Annual report 2009, Territory Insurance Office
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Territory Insurance Office (N.T.); Territory Insurance Office (N.T.) -- Periodicals; Insurance, Accident -- Northern Territory; Insurance, Automobile -- Northern Territory; Insurance, No-fault Automobile -- Northern Territory
Territory Insurance Office
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Territory Insurance Office Notes to the Financial Statements 30 June 2009 TIO Annual Report 2008/2009 35 When an assets carrying amount is decreased as a result of a revaluation, the decrease is recognised in the income statement. However, any decrease is debited directly to equity under the heading of asset revaluation reserve to the extent of any credit balance existing in the asset revaluation reserve in respect of that asset. Any remaining balance on the asset revaluation reserve is credited to retained earnings when the corresponding property is realised by sale. h) Fire service levy and other charges - TIO Insurance & Banking A liability for fire service levy and other charges is recognised on certain business written to the balance date. Levies and charges payable are expensed on the same basis as the recognition of premium revenue, with the portion relating to unearned premium being recorded as an asset. i) Taxes Income tax TIO is assessable for income tax by the Australian Taxation Office under the National Tax Equivalent Regime (NTER). Under this arrangement, TIO is required to be assessed in accordance with the Income Tax Assessment Act (as amended). TIO has elected under S148 (2) of the Income Tax Assessment Act, to have allowed as a deduction reinsurance payments to non-resident reinsurers. TIO Insurance & Banking: The income tax expense or revenue for the period is the tax payable on the current periods taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and unused tax losses. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or the liabilities are settled. The tax rate is applied to the cumulative amounts of deductible and assessable temporary differences to measure the deferred tax asset or liability. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity. MAC Fund: The MAC Fund is not subject to the Northern Territory Tax Equivalents Regime and accordingly the MAC Fund has no tax related balances or transactions reported.
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