Northern Territory Treasury Corporation annual report 2011-2012
Department of Treasury and Finance reports; Reports; PublicationNT
Made available via the Publications (Legal Deposit) Act 2004 (NT).
Northern Territory Treasury Corporation -- Periodicals; Finance, Public -- Northern Territory -- Periodicals
Northern Territory Treasury Corporation.
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17 The administration program aims to ensure the Corporation operates in a professional, efficient and costeffective manner. This is achieved by implementing policies relating to current financial market and accounting practices, regularly reviewing internal procedures and providing relevant and timely training to employees. Specific functions include: providing timely and accurate settlement of all financial market transactions; maintaining the Corporations inscribed stock register by recording details of all inscribed stock and holders in accordance with the Registry Services Agreement and the Corporations Inscribed Stock Regulations; ensuring that the Corporations finances are managed in an efficient and costeffective manner, within stated limits and in accordance with Australian Accounting Standards and legislation; providing administrative support to the Corporations Advisory Board and Audit Committee; satisfying the Corporations personnel requirements by maintaining current human resource management practices, and encouraging open communication between management and staff; and producing the Corporations annual report in accordance with legislative requirements. Major Projects Goods and Service Tax Review The Corporation undertook a review of its goods and services tax (GST) framework in conjunction with PricewaterhouseCoopers. The purpose of the review was to assess the Corporations compliance with relevant GST legislation and regulations and provide advice on the robustness of the Corporations apportionment model and associated assumptions. The review found that the Corporation had a good working knowledge and understanding of GST and how it applies to its activities. No compliance issues were identified in the current framework. Several areas of improvement in supporting the Corporations apportionment model were recommended and will be implemented by the end of 2012. Control SelfAssessment Review Continuing on from the work undertaken in December 2010, the Corporation is systemising its control selfassessment process, which will result in a more streamlined process for inputs and enhanced data capture, reporting and auditing capabilities. The project should be completed in late 2012. Business Relationships Registry Services The Corporation has a key relationship with LinkMarket Services, which maintains the Corporations retail inscribed stock register, recording details of all inscribed stock and holders in accordance with the Registry Services Agreement and the Northern Territory Treasury Corporations Inscribed Stock Regulations. Link has offices in Melbourne, Sydney, Brisbane and Perth, which provide convenient access for most bondholders. The Corporation utilises ASX Austraclear Services Limited for the registration of its wholesale domestic borrowings. ASX Austraclear provides the Corporation with the full range of corporate actions relating to the life cycle of the security issued to the financial markets, from origination to maturity. Corporate actions include inscribing the securities in the ASX Austraclear Services register, making payments, transferring ownership of the security between seller and buyer and effecting payments at maturity of securities. Administration
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