Territory Stories

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Details:

Title

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Other title

Tabled paper 1556

Collection

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

Date

2015-11-19

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01622

Parent handle

https://hdl.handle.net/10070/273151

Citation address

https://hdl.handle.net/10070/799706

Page content

Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Notes to the Financial Statements - 30 June 2015 Page 98 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 85 36. Discontinued Operations On 1 January 2015, the Insurance and Banking segments of TIO were transferred to the NT Government and are reported in the financial statements as discontinued operations. The Insurance business was acquired by Allianz Australia Insurance Limited and the Banking business was acquired by People's Choice Credit Union. Below is the financial impact of this transfer. As the net assets were transferred to the NT Government at book value there was no profit or loss recorded on the transfer in the Financial Statements of TIO. (Refer to the Statement of Profit or Loss and Other Comprehensive Income and the Statement of Cash Flows for the financial information relating to the profit/(loss) and cash flows of the discontinued operations). The financial impact on the TIO Financial Statements of the major classes of assets and liabilities of the Insurance and Banking business transferred to the NT Government on 1 January 2015 are as follows: 2015 $000 Premium debtors (49,594) Other receivables (2,543) Reinsurance and other recoveries (30,334) Deferred reinsurance expense (15,649) Deferred acquisition costs (5,054) Financial assets (196,775) Property, plant and equipment (3,482) Loans (583,525) Intercompany receivable (279) Future income tax benefit (8,466) Outstanding claims 136,328 Unearned premium 66,728 Other liabilities 15,955 Employee provisions 4,720 Banking clearing accounts 10,529 Deposits 565,226 Tax liabilities 2,594 Net assets transferred to owner (93,621) Consideration received, satisfied in cash - Cash and cash equivalents disposed of (38,027) Net cash outflow (38,027) Assets transferred 933,728 Liabilities transferred (802,080) Net assets/liabilities transferred to owner 131,648 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 84 34. Investment Property continued The above technique and methodology is consistent when the property was assessed in 2014 being an owner occupied property. 35. Commitments for expenditure 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 (a) Capital commitments Commitments for miscellaneous property, plant and equipment contracted for at reporting date but not recognised as liabilities, payable: Within one year - - - 455 455 - Later than one year but not later than five years - - - - - - - - - 455 455 - (b) Non-cancellable operating leases where TIO/ MAC Fund is the lessee Future minimum lease payments for rent payable: Within one year - - - 621 621 - Later than one year but not later than five years - - - 1,668 1,668 - Later than Five years - - - 101 101 - - - - 2,390 2,390 - (c) Non-cancellable operating leases where TIO/ MAC Fund is the lessor Future minimum lease payments for rent receivable in relation to direct property held by TIO: Within one year 3,779 - 3,779 2,459 - 2,459 Later than one year but not later than five years 7,532 - 7,532 2,890 - 2,890 Later than five years - - - - - - 11,311 - 11,311 5,349 - 5,349 Certain properties, where MACC is a lessee or a lessor, are leased under non-cancellable operating leases. Most leases are subject to annual reviews with increases subject to a set percentage or based upon either movement in consumer price indices or market criteria. Where appropriate, a right of renewal has been incorporated in the lease agreements. There are no options to purchase the relevant assets on expiry of the lease.


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