Note 13: Provisions
| Actual 2011 $000 |
Actual 2012 $000 |
|
|---|---|---|
| 0 | Onerous contracts | 59 |
| 0 | Lease make good | 150 |
| 0 | Total provisions | 209 |
| Onerous contracts $000 |
Lease make good $000 |
Total $000 |
|
|---|---|---|---|
| Balance at 1 July 2011 | 0 | 0 | 0 |
| Additional provisions made | 59 | 150 | 209 |
| Amounts used | 0 | 0 | 0 |
| Balance at 30 June 2012 | 59 | 150 | 209 |
Onerous contracts
The provision for onerous contracts arises from a non-cancellable lease where the unavoidable costs of meeting the lease contract exceed the economic benefits to be received from it. The Office expects to vacate its Audit NZ Wellington premises at the beginning of June 2013, when the OAG and Audit NZ Wellington offices will move into one location. The current Audit NZ Wellington office lease expires on 30 June 2013.
Lease make good
In respect of one of its leased premises, the Office is required at the expiry of the lease term to make good any damage caused to the premises.
page top