Annual Report - Campus Living Villages

Campus Living Villages Annual Report 09/10 6 9
Campus Living Australia Trust
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
A$’000
b) Reconciliation of income tax expense to prima facie tax payable
June 2010 June 2009
Loss before taxation (24,310) (29,147)
CLAT
Tax at the Australian tax rate of 30% (2009-30%) (7,293) (8,744)
Australian tax losses not recognised 6,405 -
Over/under provisions and recognition of prior year losses 524 (4,019)
Other 33 19
Income tax credit (331) (12,744)
c) Deferred taxation
June 2010 June 2009
Deferred taxation asset - -
Deferred taxation liability - 331
Net deferred taxation (asset)/liability - 331
This balance comprises temporary differences attributed to:
- Derivative financial instruments (5,716) (4,249)
- Property, plant and equipment 16,988 15,124
- Intangible assets 1,509 1,566
- Provisions (318) (227)
- Other (935) 169
11,528 12,383
Deferred tax attributable to unused tax losses and tax credits (11,528) (12,052)
Net deferred taxation liability - 331
The movement in the deferred tax balance for the year is:
- Opening balance 331 13,075
- Charge recorded in the income statement (331) (12,744)
Closing balance - 331
CLAT, as head entity of the Australian tax consolidated group from 1 July 2007, did not recognise a deferred tax asset for a
portion of Australian tax losses incurred from 1 July 2007. The estimated tax losses of $23.097m will potentially result in a
deferred tax asset of $6.929m.