Note 8A: Trade and other payables

Trade payables

Goods and services tax payable

Accrued expenses

Payroll

Audit fees

Fringe benefit and payroll taxes

Other liabilities

No more than 12 months

The average credit period on purchases of goods is 1 month. No interest is charged on the trade payables for outstanding balances. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

Note 8B: Deferred revenue - Government grant

Note 8C: Lease liabilties

Operating leases ¹

¹ The Group 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. Total cash outflow for leases for the year ended 30 June 2020 was $219,574

The Group in its capacity as lessee held a lease agreement for the office located in Darwin which was entered into on 1 January 2015, with monthly lease payments increasing annually in line with CPI. The contract had a renewal option for a further 6 years on 1 January 2020 which management has determined that the Group was likely to exercise. The incremental borrowing rate of 6.87% was used to discount the present value of the lease payments that are not paid at the commenced date as the rate implicit in the lease cannot be readily determined.

Note 8D: Employee provisions

Employee provisions expected to be settled