Other liabilities (TALC 55)
Other liabilities (TALC 55) is further classified into;
- provisions for employee entitlements other than superannuation (TALC 551);
- accounts payable (TALC 552); and
- other liabilities not elsewhere classified (TALC 559).
Provisions for employee entitlements other than superannuation (TALC 551)
Provisions for employee entitlements other than superannuation (TALC 551) consists of claims on an institutional unit to cover employee entitlements other than superannuation. Institutional units incur a liability equal to the present value of the employee entitlements.
Includes: Liabilities for sick leave paid on resignation or retirement; recreation leave; long service leave; workers’ compensation where benefits are paid by an employer not a separate insurer.
Accounts payable (TALC 552)
Accounts payable (TALC 552) consists of trade credit, advances and miscellaneous other items due to be paid.
Includes: Accounts payable; trade credit extended directly to purchasers of goods and services; advances for work that is in progress or to be undertaken, such as progress payments made during construction in advance for work being done or for prepayments of goods and services; accrued but unpaid taxes; dividends; purchases and sales of securities; rent; accrued wages and salaries; social contributions; social benefits; payments due under financial derivative contracts that are in arrears; payments of amounts that have not yet accrued such as prepayments of taxes; deposits payable in advance to cover breakages or non-payment for the use of goods and services; bail deposits; social security benefits due for payment but not yet paid; and payments for emissions permits received by government when there is a timing difference between receipt of the payment and the time the corresponding emission occurs.
Excludes: Loans (classified to TALC 53 Loans and placements), debt securities (classified to debt securities (TALC 521)); promissory notes or another type of security issued to consolidate the payment due on several trade credits (classified to debt securities (TALC 521)); deposits held by court or tax authorities pending resolution of a dispute (classified to cash and deposits (TALC 511)).
Other liabilities not elsewhere classified (TALC 559)
This category consists of liabilities that cannot be assigned to TALC 51, TALC 52, TALC 53, TALC 54, TALC 551 and TALC 552.