Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)
Tabled paper 1556
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
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Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Page 22 Notes to the Financial Statements - 30 June 2015 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 9 Heading Context Definition MAC Fund Performance 12 months operations comprising 6 months under TIO and 6 months under MACC. Position Balances as at 30 June for MACC. TIO Insurance & Banking Performance 6 months of trading from 1 July 2014 to 31 December 2014. Position No balances as at 30 June 2015. MACC Performance Consolidated view of MACC, comprising 6 months of Insurance and Banking and 12 months of MACC. Position Balances as at 30 June for MACC. These general purpose financial statements were authorised by the MACC Commissioner on 29 September 2015. The financial statements have been prepared in accordance with the fair value basis of accounting with certain exceptions as described in the accounting policies set below at Note 2.3. Balances among TIO Insurance & Banking and the MAC Fund are gross of inter-business transactions and in the MACC balance (which is the combined total of TIO Insurance & Banking and the MAC Fund as a whole) the inter-business transactions are eliminated. Motor Accidents (Compensation) Commission is a for profit entity for financial reporting purposes, from 1 July 2014 to 31 December 2014. MAC Fund is not subject to income tax. Fiduciary Responsibilities in respect of the Motor Accidents Compensation Fund TIO administered the MAC Scheme pursuant to section 5(c) of the TIO Act (repealed) up until 31 December 2014. The establishment of the MAC Fund on 1 July 2006 did not create a trust and TIO and its Board members were not trustees in relation to the MAC Fund. From 1 January 2015 the management of the MAC Fund and Scheme fell under the provisions of a management agreement between the Northern Territory Government and Allianz Australia Pty Limited. For the first 6 months up to 31 December 2014, pursuant to Section 22C of the TIO Act (repealed), the assets of the fund had to be solely applied for the following purposes: ! Operating the MAC Scheme; ! The promotion of road safety; ! The acquisition of assets for the MAC Fund; ! The discharge of liabilities in relation to the MAC business. Under the TIO Act, the Annual report of TIO had to consist of: a)! a report for the Territory Insurance Office as a whole; and b)! a separate report for the commercial business; and c)! a separate report for the MAC business. Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 8 1. Corporate Information The Territory Insurance Office [TIO] was established in 1979 by virtue of section 4 of the Territory Insurance Office Act [TIO Act]. During the year 2014/2015 the Northern Territory Government introduced the Territory Insurance Office (Sale) Act 2014 which provided for the sale of the TIO Insurance and Banking businesses by TIO owners. At the same time the Northern Territory Government introduced the Motor Accidents (Compensation) Commission Act 2014 (MACC Act), which came into effect to repeal the TIO Act. The MACC Act provides for TIO to continue as the same corporate entity in the name of the Motor Accidents (Compensation) Commission (MACC), which has the primary responsibility of administering the MAC Fund. For the financial year ended 30 June 2015 any reference to TIO also includes reference to the MACC and vice versa due to the name change as at 1 January 2015. MACC is domiciled in the Northern Territory. The principal commercial activities of MACC are the operation of the Insurance and Banking businesses for the first 6 months as TIO and the administration of the MAC Scheme on behalf of the NT Government for the full 12 months. TIO for the first 6 months was only authorised to transact business and carry out functions as provided in the TIO Act up to 31 December 2014, or as approved or directed by the Minister. Its policies and contracts of insurance or indemnity and deposits placed with it were fully guaranteed by the Northern Territory Government under section 30 of the TIO Act up until 31 December 2014. Motor Accidents (Compensation) Commission Principal Place of Business 24 Mitchell Street DARWIN 2. Summary of significant accounting policies 2.1 Basis of Preparation The financial statements are general purpose financial statements which have been prepared in accordance with the requirements of the Financial Management Act, Treasurers Directions, Motor Accidents (Compensation) Commission Act 2014, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB). The principal accounting policies adopted are consistent with those of the previous year, except where otherwise stated. The financial statements comply with Australian Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. During the year the Northern Territory Government disposed of both the TIO Insurance and Banking divisions as at 1 January 2015. Assets and liabilities as at 31 December 2014 associated with these business divisions have been transferred to the Northern Territory Government as owner. No associated sales transaction has been recorded in the Financial Statements of the Motor Accidents (Compensation) Commission. Accordingly, headings used through this document for 2015 are defined as:
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