More annual reports from Rent.com.au Limited:
2023 ReportRENT.COM.AU LIMITED ABN 25 062 063 692 FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2022 CONTENTS CORPORATE INFORMATION DIRECTORS REPORT • • • • • • • • • • • • • • • • • • • • • • RSM Australia Partners Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Rent.com.au Limited for the year ended 30 June 2022, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) any applicable code of professional conduct in relation to the audit. RSM AUSTRALIA PARTNERS Perth, WA Dated: 26 August 2022 AIK KONG TING Partner THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111 www.rsm.com.au INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RENT.COM.AU LIMITED Opinion We have audited the financial report of Rent.com.au Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of the Group's financial position as at 30 June 2022 and of its financial performance for the year then ended; and (ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed this matter Revenue Recognition Refer to Note 1 and 3 in the financial statements The Group has recognised revenue from contracts with customers as an operator of a real estate website focusing on the rental property market. Revenue is considered a key audit matter because it in the is the most significant account balance consolidated statement of profit or loss and other comprehensive income and the process of revenue recognition is complex due to multiple revenue rendered. for services or products streams Furthermore, transactions are high volume and of low value. The revenue recognition of each revenue stream is subject to management judgements. These include: Determining the appropriate accounting policy in the revenue relation to each revenue stream; and Determining the revenue recognised is for an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. Other Information Our audit procedures included: Obtaining a detailed understanding of each of the revenue streams and the process for calculating and recording revenue; Assessing the appropriateness of the revenue recognition policies of the Group in compliance with Australian Accounting Standards; Performing tests of controls or substantive testing on a sample basis for revenue transactions to supporting documentation; Testing the deferred revenue calculation of revenue by assessing the extent to which performance obligations have not been satisfied at year end; On a sample basis, testing revenue transactions before and after year-end to ensure that revenue is recognised in the correct financial period; and Assessing the appropriateness of disclosures in the financial statements. The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 30 June 2022, but does not include the financial report and the auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This description forms part of our auditor's report. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2022. In our opinion, the Remuneration Report of Rent.com.au Limited, for the year ended 30 June 2022, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. RSM AUSTRALIA PARTNERS Perth, WA Dated: 26 August 2022 AIK KONG TING Partner Rent.com.au Limited Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2022 Rent.com.au Limited Consolidated Statement of Financial Position As at 30 June 2022 Rent.com.au Limited Consolidated Statement of Changes in Equity For the year ended 30 June 2022 Rent.com.au Limited Consolidated Statement of Cash flows For the year ended 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 - Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • • • • • Rent.com.au Limited Notes to the Financial Statements 30 June 2022 Rent.com.au Limited Notes to the Financial Statements 30 June 2022 • • • Rent.com.au Limited Directors’ Declaration 30 June 2022 • • • • Rent.com.au Limited Additional ASX Information 30 June 2022 Rent.com.au Limited Additional ASX Information 30 June 2022
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