Appendix 1 - Financial Statements
Note 1: Summary of Significant Accounting Policies
1.17 Taxation
PSR is exempt from all forms of taxation except fringe benefits tax (FBT) and goods and services tax (GST).
Revenues, expenses and assets are recognised net of GST:
- except where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
- except for receivables and payables.