Racing Australia Annual Report 2018

68 | RACING AUSTRALIA ANNUAL REPORT 2018 Consolidated Entity Parent Entity 2018 $ 2017 $ 2018 $ 2017 $ Note 8: Payables Current Trade payables 132,660 139,617 132,660 139,617 Other payables 3,476,943 2,624,503 3,467,206 2,676,955 3,609,603 2,764,120 3,599,866 2,816,572 Note 9: Employee benefits Current Employee Benefits 1,009,527 920,123 1,009,527 920,123 Non–Current Employee Benefits 74,384 40,211 74,384 40,211 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 1,392,512 5,267,512 1,392,512 5,267,512 On 17 September 2014, Racing Australia Limited (RA), purchased the Australian Stud Book (ABN 64 358 205 057) (ASB) and all of the share 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%). The bank loan with the Commonwealth Bank of Australia is secured by a first ranking charge over all present and after acquired property of the parent entity. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018