ANNUAL REPORT 2006

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P L AT I N U M A U S T R A L I A A N N U A L R E P O R T 2 0 0 6 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2006 NOTE 3: INCOME TAX (continued) Tax Consolidation Platinum Australia Limited and its 100% owned Australian resident subsidiary have formed a tax consolidated group with effect from 1 July 2003. Platinum Australia Limited is the head entity of the tax consolidated group. Members of the group have entered into a tax sharing arrangement in order to allocate income tax expense to the wholly owned subsidiary on a pro-rata basis. In addition the agreement provides for the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. At the balance date, the possibility of default is remote. The allocation of taxes under the tax funding agreement is recognised as an increase/decrease in the subsidiaries' Intercompany accounts with the tax consolidated group head company, Platinum Australia Limited. Because under UIG 1052 Tax Consolidation Accounting the allocation of current taxes to tax consolidated group members on the basis of accounting profits is not an acceptable method of allocation given the group's circumstances, the difference between the current tax amount that is allocated under the tax funding agreement and the amount that is allocated under an acceptable method is recognised as a contribution/distribution of the subsidiaries' equity accounts. The group has applied the group allocation approach in determining the appropriate amount of current taxes to allocate to members of the tax consolidated group. Tax effect accounting by members of the tax consolidated group Members of the tax consolidated group have entered into a tax funding agreement. The tax funding agreement provides for the allocation of current taxes to members of the tax consolidated group in accordance with their accounting profit for the period, while deferred taxes are allocated to members of the tax consolidated group in accordance with the principles of AASB 112 Income Taxes. The allocation of taxes under the tax funding agreement is recognised as an increase/decrease in the subsidiaries' Intercompany accounts with the tax consolidated group head company, Platinum Australia Limited. Because under UIG 1052 Tax Consolidation Accounting the allocation of current taxes to tax consolidated group members on the basis of accounting profits is not an acceptable method of allocation given the group's circumstances, the difference between the current tax amount that is allocated under the tax funding agreement and the amount that is allocated under an acceptable method is recognised as a contribution/distribution of the subsidiaries' equity accounts. The group has applied the group allocation approach in determining the appropriate amount of current taxes to allocate to members of the tax consolidated group. NOTE 4: SEGMENT REPORTING Segment Information The Group’s primary segment reporting format is geographic, as the group operates solely in the platinum-palladium exploration industry. Geographical segments Although the Consolidated Entity’s divisions are managed on a global basis they operate in two main geographical areas: Australia The home country of the parent entity. Africa Comprises operations carried on in South Africa and Mauritius. page 48
NOTE 4: SEGMENT REPORTING (continued) Geographical segments – primary reporting Year Ended Australia Africa Consolidated 30 June 2006 $ $ $ Revenue 315,368 141,490 456,858 Total segment revenue 315,368 141,490 456,858 Loss from ordinary activities before income tax expense (1,581,451) (6,083,159) (7,664,610) A N N U A L R E P O R T 2 0 0 6 Income tax expense - - - Loss from ordinary activities after income tax expense/segment result (1,581,451) (6,083,159) (7,664,610) Assets Total assets/segment assets 24,200,244 523,665 24,723,909 Segment liabilities 246,628 460,304 706,932 Acquisitions of non-current assets 32,913 60,539 93,452 Non-cash expenses Depreciation and amortisation 36,282 30,502 66,784 Geographical segments – primary reporting Year Ended Australia Africa Consolidated 30 June 2005 $ $ $ Revenue 64,905 61,579 126,484 Total segment revenue 64,905 61,579 126,484 Loss from ordinary activities before income tax expense (2,874,986) (311,387) (3,186,373) Income tax expense - - - Loss from ordinary activities after income tax expense/segment result (2,874,986) (311,387) (3,186,373) Assets Total assets/segment assets 539,704 2,471,682 3,011,386 Segment liabilities 314,772 8,014 322,786 Acquisitions of non-current assets 3,400 58,988 62,388 Non-cash expenses Depreciation and amortisation 71,931 3,328 75,259 page 49
Page 1 and 2: ANNUAL REPORT 2006
Page 3 and 4: ITEM PAGE Chairman’s Report 2 Rev
Page 5 and 6: Interpretation of detailed aeromagn
Page 7 and 8: PLATINUM GROUP METALS Platinum Aust
Page 9 and 10: Project Development PLA has complet
Page 11 and 12: • Cash Operating Cost of US$226/o
Page 13 and 14: Project Development Platinum Austra
Page 15 and 16: A N N U A L R E P O R T 2 0 0 6 Pan
Page 17 and 18: The Board is responsible for settin
Page 19 and 20: The Chairman of the Board will chai
Page 21 and 22: DIRECTORS’ REPORT The directors o
Page 23 and 24: 3. PRINCIPAL ACTIVITIES The princip
Page 25 and 26: B Details of Remuneration (this inf
Page 27 and 28: Milestone 1 was achieved in July 20
Page 29 and 30: 13. ENVIRONMENTAL COMPLIANCE The Co
Page 31 and 32: CONSOLIDATED INCOME STATEMENT FOR T
Page 33 and 34: CONSOLIDATED CASH FLOW STATEMENT FO
Page 35 and 36: CONSOLIDATED STATEMENT OF CHANGES I
Page 37 and 38: NOTE 1: STATEMENT OF SIGNIFICANT AC
Page 49: NOTE 3: INCOME TAX Consolidated 200
Page 53 and 54: NOTE 6: CASH AND CASH EQUIVALENTS 2
Page 55 and 56: NOTE 7: RECEIVABLES Current 2006 $
Page 57 and 58: NOTE 9: PROPERTY, PLANT AND EQUIPME
Page 59 and 60: NOTE 10: SHARE BASED PAYMENT PLANS
Page 61 and 62: NOTE 13: CONTRIBUTED EQUITY AND RES
Page 63 and 64: NOTE 14: FINANCIAL INSTRUMENT DISCL
Page 65 and 66: NOTE 17: INTEREST IN ASSOCIATE Name
Page 67 and 68: NOTE 22: KEY MANAGEMENT PERSONNEL D
Page 69 and 70: NOTE 23: TRANSITION TO AIFRS (conti
Page 71 and 72: NOTE 24: CHANGES TO ACCOUNTING STAN
Page 73 and 74: DIRECTORS’ DECLARATION 1. In the
Page 75 and 76: Independence In conducting our audi
Page 77 and 78: SHAREHOLDERS INFORMATION AT 28 SEPT
Page 80: 3rd Floor, 18 Richardson Street Wes

ANNUAL REPORT 2006

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