520) (73,332) RWT paid during the year (34,183) (19,237)

Total taxation (receivable) payable (70,732) 104,553

The Society’s 2019 non-taxable membership income represented 13.2% (2018: 12.4%) of total operating revenue. A calculation using this percentage determines non-deductible expenditure. Total net taxable income in 2019 was $317,813 (2018: $707,558).