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.
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https://www.transparency.gov.au/annual-reports/australia-business-arts-foundation-ltd/reporting-year/2019-20-45