2011/2012 Annual Report - Metro Tasmania

NOTES TO THE FINANCIAL STATEMENTS
CONSOLIDATED
2012 2011
Note 6. INCOME TAX $’000 $’000
(a) Income tax expense recognised in the
Statement of Comprehensive Income
Current tax expense
Current tax 1,352 88
Adjustments for prior years – –
Deferred tax expense
Decrease/(increase) in deferred tax asset (2,075) 151
Increase/(decrease) in deferred tax liability (1,277) 66
Less recognised directly in equity 1,875 (327)
Income tax expense/(benefit) (125) (22)
(b) Numerical reconciliation of income tax expense
to prima facie tax payable
Prima facie tax/(tax benefit) on profit/(loss) from operating activities
(126) (22)
before income tax at 30% (2011: 30%)
Add tax effect of:
Entertainment (non-deductible) – –
Capital legal costs 1 –
Under provision of prior year income tax – –
(125) (22)
(c) Income tax expense recognised directly to equity
Property, plant and equipment (Note 17) (327) (7)
Superannuation (Note 18) (1,548) 334
(1,875) 327
(d) Non-current and deferred tax balances
Assets:
Deferred tax assets 10,950 10,227
10,950 10,227
Liabilities:
Deferred tax liability 4,170 5,447
4,170 5,447
6,780 4,780
39 METRO Annual Report 2011 | 2012