| | |
2022 | | |
2021 | |
| | |
A$ | | |
A$ | |
| Current liability | |
| 51,213 | | |
| 86,912 | |
| Non-current liability | |
| - | | |
| 51,213 | |
| Balance at the end of the financial year | |
| 51,213 | | |
| 138,125 | |
| |
|
2022 |
|
|
2021 |
|
| |
|
A$ |
|
|
A$ |
|
| Reconciliation of lease liabilities |
|
|
|
|
|
|
| Balance at the beginning of the financial year |
|
|
138,125 |
|
|
|
206,268 |
|
| Lease liability recognised - new operating lease 1 |
|
|
- |
|
|
|
- |
|
| Repayment of lease liability |
|
|
(86,912 |
) |
|
|
(68,143 |
) |
| Balance at the end of the financial year |
|
|
51,213 |
|
|
|
138,125 |
|
| 1 | The consolidated entity has a 3-year lease agreement for
office premises in Perth, Australia. The total payments under the lease amounting to A$299,129 were discounted at the Company’s
incremental borrowing rate of 10% in order to determine the initial lease liability of A$211,191. To determine the incremental borrowing
rate, third-party financing received was used as a starting point and adjusted to reflect changes in financing conditions since the third-party
financing was received. |
During the financial year, A$23,589 (2021: A$38,108) interest on the
lease was expensed as financing costs.
|