annual report 2010-11 - Metro Tasmania

NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED2011 2010Note 6. INCOME TAX $’000 $’000(a) Income tax expense recognised in theStatement of Comprehensive IncomeCurrent tax expenseCurrent tax 88 92Adjustments for prior years - -Deferred tax expenseDecrease/(increase) in deferred tax asset 151 (358)Increase/(decrease) in deferred tax liability 66 273Less recognised directly in equity (327) (140)Income tax expense/(benefit) (22) (133)(b) Numerical reconciliation of income tax expenseto prima facie tax payablePrima facie tax/(tax benefit) on profit/(loss) from operating activities(22) 17before income tax at 30% (2010: 30%)Add tax effect of:Entertainment (non-deductible) - 3Investment allowance - (153)Under provision of prior year income tax - -(22) (133)(c) Income tax expense recognised directly to equityProperty, plant and equipment (Note 17) (7) 451Superannuation (Note 18) 334 (311)327 140(d) Non-current and deferred tax balancesAssets:Deferred tax assets 10,227 10,46710,227 10,467Liabilities:Deferred tax liability 5,447 5,3825,447 5,3824,780 5,085METRO Annual Report 2010 | 2011 37