Under AASB 101 something may be classified as a current liability even when it is not expected to be settled for a period in excess of 12 months.

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AASB 101 allows for classification as a current liability if it is expected to be settled within the normal operating cycle, even if that cycle exceeds 12 months, or if settlement is due within 12 months of the reporting date.

Under AASB 101 Something May Be Classified as a Current