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 77 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 63 29. Related party disclosure continued Income Related Party Details Workers Compensation Fee Management fee from NT Government for workers compensation (up to 31 December 2014) Home Builders Certification Fee Management fee for the administration of Home Builders Certification Fund (up to 31 December 2014) Department of Housing Administration Fee Fees from Department of Housing for the administration of the Homestart NT Scheme (up to 31 December 2014) Motor Vehicle Registry Gross earned premiums collected from motor vehicle registrations to fund the MAC Scheme Expenses Related Party Details Power Water Electricity transactions Receiver of Territory Monies METAL funding, Road safety funding and DTAL reimbursement NT Chamber of Commerce Membership and various transactions Motor Vehicle Registry Gross commission paid for the collection of premiums relating to the MAC Scheme Outstanding balances at year end are unsecured, interest free and settlement occurs in cash. For the year ended 30 June 2015, MACC has not made any allowance for doubtful debts relating to amounts owed by related parties as the payment history does not warrant an allowance (2014: $nil). Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 62 27. Executive disclosures continued These loans are predominantly secured home loans with some minor unsecured TIO Banking business credit card advances. Other transactions and balances with key management personnel In addition, TIO Insurance and Banking business sells insurance policies, pays insurance claims, makes loans to and accepts deposits from key management personnel and their related parties in its capacity as a provider of insurance and banking services. These transactions are entered into on commercial terms and conditions no more favourable than those made on similar transactions to other employees or customers and are trivial or domestic in nature. MACC superannuation scheme The MACC staff superannuation operates a defined contribution plan through a Master Trust under the Colonial First State First Choice Superannuation Plan. Under the plan, MACC makes contributions on behalf of Board members and employees which are charged as an expense as they fall due. 28. Remuneration of auditors The auditor of MACC is the Auditor-General for the Northern Territory. 2015 2014 $ $ Amounts paid, or due and payable to the NT Government for services provided by the Northern Territory Auditor-General for: 55,000 418,229 ! Audit of MACC financial statements ! Other services in relation to TIO "! Audit of completion accounts "! special audits required by regulators 235,500 23,377 - 114,079 313,877 532,308 29. Related party disclosure The Northern Territory Government is the ultimate parent entity of MACC. Companies and/or agencies that have the Northern Territory Government as a common parent are considered related parties to MACC. The following is a list of transactions that MACC enters into with related parties at market price and on normal commercial terms. Prior to the rescission of the TIO Act, TIO administered the MAC Fund in accordance with the Motor Accidents (Compensation) Act. TIO provided key management personnel, systems and all administration functions to operate the MAC Scheme pursuant to a Service Level Agreement.
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