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Liabilities for ‘short-term employee benefits’ and termination benefits expected within twelve months of the end of the reporting period are measured at their nominal amounts.
Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.
The liability for employee benefits includes provision for annual leave and long service leave.
The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the RWTF’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.
The RWTF makes employer contributions to the employees’ personal superannuation schemes at the rate of 15.4%. Contributions during the period 1 July 2018 to 30 June 2019 are detailed at Note 1.1A. Note 1.1A also includes employee salary sacrifice contributions.
The liability for superannuation recognised as at 30 June 19 represents outstanding contributions.