annual report 2011

IOOF | annual report 2011
20 Deferred tax assets and liabilities
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Deferred tax asset balance comprises temporary differences attributable to:
Employee benefits 8,603 8,755 - -
Staff incentives 2,183 2,645 - -
Impairment of receivables 9 9 - -
Provision for legal costs 382 615 - 165
Provisions, accruals and creditors 3,181 3,209 - -
Fixed assets and computer software 1,496 2,231 2 18
Unrealised investment gains and losses 115 237 - -
Carry forward capital and revenue losses 827 606 594 -
Deferred fee income 3,810 4,991 - -
Other 1,026 1,503 94 596
Deferred tax asset balance as at 30 June 21,632 24,801 690 779
Set-off of deferred tax liabilities pursuant to set-off provisions (21,632) (14,144) (690) (1)
Net deferred tax asset balance as at 30 June - 10,657 - 778
Deferred tax liability balance comprises temporary differences attributable to:
Unrealised gains 3,279 1,643 - -
Deferred acquisition costs 4,677 6,109 - -
Accrued income 3,262 3,083 13 1
Customer relationships 78 3,057 - -
Prepayments 620 252 - -
Uncertain tax position 13,790 - 13,790 -
25,706 14,144 13,803 1
Set-off of deferred tax liabilities pursuant to set-off provisions (21,632) (14,144) (690) (1)
Net deferred tax liability balance as at 30 June 4,074 - 13,113 -
Reconciliation of movements
Net carrying amounts at the beginning of the year 10,657 16,752 778 1,733
Acquisitions and disposals - 179 - -
Credited/(charged) to profit or loss (Note 11) 925 2,735 (101) (955)
Temporary differences directly attributable to equity (1,866) (1,643) - -
Tax losses - (7,366) - -
Uncertain tax position (13,790) - (13,790) -
Carrying amount at the end of the year (4,074) 10,657 (13,113) 778
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Deductible temporary differences - - - -
Tax losses 1,908 1,908 - -
1,908 1,908 - -
Potential tax benefit 572 572 - -
The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been
recognised in respect of these items because it is not probable that future taxable profit will be available against which the Group can
utilise the benefits there from.
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