Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)
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 61 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.
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