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Non-Current Liabilities - Employee Benefits

12 Months Ended

Dec. 31, 2022

Non-Current Liabilities - Employee Benefits [Abstract]

Non-current liabilities - employee benefits

Note 18. Non-current liabilities - employee benefits

	Consolidated				Consolidated
	2022		2021		2022
	AUD$		AUD$		$

Employee benefits		203,636		818,190		138,339

The company’s liabilities for severance pay retirement and pension pursuant to Israeli law and employment agreements are recognized by full - in part by managers’ insurance policies, for which the company makes monthly payments and accrued amounts in severance pay funds and the rest by the liabilities which are included in the financial statements.

The amounts funded displayed above include amounts deposited in severance pay funds with the addition of accrued income. According to the Severance Pay Law, the aforementioned amounts may not be withdrawn or mortgaged as long as the employer’s obligations have not been fulfilled in compliance with Israeli law.

Statement of financial position amounts

The amounts recognized in the statement of financial position are determined as follows:

	Consolidated						Consolidated
	2022			2021			2022
	AUD$			AUD$			$

Present value of the defined benefit obligation		313,227			1,026,565			212,790
Fair value of defined benefit plan assets		(109,591	)		(208,375	)		(74,451	)

Net liability in the statement of financial position		203,636			818,190			138,339

Movement in plan assets:

	Consolidated					Consolidated
	2022			2021		2022
	AUD$			AUD$		$

Balance at the beginning of the year		208,375			166,437		141,559
Interest income		3,002			2,472		2,039
Contributions		21,432			20,591		14,560
Payments (withdrawal)		(120,412	)		-		(81,801	)

Re measurements gain/(loss)
Return on plan assets (excluding interest)		6,432			824		4,370
Foreign exchanges differences		(9,238	)		18,051		(6,276	)


Balance at the end of the year		109,591			208,375		74,451

Reconciliations

	Consolidated						Consolidated
	2022			2021			2022
	AUD$			AUD$			$

Reconciliation of the present value of the defined benefit obligation
Balance at the beginning of the year		1,026,565			869,550			697,395
Interest cost		11,153			14,831			7,577
Current service cost		40,309			65,917			27,384
Redeemed accrued benefits		(384,273	)		-			(261,055	)
Actuarial loss/(gains) from financial assumptions		(340,909	)		(14,419	)		(231,596	)
Foreign exchanges differences		(39,618	)		90,686			(26,915	)

Balance at the end of the year		313,227			1,026,565			212,790