| Trade and Other Receivables |
3.
Trade and Other Receivables
Schedule
of Trade and Other Receivables
| | |
Unaudited
31
March 2025 | | |
30
June 2024 | |
| | |
AUD$ | | |
AUD$ | |
| CURRENT | |
| | | |
| | |
| Related party-Loans Note 21 | |
| 633,773 | | |
| - | |
| Trade receivables- Related parties Note 21 | |
| 799,737 | | |
| - | |
| Trade
receivables, net (1) | |
| 4,309,859 | | |
| 4,470,101 | |
| Total current trade and other receivables | |
| 5,743,369 | | |
| 4,470,101 | |
| |
(1) |
Trade
receivables are presented net of expected net credit loss of AUD$169,148
and AUD$138,000
at 31 March 2025
and 30 June 2024, respectively. |
The
carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term nature of the balances.
The
maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial statements.
The
table below presents the expected credit losses on trade receivables for the nine months ended 31 March 2025:
Schedule
of Expected Credit Losses on Trade Receivables
| | |
Current
sales | | |
30
days | | |
60
days | | |
90
days and older | | |
Total | |
| | |
Unaudited | |
| | |
Current sales | | |
30 days | | |
60 days | | |
90 days and older | | |
Total | |
| Balance as at reporting date | |
$ | 3,053,569 | | |
$ | 442,745 | | |
$ | 277,998 | | |
$ | 704,695 | | |
$ | 4,479,007 | |
| Expected loss rate | |
| 2.64 | % | |
| 3.97 | % | |
| 4.86 | % | |
| 8.16 | % | |
| - | |
| ECL allowance | |
$ | 80,557 | | |
$ | 17,577 | | |
$ | 13,511 | | |
$ | 57,503 | | |
$ | 169,148 | |
The
table below presents the expected credit losses on trade receivables for the year ended 30 June 2024:
| | |
Current
sales | | |
30
days | | |
60
days | | |
90
days and older | | |
Total | |
| Balance as at reporting date | |
$ | 1,937,078 | | |
$ | 704,576 | | |
$ | 1,047,911 | | |
$ | 918,536 | | |
$ | 4,608,101 | |
| Expected loss rate | |
| 0.75 | % | |
| 2.27 | % | |
| 4.86 | % | |
| 6.16 | % | |
| - | |
| ECL allowance | |
$ | 14,520 | | |
$ | 15,995 | | |
$ | 50,935 | | |
$ | 56,550 | | |
$ | 138,000 | |
|
6 Trade and Other Receivables
Schedule
of Trade and Other Receivables
| | |
2024 | | |
2023 | |
| | |
| AUD$ | | |
| AUD$ | |
| | |
| |
|
|
|
Restated | |
| CURRENT | |
| | | |
| | |
| Related party receivable | |
| - | | |
| 1,226,945 | |
| Related party-Loans Note 21 | |
| - | | |
| - | |
| Trade receivables- Related parties Note 21 | |
| - | | |
| - | |
| Trade receivables, net (1) | |
| 4,470,101 | | |
| 3,210,308 | |
| Total current trade and other receivables | |
| 4,470,101 | | |
| 4,437,253 | |
| (1) | Trade
receivables are presented net of an allowance of AUD$138,000
and AUD$380,604
at June 30, 2024 and 2023, respectively. |
The
carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term nature of the balances.
The
maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial statements.
Expected credit loss for the years ended
June 30, 2024 and 2023 was AUD$138,000 and AUD$380,604, respectively.
The
table below presents the expected credit losses on trade receivables for the year ended June 30, 2024:
Schedule of Expected Credit Losses on Trade Receivables
| | |
Current sales | | |
[30] days | | |
[60] days | | |
[90] days | | |
Total | |
| Balance as at reporting date | |
$ | 1,937,078 | | |
$ | 704,576 | | |
$ | 1,047,911 | | |
$ | 918,534 | | |
$ | 4,608,099 | |
| Expected loss rate | |
| 0.75 | % | |
| 2.27 | % | |
| 4.86 | % | |
| 6.16 | % | |
| - | |
| ECL allowance | |
$ | 14,520 | | |
$ | 15,995 | | |
$ | 50,935 | | |
$ | 56,550 | | |
$ | 138,000 | |
|