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Annual Report 2012/2013 Department of Housing



Annual Report 2012/2013 Department of Housing

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Tabled paper 575


Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT






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Employee benefit expenses are recognised on a net basis in respect of the following categories: wages and salaries, non-monetary benefits, recreation leave, sick leave and other leave entitlements other types of employee benefits. As part of the Financial Management Framework, the Central Holding Authority assumes the long service leave liabilities of government agencies, including NT Home Ownership,and as such no long service leave liability is recognised in the entity's financial statements. (y) Nature and Purpose of Reserves NT Home Ownership currently does not hold any reserves. (z) Administration Fees Administration fees are paid by the entity throughout the year to Territory Insurance Office for services provided in respect of home loans. See note 5. (aa) Contributions by and Distributions to Government The entity may receive contributions from government where the government is acting as owner of the entity. Conversely, the entity may make distributions to government. In accordance with the Financial Management Act and Treasurers Directions, certain types of contributions and distributions, including those relating to administrative restructures, have been designated as contributions by,and distributions to, government. These designated contributions and distributions are treated by the entity as adjustments to eguity. The Statement of Changes in Equity provides additional information in relation to contributions by, and distributions to, government. (v) Superannuation Employees'superannuation entitlements are provided through the: NT Government and Public Authorities Superannuation Scheme (NTGPASS) Commonwealth Superannuation Scheme (CSS) OR Non-government employee nominated schemes for those employees commencing on or after 10 August 1999. The entity makes superannuation contributions on behalf of its employees to the Central Holding Authority or non-government employee-nominated schemes. Superannuation liabilities related to government superannuation schemes are held by the Central Holding Authority and as such are not recognised in the entity's financial statements. (bb) Commitments Disclosures in relation to capital and other commitments, including lease commitments, are shown at Note 16. Commitments are those contracted at 30 June where the amount of the future commitment can be readily measured. (w) Dividends The entity provides for a dividend payable at the rate of 50 per cent of net surplus after tax in accordance with the Northern Territory Governments dividend policy. No dividend is payable by NT Home Ownership in respect to the 2012-13 financial year. (x) Economic Dependence The entity established by the Financial Management Act is subject to the direction of the Minister for Housing. The entity is partially funded by government through Community Service Obligation payments in recognition that it carries out activities on a non-commercial basis and is reflected as such in the Comprehensive Operating Statement. These statements are prepared on a going concern basis in the expectation that such funding will continue. 98 DEPARTMENT OF HOUSING ANNUAL REPORT P012-13

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