Note 6: Payables
2020 | 2019 | ||
$ | $ | ||
Note 6A: Suppliers | |||
Trade creditors and accruals | 1,405,678 | 607,966 | |
Total suppliers | 1,405,678 | 607,966 | |
Supplier payables are settled within 20 days. | |||
Note 6B: Other Payables | |||
Salaries and wages | 109,455 | 49,195 | |
Superannuation | 18,230 | 8,679 | |
Other¹ | 121,193 | - | |
Total other payables | 248,878 | 57,874 | |
1. Other payables include revenue received in advance ($121k) arising from the MOU that the Office has in place with PM&C in respect of Kirribilli House grounds maintenance. | |||
Total other payables are expected to be settled in no more than 12 months. | |||
Financial liabilities arising from suppliers and other payables amounted to $1,526,871 (2019: $607,966). Refer to Note 10. | |||
Note 6C: Leases | |||
Lease liabilities¹ | 3,557 | - | |
Total leases | 3,557 | - | |
1. The Office 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.
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