NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2004
NOTE 7: PROPERTY PLANT AND EQUIPMENT(a) Building Valuation
Land and buildings acquired in June 1990 are included in the financial statements “At Cost” as at 30 June 1992 and were independently valued by a registered valuer at $13,750,000 during the year ending 30 June 2003. The book value of the property in the Financial Statements is supported by a Deed provided by the Crown in right of the State of Tasmania under the terms of which TASCORP will be compensated for any shortfall between the proceeds of sale and the cost of the property as at 30 June 1992. The building returns rental income as disclosed in the Statement of Financial Performance.
(b) Plant and Equipment
2003-04
A$’000
2002-03
A$’000
Plant and Equipment at cost
1,066
1,216
Less: Accumulated Depreciation
520
1,005
Written down book value
546
211
Add: Equipment in the course of construction
55
464
Carrying Amount
601
675
Leasehold Improvements at cost
164
112
Less: Accumulated Depreciation
45
112
Written down book value
119
0
Add: Equipment in the course of construction
42
142
Carrying Amount
161
142
Total Plant, Equipment and Leasehold improvements at cost
1,230
1,328
Less: Accumulated Depreciation
565
1,117
Written down book value
665
211
Add: Equipment in the course of construction
97
606
Carrying Amount
762
817
(c) Reconciliation Of Movement In Plant, Equipment and Leasehold Improvements
