Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009
Tabled paper 822
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
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2.5 Capital Expenditure 2006 2007 2008 2009 $m (A) (B) (B) (B) Capital Expenditure 0.7 0.8 0.8 0.7 MAC Business is not a separate legal entity. It is a separate Statutory Fund being administered by TIO (ie the Office and separate legal entity established by the Territory Insurance Office Act) and sharing services with the 'commercial business' operated by TIO. As a result, the proportion of capital expenditure for the TIO Group reasonably attributable to the MAC Business is provided above. ' 2.6 Acquisition/Disposal of Assets TIO Group (including the MAC Business) continually reviews its property asset holdings to ensure they meet current investment criteria. As a result of a recent review, TIO has sold its interests in properties in Katherine and Palmerston. There are no specific plans for further disposal of assets other than those in the normal course of business. 2.7 Accounting Policies adopted The TIO Group's accounting policies (including the MAC Business) are consistent with the requirements of the Territory Insurance Office Act, applicable Accounting Standards and other mandatory professional reporting requirements (Urgent Issues Group Consensus Views). The Annual Report and Financial Statements are prepared on the accruals basis of accounting and adopt the Historical Cost Convention except for investments integral to the operation, which are measured at Net Market Value. The accounting policies adopted for 2006/07 will comply with the requirements of the Australian equivalents of International Financial Reporting Statements (AIFRS). The MAC Business is not required to pay income tax under the National Tax Equivalent Regime administered by the Australian Tax Office. Statement of Corporate Intent - MAC 17
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