ANNUAL REPORT - Ashburton Minerals

Notes To The Financial Statements
For The Year Ended 30 June 2007
Note 4: Income Tax Expense
Economic Entity
Parent Entity
Note 2007 2006 2007 2006
$ $ $ $
(a) The components of tax expense comprise:
Current tax - - - -
Deferred tax - - - -
(b) The prima facie tax expense/(benefit) on
profit/(loss) from ordinary activities before
income tax is reconciled to the income tax
as follows:
Prime facie tax expense/(benefit) on profit/(loss)
from ordinary activities before income tax
at 30% (2006: 30%) (520,456) (744,332) (321,659) 2,258
Add:
Tax effect of:
- current year revenue losses not recognised 368,471 279,536 321,811 269,635
- other deferred tax balances not recognised 866,192 27,856 574,881 35,062
- current year foreign losses not recognised 125,364 - - -
- current year overseas losses not recognised 117,885 - - -
- share based payments 36,081 - 36,081 -
- other non-allowable items 53,474 475,938 8,463 23,362
1,047,011 38,998 619,577 330,317
Less:
Tax effect of:
- exploration and evaluation expenditure
deductible for income tax purposes
not recognised 121,768 - - -
- effect of higher rate of tax on overseas loss 13,869 - - -
- prior period adjustment 911,374 - 619,577 -
- other non-assessable items - 27,527 - 271,479
- debts recovered - - - 58,838
- recoupment of prior year revenue
losses not previously recognised - 11,471 - -
Income tax - - - -
The applicable weighted average effective
tax rates are as follows: 0% 0% 0% 0%
Ashburton Minerals Ltd 2007
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