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Note 13: Leases

Operating Lease Commitments

2020

2019

Non-cancellable operating leases contracted for but not capitalised in the financial statements

Payable - One year or less

41,847

126,484

Payable - Later than 12 months but not later than five years

21,061

272,600

62,908

399,084

AASB 16 Leases (Melbourne and Sydney Office)

Lease Liability as at 1 July 2019

445,538

-

Reduction in Lease Liability during the year

105,360

-

Total Liability

340,178

-

Current Liability

114,314

-

Non- Current Liability

225,864

-

340,178

-

Right of Use Asset

445,538

-

Accumulated Depreciation

109,853

335,685

The company adopted AASB 16 Leases as on 1 July 2019 to recognise right of use asset and lease liability for the office leases for Melbourne and Sydney. Other operating lease commitments for the financial year ended 30 June 2020 are for the office leases for Darwin and Perth and a photocopier.

There were no other commitments at balance date.