b"EQUESTRIAN AUSTRALIA LIMITED ABN 19 077 455 755NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 20191.STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)(e) Property, Plant and EquipmentPlant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses recognised either in profit or loss or as a revaluation decrease if the impairment losses relatetoarevaluedasset.Aformalassessmentofrecoverableamountismadewhen impairment indicators are present (refer to Note 1(g) for details of impairment).Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and any accumulated impairment losses.Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss during the financial period in which they are incurred.Depreciation and amortisationThe depreciable amount of all fixed assets, including buildings and capitalised lease assets, is depreciated on a straight-line basis over the asset's useful life commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are:Class of Fixed Asset Depreciation RatesDepreciation basis Buildings & Building Partitioning2.5%Straight Line Computer & Office Equipment20% - 40%Straight Line Veterinary Equipment 20%Straight LineGains and losses on disposals are determined by comparing net proceeds with the carrying amount. These gains and losses are recognised in profit or loss in the period in which they occur. When revalued assets are sold, amounts included in the revaluation relating to that asset are transferred to retained surplus.(f) LeasesLease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as an expense on a straight-line basis over the term of the lease.\x03\x0357"