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 75 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 61 26. Equity and Reserves continued MAC Road Safety Reserve For the comparative the MAC Road Safety Reserve was established in response to the elevated levels of road fatalities in the Northern Territory. MACC in consultation with the Northern Territory Government and other relevant organisations and agencies determine how to utilise the reserve to benefit the community and achieve an improved outcome for Northern Territory road fatalities. Dividends A dividend of $140 million was paid by MACC on 5 January 2015. 27. Executive disclosures The Board was dissolved on 18 December 2014 before the transfer of the Insurance and Banking businesses to the owner (see Note 36) and the subsequent cancellation of the TIO Act. The following disclosures are for the period 1 July to 31 December 2014 and the comparatives for 30 June 2014. Compensation of key management personnel 2015 2014 $000 $000 Short term benefits 3,741 3,138 Post employment benefits 215 260 Other long-term benefits - 6 Termination benefits 1,312 105 5,268 3,509 Loans to key management personnel The following loan balances are in respect of loans made to key management personnel of TIO or to their related parties. Year Balance at beginning of period Interest Charged Write-off Balance at end of the period Number in Group $000 $000 $000 $000 2015 - - - - - 2014 1,040 45 - 917 3 Prior to the transfer to owners, TIO Banking business makes loans to key management personnel and related parties in its capacity as a provider of financial services. These loans are made on commercial terms and conditions no more favourable than those made on similar loans to other employees or customers. Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 60 25. Securitisation liabilities 2015 2014 MACC TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Current - - - 910 910 - Non-current - - - 27,353 27,353 - Securitisation Liabilities - - - 28,263 28,263 - Securitisation liabilities maturity analysis Not longer than three months - - - 230 230 - Longer than three months and not longer than 12 months - - - 680 680 - Longer than one year and not longer than five years - - - 4,059 4,059 - Longer than five years - - - 23,294 23,294 - No maturity specified - - - - - - - - - 28,263 28,263 - 26. Equity and Reserves Contributed equity The contributed equity represents equity contributed by the Northern Territory Government of $39 million for TIO Insurance business. Nature and purpose of reserves Asset revaluation reserve The asset revaluation reserve is used to record the increments and decrements in the fair value of the owner-occupied land and building net of tax, to the extent that such decrements relate to a net increment on the same asset previously recognised as equity. The asset revaluation reserve was reclassified to retained surplus in 2015 following the change in as the status of the property from an owner occupied to investment property upon the transfer of TIO Insurance and Banking businesses to owners (see Note 16 and 36) Hedging Reserve The hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in profit or loss when the hedged transaction impacts the profit or loss, consistent with the applicable accounting policy. The hedging reserve was reclassified in 2015 following the transfer of TIO Insurance and Banking business to owners. Catastrophe Reserve The reserve has been established to assist TIO Insurance business in meeting its obligations to cover liability for claims under the contracts of insurance in the event of a Catastrophe. The catastrophe reserves were reclassified to retained surplus following the transfer of TIO Insurance and Banking businesses to owners in 2015 (see Note 36).
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