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
Note 3.1A: Employee Provisions
Total employee provisions
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. 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
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.
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.
Note 3.1B: Former Employee Provisions
Provision of leave on termination of employment
Total former employee provisions
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.