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 60 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 47 16. Property, plant and equipment continued MAC Fund Freehold land and buildings Deferred lease incentives Plant and equipment Work in progress Total $000 $000 $000 $000 $000 At 1 July 2013, net of accumulated depreciation 33,543 13 - - 33,556 Additions 10,875 5 - - 10,880 Increase in fair value of owner occupied property (368) - - - (368) Depreciation charges for the year (550) - - - (550) At 30 June 2014, net of accumulated depreciation 43,500 18 - - 43,518 Additions - - - - - Increase in fair value of owner occupied property - - - - - Depreciation charges for the year - - - - - Reclassified to Property held for investment (Note 34) (43,500) - - - (43,500) Transfers to Statement of Profit or Loss and Other Comprehensive Income - (18) - - (18) At 30 June 2015, net of accumulated depreciation - - - - - At 30 June 2014 Cost or fair value 43,500 18 - - 43,518 Accumulated depreciation - - - - - Net carrying amount 43,500 18 - - 43,518 At 30 June 2015 Cost or fair value - - - - - Accumulated depreciation - - - - - Net carrying amount - - - - - During the year the Freehold land and building at 24 Mitchell Street was reclassified from Property Plant and Equipment to Investment Property. The change of ownership associated with the transfer of the Insurance and Banking businesses to owners and its subsequent sale changed the status of the property from owner-occupied to investment properties. The Freehold land and buildings in 2014 represents the building located at 24 Mitchell Street, Darwin. This building has been classified as Property, plant and equipment by virtue of the fact that a significant portion is occupied by TIO. Portions of this building are however leased out for rental income and any costs incurred in the negotiation and arrangement of leases have been capitalised and amortised over the term of the respective leases and are included as part of the carrying value of the respective asset as Deferred lease incentives. Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 46 16. Property, plant and equipment continued TIO Insurance & Banking Freehold land and buildings Deferred lease incentives Plant and equipment Work in progress Total $000 $000 $000 $000 $000 At 1 July 2013, net of accumulated depreciation 11,181 4 3,079 6 14,270 Additions - - 380 648 1,028 Increase in fair value of owner occupied property (123) - - - (123) Disposals (10,874) - (109) - (10,983) Amortisation of lease incentives - (4) - - (4) Depreciation charges for the year (184) - (476) - (660) At 30 June 2014, net of accumulated depreciation - - 2,874 654 3,528 Additions - - 784 - 784 Increase in fair value of owner occupied property - - (45) - (45) Disposals - - - - - Amortisation of lease incentives - - (442) - (442) Depreciation charges for the year - - - - - Transfers to Plant and Equipment - - - (342) (342) Balance transferred to owner - - (3,171) (312) (3,483) At 30 June 2015, net of accumulated depreciation - - - - - At 30 June 2014 Cost or fair value - 4 8,455 654 9,113 Accumulated depreciation - (4) (5,581) - (5,585) Net carrying amount - - 2,874 654 3,528 At 30 June 2015 Cost or fair value - - - - - Accumulated depreciation - - - - - Net carrying amount - - - - -


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.