Wreck Bay Aboriginal Community Council

ABN: 62 564 797 956

Notes to and forming part of the financial statements

for the period ended 30 June 2020

PEOPLE AND RELATIONSHIPS

This section describes a range of employment and post employment benefits provided to our people and

our relationships with other key people.

3: Employee Provisions

2020

2019

$

$

Note 3.1A: Employee Provisions

Leave

296,312

263,347

Total employee provisions

296,312

263,347

Accounting Policy

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.

Leave

The liability for employee benefits includes provision for annual leave and long service leave. Employees

have the opportunity to elect if they wish to have their personal leave balance paid out at the end of the

financial year. For those who choose not to, the balance is provided for in the employee benefits.

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 Council'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 liability for long service leave has been calculated using the Department of Finance's short-hand

method; in assessing the on-costs and the probability factors for employees. The liability for long service

leave takes into account attrition rates and pay increases through promotion and inflation.

Superannuation

The Council's staff are members of the AMP Superleader Scheme, the Health Employees Superannuation

Trust Australia (HESTA), Australian Super, First State Super and LG Super.

Employer Contributions amounting to $258,700 (2019: $199,483) for the Council, in relation to these

schemes have been expensed in these financial statements.

The liability for superannuation recognised as at 30 June represents outstanding contributions.

2020

2019

$

$

Note 3.1B: Former Employee Provisions

Provision of leave on termination of employment

96,958

159,459

Total former employee provisions

96,958

159,459

The former CEO's employment ceased in October 2018, due to the clauses of his contract the Council

will continue to payout his entitlements at half pay until January 2022.