|
Consolidated
|
Parent
entity
|
|||
|
2002
$000s |
2001
$000s |
2002
$000s |
2001
$000s |
|
 |
||||
| 3.
INCOME TAX The differnce between income tax expense provided in the financial statements and the prima facie income tax expense is reconciled as follows: |
||||
| Operating profit/(loss) |
83,748
|
75,779
|
61,379
|
(28,832)
|
|
|
||||
| Prima facie income tax expense/(benefit) thereon at 30% (2001: at 34%) |
25,125
|
25,765
|
18,414
|
(9,803)
|
| Tax effect of permanent differences | ||||
| - Amortisation of goodwill not deductible |
4,666
|
4,084
|
-
|
-
|
| - Research and development allowance |
(1,548)
|
(823)
|
-
|
-
|
| - Depreciation not deductible |
538
|
311
|
6
|
7
|
| - Non deductible provisions |
1,006
|
314
|
-
|
-
|
| - Benefit of timing difference on ETR not booked |
-
|
6,208
|
-
|
6,208
|
| - Recoupment of tax losses not previously booked |
-
|
(106)
|
-
|
-
|
| - Benefit of tax losses not brought to account |
23
|
61
|
-
|
-
|
| - Dividend from controlled entity |
-
|
-
|
(12,454)
|
-
|
| - Other |
(781)
|
881
|
(212)
|
184
|
| Prior year tax (over)/under provided |
(2,086)
|
(752)
|
(2,931)
|
31
|
| Restatement of deferred tax balances due to income tax rate changes |
(572)
|
303
|
-
|
971
|
| Effect of different tax rates on overseas income: | ||||
| - Canada |
1,819
|
1,784
|
-
|
-
|
| - Other |
(2,195)
|
(4,335)
|
-
|
-
|
|
|
||||
| Income tax expense/(benefit) on operating profit/(loss) |
25,995
|
33,695
|
2,823
|
(2,402)
|
|
|
||||
As at 30
June 2002, companies within the consolidated entity had estimated unconfirmed
unrecouped income tax losses of $4,556,000 (2001: $3,135,000) available
to offset against future years' taxable income. The benefit of these losses
has not been brought to account as realisation is not virtually certain.
The benefit for these tax losses will only be obtained if:
(a) the companies derive future assessable income of a nature and of an
amount sufficient to enable the benefits from the deductions for the losses
to be realised; (b) the companies continue to comply with the conditions
for deductibility imposed by tax legislation; and
(c) no changes in the taxation legislation adversely affect the companies
in realising the benefit from the deductions for the losses.
