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 Notes to the Financial Statements - 30 June 2015Annual Report 2015 Page 23 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of the Motor Accidents Compensation Fund TIO administered the MAC Scheme pursuant to section 5(c) of the TIO Act (repealed) up until 31 December 2014.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.


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