TOWN OF VICTORIA PARK FOR THE YEAR ENDED 30 JUNE 2023 8. LEASE LIABILITIES
Purpose
Lease Number
Institution
Lease Interest Rate
Lease Term
1.2%
48
Budget Lease Principal 1 July 2022
$ Other property and services Printing E6N0162072 MAIA Financials
20,068 20,068
SIGNIFICANT ACCOUNTING POLICIES LEASES At the inception of a contract, the Town assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
2022/23 Budget New Leases
$ 0 0
2022/23 Budget Lease Principal Repayments
Budget Lease Principal outstanding 30 June 2023
2022/23 Budget Lease Interest Repayments
$
$
$
(20,068) (20,068)
0 0
Actual Principal 1 July 2021
$ (467) (467)
93,746 93,746
2021/22 Actual 2021/22 2021/22 Actual Lease Actual Actual Lease Principal Lease New Principal outstanding Interest Leases repayments 30 June 2022 repayments
$
$ 0 0
(73,678) (73,678)
$ 20,068 20,068
$ (8,466) (8,466)
Budget Principal 1 July 2021
$ 94,875 94,875
2021/22 Budget 2021/22 2021/22 Budget Lease Budget Budget Lease Principal Lease New Principal outstanding Interest Leases repayments 30 June 2022 repayments
$
$ 0 0
(73,678) (73,678)
$
$
21,197 21,197
LEASE LIABILITIES The present value of future lease payments not paid at the reporting date discounted using the incremental borrowing rate where the implicit interest rate in the lease is not readily determined.
At the commencement date, a right-of-use asset is recognised at cost and a lease liability. at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Town uses its incremental borrowing rate.
ANNUAL BUDGET 2022-2023 TOWN OF VICTORIA PARK
26
(8,466) (8,466)
