Annual Report 10/11 - Campus Living Villages

Campus Living Villages Annual Report 10/11
Campus Living Villages Fund
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
A$’000
7. Taxation
a) Income tax expense
a) Income tax expense
June 2011 June 2010
Current tax
- Current year 890 521
- Prior year under provision 10 67
Deferred tax
- Current year (554) 3,637
- Change in New Zealand tax rate - (555)
- Prior year under provision - 519
Total tax expense 346 4,189
b) Reconciliation of income tax expense to prima facie tax payable
June 2011 June 2010
Loss before taxation (45,221) (28,235)
Tax at the Australian tax rate rate of 30% (2010: 30%) (13,566) (8,471)
Non-taxable trust profits (distributions) (2,043) (352)
Difference in overseas tax rates (1,836) (141)
Losses not recognised 16,847 8,143
New Zealand tax law changes - 4,446
Prior year under provision and utilisation of prior year losses - 533
Witholding tax 126 67
Other 818 (36)
Income tax expense 346 4,189
c) Deferred taxation
June 2011 June 2010
Deferred taxation asset (1,103) (952)
Deferred taxation liability 11,546 12,357
Net deferred taxation liability 10,443 11,405
This balance comprises temporaty differences attributed to:
- Derivative financial instruments (4,853) (5,716)
- Property, plant and equipment 24,675 25,989
- Intangible assets 6,366 6,688
- Provisions (389) (306)
- Other (437) (1,003)
Net temporary differences 25,362 25,652
Deferred tax attributible to unused tax losses and tax credits (14,919) (14,247)
Net deferred taxation liability 10,443 11,405
The movement in the deferred tax balance for the year is:
- Opening balance 11,405 7,398
- Charge recorded in the income statement (554) 3,601
- Reclassification of tax receivable - 440
- Foreign currency translation movements (408) (34)
Closing balance 10,443 11,405
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