Leases

Lease Liabilities - Buildings

Total interest bearing liabilities

Total cash outflow for leases for the year ended 30 June 2020 was $838,271.

The Commission applied the following practical expedients when applying AASB 16 to leases previously classified as operating leases under AASB 117:

  Applied a single discount rate to a portfolio of leases with reasonably similar characteristics;

  Excluded initial direct costs from the measurement of right-of-use assets at the date of initial application for leases where the right-of-use asset was determined as if AASB 16 had been applied since the commencement date; and

  Applied the exemption not to recognise right-of-use assets and liabilities for low value assets and leases with less than 12 months of lease term remaining as of the date of initial application.

The right-of-use assets were measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.