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Note 5: Payables

AASB

AUASB

2020

2019

2020

2019

$

$

$

$

Other payables

PAYG salary withholding tax

57,102

135,175

30,782

0

Compensation & related FBT costs1

72,261

97,458

0

3,334

Lease payable2

0

103,575

0

0

Other

20,581

20,580

0

7,836

Total other payables

149,944

356,788

30,782

11,170

Other payables are expected to be settled within:

No more than 12 months

149,944

356,788

30,782

11,170

More than 12 months

0

0

0

0

Total other payables

149,944

356,788

30,782

11,170

1 The Instrument of Appointment for the outgoing AASB Chair waives the qualifying period for long service leave, effectively creating a present obligation for the 5-year appointment. On the basis of legal advice received, the outgoing AASB Chair was not entitled to long service leave under the Long Service Leave (Commonwealth Employees) Act 1976 in the event that a term of less than 10 years is served. A liability has been recognised in the event that AASB is required to make a compensation payment under a CDDA settlement. $72,261 (2019 $101,378). Tax advice has been obtained and FBT will not be payable on a CCDA settlement.

2 The Entity has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117. The new lease liability is classified as an interest-bearing liability.

All invoices are paid within 30 days.