Lease Liabilities

12 Months Ended

Dec. 31, 2024

Lease Liabilities [Abstract]

Lease Liabilities

Note 17. Lease liabilities

	Consolidated
	As of		As of
	December 31,		December 31,
	2024		2023
	$		$
Current		211,265		223,700
Non-current		16,028		229,078
		227,293		452,778

Refer to note 25 for further information on financial instruments.

Accounting policy for lease liabilities

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index, or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

Reconciliations

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

	2024			2023
Consolidated	$			$
Balance at January 1		452,778			292,001
Additions		-			451,732
Disposals (early return of leased cars)		-			(54,306	)
Accretion of interest		27,052			14,734
Payments		(246,918	)		(273,604	)
Effect of exchange rates differences		(5,619	)		22,221
Balance at December 31		227,293			452,778

	1 year or less		Between 1 and 2 years		Between 2 and 3 years		Over 3 years		Total
Consolidated	$		$		$		$		$
December 31, 2024		211,265		16,028		-		-		227,293
December 31, 2023		223,700		212,925		16,153		-		452,778