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 54 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 41 14. Loans 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Loans (i) - - - 584,739 584,739 - Less: allowance for impairment loss - - - (460) (460) - - - - 584,279 584,279 - Loans - Current assets - - - 11,672 11,672 - Loans - Non-current assets - - - 572,607 572,607 - - - - 584,279 584,279 - (i) The comparatives include securitised home loans of $28 million which have an associated securitised liability of $28 million. Refer to the comparatives in notes 32 and 33 for the financial instrument disclosures relating to these loans. Refer to note 27 for related party loan disclosures. The comparatives in the table below provide 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 (460) (460) - (686) (686) - Loans written off 26 26 - 83 83 - (Increase)/Decrease in the allowance for the year charged to the Statement of Profit or Loss and Other Comprehensive Income (75) (75) - 143 143 - Balance transferred to owner (Note 36) 509 509 - - - - Closing balance - - - (460) (460) - Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 40 13. Other financial assets and other financial liabilities Other Financial Assets 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Other Financial assets At fair value through profit and loss: Investments held for trading Securities 507,726 - 507,726 851,918 272,105 579,813 Total other financial assets 507,726 - 507,726 851,918 272,105 579,813 Current financial assets Short term deposits 26,176 - 26,176 114,800 86,675 28,125 Bonds 280,689 - 280,689 340,932 88,084 252,848 Other investments 13,901 - 13,901 2,506 2,506 - Units in unlisted trusts 186,960 - 186,960 393,680 94,840 298,840 Total current financial assets 507,726 - 507,726 851,918 272,105 579,813 Total non-current financial assets - - - - - - Total other financial assets 507,726 - 507,726 851,918 272,105 579,813 The investments securities included above represent investments in unlisted unit trusts, bonds and floating rate notes, which offer MACC the opportunity for return through interest income, trust distributions and fair value gains. The fair values of these securities are based on quoted market prices. The derivative financial asset or financial liability represents the fair value of derivatives in existence at year end. MACC is a party to derivative financial instruments in the normal course of business in order to economically hedge exposure to fluctuations in interest rates. Interest rate swaps convert the variable nature of the deposits portfolio into fixed. Financial Liabilities 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Derivative financial liabilities Interest rate swaps (258) - (258) (1,594) (234) (1,360) Total derivative financial liabilities (258) - (258) (1,594) (234) (1,360) Total other financial liabilities (258) - (258) (1,594) (234) (1,360)


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