Financial performance
Statements and Tax transparency
Financial performance
A summary of the financial performance is provided below. To view the full financial reports visit this link.
RAA has adopted AASB 17 Insurance Contracts, with a date of initial application of 1 July 2023. The requirements of AASB 17 have brought significant changes to the accounting and disclosures for insurance and reinsurance contracts. As a result, RAA has restated certain comparative amounts within the financial statements, including the presentation of a third statement of financial position as at 1 July 2022.
Discussion and analysis of the statement of profit and loss
RAA made a $2m profit after tax (2023 restated: $52m loss) for the year ending 30 June 2024.
Total revenue was $679m, $100m (17.3%) higher than the prior year.
For discussion and analysis of the Statement of Profit and Loss, Balance Sheet and Cash Flow, click here.
Tax transparency
As a proudly South Australian and membership organisation, RAA is committed to corporate responsibility and transparency. We recognise our contributions to governments’ public finances is of interest to our members and the South Australian community. RAA contributes to our community as a major South Australian employer, investor and consumer, and subsequently pays the right amount of tax. RAA collects a significant amount of income tax on employee salaries and wages and makes payments of Fringe Benefits Tax (FBT) and Payroll Tax to the Australian Taxation Office (ATO)/ State Revenue Offices.
RAA supplies services to the community which result in the collection of Goods and Services Tax (GST) and Stamp Duty on insurance premiums which are remitted to the ATO/State Revenue Offices. RAA pays income tax at the company tax rate of 30 per cent based on accounting profit before tax, adjusted for differences between the accounting standards and the income tax legislation. RAA has an estimated tax payable for 2023–24 of $2.2m on lodgement of the tax return.