Dear Minister



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2. Insurance

The Corporation has insured for risks through the Government’s insurable risk managed fund, “Comcover”. Workers’ compensation for the ILC is insured through Comcare Australia. Workers compensation for the other entities making up the economic entity are insured through workers compensation providers in the state that the operations are located.



3. Economic dependency

The Corporation was established by section 191A of the Indigenous Land Corporation (ATSIC Amendment) Act 1995 and is controlled by the Commonwealth of Australia. During the reporting period the ILC was dependent on the “realised real return” on the investments of the Aboriginal and Torres Strait Islander Land Account in accordance with Section 193C of the Aboriginal and Torres Strait Islander Act 2005 (“ATSI Act”).



4. Events occurring after the balance sheet date

There are no events occurring after balance sheet date.






Consol

2011


$,000

Consol

2010


$,000

ILC

2011


$,000

ILC

2010


$,000

5.Expenses




5A. roperty granted

The expense relates to the value of land granted (at cost) to appropriate Indigenous organisations in line with the objectives of the ILC. Costs incurred in transferring land, unsuccessful acquisitions or projects considered unlikely to proceed at reporting date are also included in this expense.
















Value of property granted

13,789

13,548

13,789

13,548

Associated costs

235

284

235

284
















Total property granted expenses

14,024

13,832

14,024

13,832
















Property granted expense













Related entities









External entities

14,024

13,832

14,024

13,832
















Total property granted expenses

14,024

13,832

14,024

13,832
















5B. and acquisition

The expense relates to due diligence undertaken on land acquisition projects that have proceeded to acquisition but are not included in the cost of acquisition.
















Due diligence costs

5,235



5,235


















Total costs of land acquisition expense

5,235



5,235


















Property granted expense













Related entities









External entities

5,235



5,235


















Total costs of land acquisition expense

5,235



5,235


















5C. rovision for property held for grant and assets held in trust

A provision is raised in the Statement of Comprehensive Income for the full cost of land and infrastructure purchases representing the sacrifice of future benefits embodied in the assets. The following represents the net movement in the provisions for the reporting period.
















Total movement in the provision for property held for grant

5,105

(10,752)

5,105

(10,752)

Total movement in the provision for assets held in trust

3,458

125

3,458

125






Consol

2011


$,000

Consol

2010


$,000

ILC

2011


$,000

ILC

2010


$,000

5D. and management

The ILC works with the Indigenous corporations and develops a package of support in the form of agreed solutions to land management issues identified by the land owners.

Some of the forms of support include entering into services and funding agreements. These agreements carry over a number of years with the land owners or supporting bodies being required to demonstrate both expenditure and performance objectives prior to release of agreed funding.



Land Management expenses are recorded as expenses in the Statement of Comprehensive Income in the period in which they are incurred. Land Management expenses also include land management on land held by the ILC and includes the cost of caretaking, use, maintenance and improvement of that land.
















Land management expenses













Related entities

6,148

7,064

6,148

7,064

External entities

28,398

23,707

36,150

30,542
















Total land management expenses

34,546

30,771

42,298

37,606

5E. Employee benefits

Wages and salaries

20,928

15,529

9,357

8,864

Superannuation:













Defined contribution plan

793

818

793

814

Defined benefit plan

1,502

1,029

603

497

Separation and redundancy

112

142

84

142
















Total employee benefits

23,335

17,518

10,837

10,317

This comprises salary costs, superannuation costs, employee leave provisions and staff recruitment costs. 
All superannuation contributions are considered to be to defined contribution plans (refer Note 1.10).

The consolidated amount includes employees of NIPE, Voyages and other ILC subsidiaries.






Consol

2011


$,000

Consol

2010


$,000

ILC

2011


$,000

ILC

2010


$,000

5F. uppliers expenses













Goods and services:













Raw materials and consumables

2,974







Travel

1,513

1,456

1,484

1,440

Consultants

687

962

534

757

Marketing

757







Other

6,415

3,554

2,112

2,221
















Total supplier expenses

12,346

5,972

4,130

4,418
















Goods and services are made up of:













Rendering of services – related entities

194

82

146

82

Rendering of services – external entities

12,152

5,890

3,984

4,336
















Total supplier expenses

12,346

5,972

4,130

4,418
















Other supplier expenses:













Operating lease rentals1

1,835

1,659

1,734

1,659

Workers compensation premiums

57

49

50

49
















Total other supplier expenses

1,892

1,708

1,784

1,708
















Total supplier expenses

14,238

7,680

5,914

6,126
















1 These comprise minimum lease payments only

































Consol

2011


$,000

Consol

2010


$,000

ILC

2011


$,000

ILC

2010


$,000

5G. epreciation and amortisation













Depreciation of property, plant and equipment

6,606

6,089

6,596

6,080
















Total depreciation

6,606

6,089

6,596

6,080
















Amortisation of “make good” asset

47

47

47

47

Amortisation of software

131

123

131

123
















Total amortisation

178

170

178

170
















Total depreciation and amortisation

6,784

6,259

6,774

6,250 




The aggregate amounts of depreciation or amortisation expense during the reporting period for each class of depreciable assets are as follows:
















Administration Assets













Office equipment

35

44

33

44

Furniture and fittings

15

8

13

7

Computer equipment

223

199

218

191

Office fitouts

226

239

225

239
















Commercial Property Assets













Buildings and infrastructure

3,631

3,080

3,631

3,080

Plant and equipment

1,231

1,430

1,231

1,430

Furniture and fitting

82

96

82

96

Motor vehicles

1,163

993

1,163

993

Amortisation of “make good” asset

47

47

47

47

Amortisation of software

131

123

131

123
















Total depreciation and amortisation

6,784

6,259

6,774

6,250



5H. inance costs













Loans

1,520



1,520


















Total finance costs

1,520



1,520








Consol

2011


$,000

Consol

2010


$,000

ILC

2011


$,000

ILC

2010


$,000

5I. ncome tax expense













The major components of income tax expense are:













Income Statement













Current income tax













Current income tax charge

354







Deferred income tax













Relating to origination of temporary differences

(102)






















Income tax reported in Statement 
of Comprehensive Income

252






















Numerical reconciliation between aggregate tax expenses recognised in the Statement of Comprehensive Income and tax expense calculated per the statutory income tax rate.
















Total accounting profit

14,335

(23,935)

11,515

(22,425)

Accounting profit not subject to income tax

11,459

(23,935)

11,515

(22,425)
















Total accounting profit subject to income tax

2876







Income tax on profit at statutory rate (30%)

863







Discount on business combination

(619)







Entertainment









Fringe benefits tax

8






















Aggregate income tax expense

252









Deferred tax assets













Opening balance









Charged to income

102







Charged to equity









Other payments









Acquisitions

592






















Closing balance

694

























Consol

2011


$,000

Consol

2010


$,000

ILC

2011


$,000

ILC

2010


$,000

5I. ncome tax expense (cont..)













Tax Expense in the Statement of Comprehensive Income













Amounts recognised in the Balance Sheet:













Deferred tax asset

694







Deferred tax liability

(5,523)

























(4,829)






















Deferred tax assets













Provision for doubtful debts

2







Provision for annual leave

521







Provision for long service leave

76







Other

95






















Total deferred tax assets

694






















Deferred tax liabilities













Intangibles:













Airport lease and licence

4,550







Other contracts and relationships

973






















Total deferred tax liabilities

5,523







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