Urbanise.com Annual Report 2019

10. Income taxes (continued) Management assessed deferred tax assets and liabilities for the reporting period 30 June 2019 and their recoverability based on the forecasted taxable profit over five years. Management deemed it appropriate not to recognise deferred tax assets and liabilities due to uncertainty on whether those assets and liabilities would be utilised against future profits generated in Australia and South Africa. Tax losses carried forward from 30 June 2019 along with tax losses incurred for the period ended 30 June 2019 have not been recognised. Deferred tax assets from temporary differences have been recognised and offset against deferred tax liabilities from temporary differences resulting in $nil net deferred tax asset or deferred tax liability being recognised (2018: $nil) Management will assess this position at each reporting period. Deferred tax assets have been recognized only to the extent to offset deferred tax liabilities. Tax consolidation Urbanise.com Limited and its 100% owned Australian resident subsidiaries Mystrata Holdings Pty Limited and Mystrata Pty Limited have implemented the tax consolidation legislation. The accounting policy for the implementation of the tax consolidation legislation is set out in Note 1. 11. Trade receivables, other receivables and contract assets 2019 $ 2018 $ Current Trade receivables 2,084,786 2,038,249 Contract assets 156,937 – Allowance for expected credit losses (243,179) (128,068) Other receivables 163,646 221,142 Total current trade and other receivables 2,162,190 2,131,323 Non-current Trade receivables non-current – 149,056 Allowance for expected credit losses – (135,202) Total non-current trade and other receivables – 13,854 Age of receivables Current 714,772 1,075,493 31-60 days 174,546 235,422 61-90 days 425,041 184,080 90+ days 770,427 692,310 Total age of receivables 2,084,786 2,187,509 Trade receivables are non-interest bearing and are generally on terms of 15 to 90 days.The maximum credit risk exposure is the carrying amount net of impairment. Notes to the Consolidated Financial Statements for the year ended 30 June 2019 (continued) 63