Go to top of page

Notes to financial statements - 3.5 Other Provisions

3.5 Other Provisions

3.5A: Other provisions

Other

$,000

Provision for restoration

$’000

Total

$,000

As at 1 July 2019

297

2,370

2,667

Additional provisions made

139

15

154

Change in make good provision

0

1,168

1,168

Finance costs - unwinding of discount

0

31

31

Total as at 30 June 2020

436

3,584

4,020

Geoscience Australia currently has five agreements (2019: 4) for the leasing of premises which have provisions requiring it to restore the premises to their original condition at the conclusion of the lease. Geoscience Australia has made a provision to reflect the present value of this obligation.

Accounting Judgements and Estimates.

Provision for restoration has been estimated by the independent valuer stated on Note 6.3.

Other provisions includes a provision for building painting required every seven years under the lease agreement $395,460 (2019: $296,595); this provision has been estimated based on historical cost adjusted by CPI.