Landcorp - Crown Ownership Monitoring Unit

Note 34 – Income Tax (continued)C – DEFERRED TAX BALANCESDeferred tax balances at balance date were:Group Group Parent Parent2010 2009 2010 2009$000 $000 $000 $000Deferred taxation assetTemporary differences 7,868 6,203 6,221 3,928Tax losses recognised 51,927 51,420 43,111 43,08659,795 57,623 49,332 47,014Deferred taxation liabilityTemporary differences (42,668) (39,811) (37,604) (37,499)(42,668) (39,811) (37,604) (37,499)Net deferred taxation asset/(liability) 17,127 17,812 11,728 9,515Current taxation asset/(liability) – – – –Net Taxation Asset/(Liability) 17,127 17,812 11,728 9,515The availability of the tax losses recognised is subject to the requirements of the income tax legislation being met.Taxable and deductible temporary differences arise from the following:Balance SheetTax Expense/(Income)Group Group Group Group2010 2009 2010 2009$000 $000 $000 $000GroupDeferred tax assets:Trade and other receivables 40 – (40) 4Inventories 642 1,133 491 1,552Available-for-sale financial assets 908 994 754 –Property, plant and equipment 92 113 21 (23)Fair-value-through-profit-&-loss financial assets 2,989 2,192 (797) (2,192)Tax bases without a liability carrying amount 14 15 1 1Trade and other payables 1,261 – (1,261) 121Provisions 1,922 1,756 (166) (95)7,868 6,203 (997) (632)Deferred tax liabilities:Trade and other receivables 2,521 19 2,502 19Inventories 17,365 18,126 (761) (1,489)Available-for-sale financial assets 1,454 1,612 (755) –Fair-value-through-profit-&-loss financial assets – – – (224)Property, plant and equipment 21,328 20,054 3,985 (1,132)Trade and other payables – – – –42,668 39,811 4,971 (2,826)Deferred Tax Expense/(Income) 3,974 (3,458)87