Retained and Spouse Members Table 14: Retained Retained members of NTGPASS include members who have retained all or part of their benefit in NTGPASS when they ceased active membership, as well as spouse account holders and non-member spouses who retained all or part of their family law benefit in NTGPASS. Retained members are not required to make contributions but can do so under the NTGPASS Rules. Table 14 illustrates the changes in retained NTGPASS membership. Usually, as active membership decreases, retained membership increases. Pension Members Table 15: NTGPASS Members The number of retained members decreased from 4505 members to 4350. NTGPASS pensions have been available to members March 2008, with the first pension payments commencing in April 2008. Table 15 shows the change in the number of members. The number of members utilising the pension product increased from 114 to 150. The Superannuation Office has a complaints management policy and internal complaints management framework. The objective of the policy is to ensure that complaints are dealt with fairly, promptly and in an efficient and confidential manner. One complaint was received and resolved during 2011-12.
Statement of Net Assets as at 30 June 2012 Note 2012 2011 Cash and cash equivalents Units in life policies Super Loans Trust Territory contributions receivable Other receivables Deferred tax assets TOTAL ASSETS Less Benefits payable 4(a) Sundry liabilities Provision for surcharge contributions tax Current tax liability 7(c) Deferred tax liability 7(d) TOTAL LIABILITIES (excluding net assets available to pay benefits) NET ASSETS AVAILABLE TO PAY BENEFITS $000 6 444 763 858 1 410 19 989 102 1 791 804 33 428 6 2 444 2 057 2 989 40 924 750 880 $000 7 097 748 775 1 400 19 453 95 1 776 821 34 349 6 2 514 386 2 908 40 163 736 658 The statement of net assets should be read in conjunction with the notes to financial statements.
Statement of Changes in Net Assets for the year ended 30 June 2012 Note 2012 2011 REVENUE Investment revenue Interest Distributions from investments Movement in net market of investments 5 Contributions revenue Member contributions Surcharge payments received Government Territory contributions Transfers from other funds and rollovers TOTAL REVENUE EXPENSES Benefits paid 4 Disablement benefits Retirement benefits Withdrawal benefits Death benefits Pensions paid Other expenses Other expenses Superannuation surcharge contributions tax TOTAL EXPENSES Net change for the year before income tax Income tax expense 7(b) Net change for the year after income tax NET ASSETS AVAILABLE TO PAY BENEFITS AT THE BEGINNING OF THE FINANCIAL YEAR NET ASSETS AVAILABLE TO PAY BENEFITS AT THE END OF THE FINANCIAL YEAR $000 10 578 257 228 10 093 174 005 51 790 136 254 67 903 53 922 184 583 162 712 938 73 185 75 691 2 647 7 251 338 272 66 163 050 21 533 7 311 14 222 736 658 750 880 $000 58 261 370 134 57 757 170 440 50 603 222 393 59 605 59 617 228 701 139 865 3 095 56 984 72 384 2 699 4 703 265 139 126 140 130 88 571 6 338 82 233 654 425 736 658 The statement of changes in net assets should be read in conjunction with the to financial statements.
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