Annual Report - Bega Cheese

Financial Statements
Period Financial Ended Statements 30 June 2010
Notes Period to Ended the Financial 30 June Statements
2010
Notes to the Financial Statements
5. Income Tax
Movements in deferred tax in the period are detailed below:
Consolidated
Company
2010 2009 2010 2009
$'000 $'000 $'000 $'000
a. Income tax benefit/(expense)
Current tax charge (5,721) 4,125 (3,414) (882)
Deferred tax benefit/(expense) from the origination and
reversal of temporary differences 7,189 (5,996) 794 (2,871)
Adjustments recognised in the current year in relation
to current tax of prior years - 166 - 166
Total income tax benefit/(expense) 1,468 (1,705) (2,620) (3,587)
b.
Numerical reconciliation of income tax expense to prima facie tax
payable
Profit from continuing operations before income tax
benefit/(expense)
21,799 12,005 9,927 21,064
Tax at the Australian tax rate of 30% (2009-30%) (6,539) (3,602) (2,978) (6,319)
Tax effect of amounts which are not deductible/(taxable) in
calculating taxable income:
Non-assessable income 103 4,536 3 4,253
Non-deductible expenses (289) (2,524) (24) (1,412)
Other assessable income (1) (432) (1) (432)
Investment allowance 610 - 556 180
Other deductible expenses including dividends paid 2,806 3,018 150 59
Change in tax base for property, plant and equipment 47 - (326) (82)
Adjustments in respect of prior year - 166 - 166
Tax losses not previously brought to account 4,690 (2,850) - -
Other 41 (17) - -
Total 1,468 (1,705) (2,620) (3,587)
c. Amounts recognised directly in equity
Aggregate current and deferred tax arising in the reporting
period and not recognised in net proift or loss but through other
comprehenisve income 1,372 1,034 (291) 291
Total 1,372 1,034 (291) 291
The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by Australian corporate entities on
taxable profits under Australian tax law. There has been no change in the corporate tax rate when compared with the
previous period.
Bega Cheese Limited 2010 Annual Report 32
Bega Cheese Limited 2010 Annual Report 32