Change - S P Setia Berhad

111
S P Setia Berhad Group
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2008
14. DEFERRED TAX ASSETS
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
At beginning of the year 21,926 644 899 248
(Reversed)/Originating during the year (7,406) 21,282 (458) 651
At end of the year 14,520 21,926 441 899
The Group has recognised the deferred tax assets as it is probable that its existing construction contracts and housing
development projects would generate sufficient taxable profit in the future against which the deferred tax assets can be utilised.
The temporary differences on which deferred tax assets have been recognised are as follows:
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Tax effects of:
– unabsorbed capital allowances 234 422 69 260
– unutilised tax losses 2,329 320 – –
– property development and construction profits 11,711 21,334 394 657
– excess of capital allowances claimed over accumulated
depreciation on property, plant and equipment (549) (269) (22) (18)
– excess of accumulated depreciation on property,
plant and equipment over capital allowances claimed – 65 – –
– unpaid qualifying expenditure of hire purchase and
finance lease liabilities 18 54 – –
– others 777 – – –
14,520 21,926 441 899
Further, the following temporary differences and unutilised tax losses exist as at 31 October the deferred tax benefits of which
have not been recognised in the financial statements:
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Unabsorbed capital allowances 718 770 – –
Unutilised tax losses 44,358 42,015 – –
Excess of capital allowances claimed on property,
plant and equipment over accumulated depreciation (183) (195) – –
Others 24 1,854 – –
44,917 44,444 – –