Significant Accounting Policies (continued) No estimate has been made for the balance of any tax payable in respect of surchargeable contributions received by the fund during the current year as the Trustee is unable to determine this amount until receipt of applicable assessments in the following period. Goods and services tax (GST) The fund is not registered for GST. GST has been applied, revenues, expenses and assets are recognised inclusive of GST. Receivables and payables in the statement of net assets are also shown inclusive of GST. Issued standards not early adopted A number of new standards, amendments to standards and interpretations are effective for annual periods commencing 1 July 2011 and have not been applied in preparing these financial statements. None of these is expected to have a significant effect on the financial statements. The scheme does not plan to adopt this standard early and the extent of the impact has not been determined. Payables 2012 2011 $000 $000 payable Member financed 13 439 14 896 benefits Territory 19 989 19 453 financed benefits 33 428 34 349 payable - 1 666 movement Member financed 457 711 benefits Territory financed benefits 377 536 - 921 paid 96 266 79 987 Member financed 67 367 57 501 benefits Territory 163 633 137 488 financed benefits 162 712 139 865 BENEFITS EXPENSE
Significant Accounting Policies (continued) No estimate has been made for the balance of any tax payable in respect of surchargeable contributions received by the fund during the current year as the Trustee is unable to determine this amount until receipt of applicable assessments in the following period. Goods and services tax (GST) The fund is not registered for GST. GST has been applied, revenues, expenses and assets are recognised inclusive of GST. Receivables and payables in the statement of net assets are also shown inclusive of GST. Issued standards not early adopted A number of new standards, amendments to standards and interpretations are effective for annual periods commencing 1 July 2011 and have not been applied in preparing these financial statements. None of these is expected to have a significant effect on the financial statements. The scheme does not plan to adopt this standard early and the extent of the impact has not been determined. Payables 2012 2011 payable Member financed benefits Territory financed benefits payable movement Member financed benefits Territory financed benefits paid Member financed benefits Territory financed benefits BENEFITS EXPENSE $000 13 439 19 989 33 428 $000 14 896 19 453 34 349 - 1 457 536 - 921 666 711 377 96 266 67 367 163 633 162 712 79 987 57 501 137 488 139 865
AR-NTGPASS-1112.docx