Racing Australia Annual Report 2017

70 | Racing Australia Annual Report 2017 Racing Australia Limited | ACN 105 994 330 and Controlled Entities | Annual Report for the Financial Year Ended 30 June 2017 CONSOLIDATED ENTITY PARENT ENTITY 2017 $ 2016 $ 2017 $ 2016 $ NOTE 8: PAYABLES Current Trade payables 139,617 625,867 139,617 418,879 Other payables 2,624,503 1,982,319 2,676,955 1,966,644 2,764,120 2,608,186 2,816,572 2,385,523 NOTE 9: EMPLOYEE BENEFITS Current Employee benefits 920,123 853,294 920,123 853,294 Non-current Employee benefits 40,211 10,391 40,211 10,391 NOTE 10: LOAN CBA Current Loan CBA – Secured 2,500,000 2,500,000 2,500,000 2,500,000 Non-current Loan CBA – Secured 5,267,512 7,767,512 5,267,512 7,767,512 On 17 September 2014, Racing Australia Limited (RA), purchased the Australian Stud Book (ABN 64 358 205 057) (ASB) and all of the shares in capital of Australian Genetics Testing Pty Ltd (ABN 83 138 140 762) (AGT) for a purchase consideration of $18,000,000. The purchase was completed based on a bank loan to a maximum value of $16,000,000. As a bank condition to secure the loan, a bank guarantee equivalent to 88% of the loan balance was required, guaranteed by Racing NSW (35%), Racing Victoria (35%) and Racing Queensland (18%). Notes to and Forming Part of the Financial Statements continued For the year ended 30 June 2017