1999 Annual Report - Altium

Protel International Limited
and Controlled Entities
6. Remuneration of Auditors
Notes to the Financial Statements
Schedule 4/7
Consolidated Company
12 months ended 12 months ended 12 months ended 12 months ended
30 June 1999 30 June 1998 30 June 1999 30 June 1998
$ $ $ $
Amounts received, or due and
receivable, by the auditors for:
Audit 80,000 40,500 43,500 30,500
Other services 304,292 9,000 293,060 -
384,292 49,500 336,560 30,500
7. Income tax
Consolidated Company
12 months ended 12 months ended 12 months ended 12 months ended
30 June 1999 30 June 1998 30 June 1999 30 June 1998
$ $ $
(a) Income tax on the operating profit
differs from the prima facie income tax
payable on the profit as follows:
Operating profit before income tax 5,128,884 3,222,667 4,623,476 2,915,996
Income tax calculated @ 36%
Tax effect of permanent differences:
1,846,398 1,160,160 1,664,451 1,049,759
Research and development claim (258,943) (209,196) (258,943) (209,196)
Legal expenses - 21,577 - 21,577
Other (36,823) 42,026 (6,324) (23,525)
Income tax adjusted for permanent differences 1,550,632 1,014,567 1,399,184 838,615
Under/(over) provision in prior year 97,402 41,230 109,834 41,230
Recognition of unbooked tax (264,678) (140,899) - -
Effect of different rates of tax on overseas income (11,098) - - -
Income tax attributable to operating profit
Comprising:
1,372,258 914,898 1,509,018 879,845
Current taxation provision 1,093,373 970,967 1,120,483 935,914
Deferred income tax provision 504,656 17,634 504,086 17,634
Future income tax benefit (323,173) (114,933) (225,385) (114,933)
Under/(over) provision in prior year 97,402 41,230 109,834 41,230
1,372,258 914,898 1,509,018 879,845
(b) The consolidated future income tax benefit shown on Note 14 includes $244,446 (1998: Nil) attributable to tax losses.
ANNUAL REPORT 23