Territory Stories

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



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

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Tabled paper 1556


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






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Northern Territory Motor Accidents (Compensation) Commission Notes to the Financial Statements - 30 June 2015Annual Report 2015 Page 29 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 15 All purchases and sales of financial assets that require delivery of the asset within the time frame established by regulation or market convention (regular way transactions) are recognised on the date of settlement, being the date the asset is delivered to or by MACC. In cases where the period between trade and settlement exceeds this time frame, the transaction is also recognised at settlement date. Financial assets are derecognised when the rights to receive future cash flows from the assets have expired, or have been transferred, and MACC has transferred substantially all the risks and rewards of ownership or control of the asset. Finance revenue, comprising trust distributions and interest, is brought to account on an accruals basis. Revenue on investments in unlisted unit trusts is deemed to accrue on the date the distributions are declared. Investment property During the year the Freehold Land and Building at 24 Mitchell Street was reclassified from Property Plant and Equipment to Investment Property. The transfer of TIO Insurance and Banking businesses to owners and its subsequent sale changed the status of the property as at 1 January 2015. The property is valued using the fair value as the date of the revaluation less any impairment losses. A valuation is conducted annually and is based on an external property valuation report. Any change in the valuation is accounted for through the profit and loss. 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 reporting 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 For the period 1 July to 31 December 2014, TIO Insurance and Banking businesses are assessable for income tax by the Australian Taxation Office under the National Tax Equivalent Regime (NTER). Under this arrangement, TIO Insurance and Banking businesses are required to be assessed in accordance with the Income Tax Assessment Act (as amended). TIO Insurance and Banking businesses 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.

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