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 52 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 39 12. Trade and other receivables 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Premiums receivable direct insurance 1,194 - 1,194 58,857 57,236 1,621 Less: allowance for impairment loss - - - (136) (136) - 1,194 - 1,194 58,721 57,100 1,621 Interest receivable 1,631 - 1,631 3,797 2,069 1,728 Related party receivable 67 - 67 - 1,127 - Other debtors - - - 2,222 2,222 - Total trade and other receivables 2,892 - 2,892 64,740 62,518 3,349 The table below provides a reconciliation of the allowances for impairment losses as at 30 June. 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Opening balance as at 1 July (136) (136) - (136) (136) - Premium receivables written off 27 27 - 109 109 - (Increase)/ Decrease in the allowance for the year charged to the Statement of Profit or Loss and Other Comprehensive Income (135) (135) - (109) (109) - Balance transferred to owner (Note 36) 244 244 - - - - Closing balance as at 30 June - - - (136) (136) - Refer to Note 33 (b) for further disclosures. Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 38 10. Income tax continued 2015 2014 $000 $000 Deferred tax liabilities: Fair value adjustments to financial assets 3,391 1,771 Other - 40 Net amount transferred to owner (3,391) - - 1,811 Deferred tax liabilities: Movement Interest receivable Property, plant and equipment Financial assets Other Total $000 $000 $000 $000 $000 1 July 2013 - 2,039 435 30 2,504 Charged /(credited) to profit or loss - (2,002) 1,336 10 (656) Charged /(credited) to other comprehensive income - (37) - - (37) 30 June 2014 - - 1,771 40 1,811 Charged /(credited) to profit or loss - - 1,620 (40) 1,580 Net amount transferred to owner - - (3,391) - (3,391) 30 June 2015 - - - - - (e) Tax (payable) or prepaid is as follows: 2015 2014 $000 $000 Current tax asset/(liability) is comprised of: Current income tax charge/(credit) 798 (5,353) Amount transferred to owner (798) 5,353 - - 11. Cash and cash equivalents 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Cash at bank and on hand 13,469 - 13,469 49,850 28,506 21,344 Total cash at bank and on hand 13,469 - 13,469 49,850 28,506 21,344


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