14 TAX ASSETS	Note	Year ended 30 June 2004 $’000	Year ended 30 June 2003 $’000
Future Income Tax Benefit		78	61
		78	61
The future income tax benefit is made up of timing differences

15 CREDITORS AND ACCRUALS
CURRENT
Trade Creditors		8 088	5 125
Accrued Expenses		694	1 022
Other Creditors		100	89
		8 882	6 236
NON-CURRENT
Other Creditors		272	269
		272	269

16 EMPLOYEE BENEFITS	Note	Year ended 30 June 2004 $’000	Year ended 30 June 2003 $’000
CURRENT
Accrued Salaries and Wages		103	505
Workers Compensation		78	103
Long Service Leave		178	205
Annual Leave		488	403
Other		26	25
		873	1 241
Employee Benefit On-costs*		100	89
		973	1 330
NON-CURRENT
Workers Compensation		179	274
Long Service Leave		2 370	2 340
		2 549	2 614
Employee Benefit On-costs*		272	269
		2 821	2 883
Aggregated Employee Benefits and on-costs		3 794	4 213
*Employee benefit related on-costs are disclosed as creditors and accruals.

17 INTEREST BEARING LOAN
CURRENT
Unsecured		189	165
		189	165
NON-CURRENT
Unsecured		1 677	1 866
		1 677	1 866
(a) Terms and conditions relating to the above financial instrument
SAFC entered into an unsecured 10 year loan with SAFA to purchase land.
Repayments are due monthly with the final payment due on 26 February 2013 and the interest rate is fixed at 5.30% for the term of the loan.

18 TAX LIABILITIES	Note	Year ended 30 June 2004 $’000	Year ended 30 June 2003 $’000
CURRENT
Income Tax Payable		3 921	3 011
		3 921	3 011
NON-CURRENT
Provision for Deferred Income Tax		1 062	1 017
		1 062	1 017

19 OHTER LIABILITIES
CURRENT
Revenue Received in Advance		41	63
		41	63

20 EQUITY
Equity represents the residual interest in the net assets of the South Australian Forestry Corporation. The SA Government holds the equity interest in the Corporation on behalf of the community.

21 CONTRIBUTED EQUITY
Contributed equity represents advances from the SA Government in the nature of contributions as owner.
Contributed equity as at 1 July		4 983	4 983
Contributed equity as at 30 June		4 983	4 983

22 RETAINED PROFITS

Note