Financial Report Yr Ending 3.. - SHARKIES | Cronulla Sutherland ...

FINANCIAL REPORT FOR THE YEAR ENDED 31ST OCTOBER 2011
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2011
NOTE 5: CURRENT TAX LIABILITY
The Income Tax Assessment Act, 1997 (amended) provides that under the concept of mutuality, clubs are only liable for
income tax on income derived from non-members and from outside the entity.
GROUP
LEAGUES CLUB
INCOME TAX EXPENSE
Current tax expense
2011 2010 2011 2010
$ $ $ $
Current tax (benefit)/expense (5,820) (75,135) (5.820) (75,135)
Overprovision for previous years - - - -
Total current income tax (benefit) (5,820) (75,135) (5,820) (75,135)
Deferred tax expense - -
Total income tax (benefit) in profit or loss (5,820) (75,135) (5,820) (75,135)
Reconciliation of the effective tax rate
(Deficit) before income tax expense (2,013,871) (1,369,599) (1,889,671) (75,958)
Tax at the Australian tax rate of 30% (2009: 30%) (604,161) (410,880) (566,901) (22,787)
Tax effect of Deficit in the Football Club
(Income Tax exempt) 37,260 388,093 - -
Non-deductible development cost impairment
and controlled entity loan provision - - - -
Income and expenditure of the Leagues Club
subject to mutuality principal adjusted for
non-deductible and specifically deductible items 561,081 (52,348) 561,081 (52,348)
(5,820) (75,135) (5,820) (75,135)
Over provision in prior years - - - -
Income tax (benefit)/ expense in profit or loss (5,820) (75,135) (5,820) (75,135)
DEFERRED TAX LIABILITIES
Deferred tax liabilities comprise temporary
differences attributable to:
Amounts recognised directly in equity
Revaluation of property, plant and equipment 813,047 813,047 813,047 813,047
Total deferred tax liabilities 813,047 813,047 813,047 813,047
CURRENT TAX LIABILITIES
Current tax liability - - - -
- - - -
CURRENT TAX RECEIVABLE
Current tax receivable 71,881 66,061 71,881 66,061
71,881 66,061 71,881 66,061
18 CRONULLA-SUTHERLAND LEAGUES CLUB LIMITED & CONTROLLED ENTITY ABN 54 000 202 826