XML 39 R20.htm IDEA: XBRL DOCUMENT

Non-Current Assets - Right-of-Use Assets

12 Months Ended

Dec. 31, 2022

Non-Current Assets - Right-of-Use Assets [Abstract]

Non-current assets - right-of-use assets

Note 14. Non-current assets - right-of-use assets

	Consolidated				Consolidated
	2022		2021		2022
	AUD$		AUD$		$

Land and buildings - right-of-use		254,409		517,719		172,832
Motor vehicles - right-of-use		172,408		92,478		117,125

		426,817		610,197		289,957

Additions to the right-of-use assets during the financial year were AUD$148,815 ($101,097) (2021: AUD$42,457).

During the 2022 financial year the company leased new cars for the Israeli company under agreement for 3 years.

The company leases land and buildings for its offices in Israel under agreements for 5 years and in some cases, options to extend. On renewal, the terms of the leases are renegotiated.

Reconciliations

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

	Land and			Motor
	Buildings			Vehicle			Total			Total
Consolidated	AUD$			AUD$			AUD$			$

Balance at 1 January 2021		697,234			73,214			770,448			-
Additions		-			42,457			42,457
Depreciation expense		(179,515	)		(23,193	)		(202,708	)

Balance at 31 December 2021		517,719			92,478			610,197
Additions		-			148,815			148,815			20,961
Depreciation expense		(263,310	)		(68,885	)		(332,195	)		(225,676	)

Balance at 31 December 2022		254,409			172,408			426,817			289,957

Accounting policy for right-of-use assets

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the company expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

The company has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.