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Non-Current Assets - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Non-Current Assets - Property, Plant and Equipment [Abstract]

Non-current assets - property, plant and equipment

Note 13. Non-current assets - property, plant and equipment, net

	Consolidated						Consolidated
	2022			2021			2022
	AUD$			AUD$			$

Computer equipment - at cost		275,582			253,564			187,216
Less: Accumulated depreciation		(242,159	)		(220,715	)		(164,510	)
		33,423			32,849			22,706

Office furniture and equipment - at cost		131,728			129,538			89,489
Less: Accumulated depreciation		(41,818	)		(28,956	)		(28,409	)
		89,910			100,582			61,080

Machinery and equipment - at cost		85,309			82,889			57,955
Less: Accumulated depreciation		(72,764	)		(63,749	)		(49,432	)
		12,545			19,140			8,523

		135,878			152,571			92,309

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Computer			Office furniture and			Machinery and
	equipment			equipment			equipment			Total			Total
Consolidated	AUD$			AUD$			AUD$			AUD$			$

Balance at 1 January 2021		12,141			106,573			24,769			143,483
Additions		30,091			443			-			30,534
Depreciation expense		(9,383	)		(6,434	)		(5,629	)		(21,446	)

Balance at 31 December 2021		32,849			100,582			19,140			152,571
Additions		22,018			2,190			2,420			26,628			18,090
Depreciation expense		(21,444	)		(12,862	)		(9,015	)		(43,321	)		(29,430	)

Balance at 31 December 2022		33,423			89,910			12,545			135,878			92,309

Accounting policy for property, plant and equipment

Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Computer equipment	3 years
Machinery and equipment	6-7 years
Office furniture and equipment	10-14 years

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the company. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.