ANNUAL REPORT - Ashburton Minerals

Notes To The Financial Statements
For The Year Ended 30 June 2007
Note 4: Income Tax Expense (continued)
Note Economic Entity Parent Entity
2007 2006 2007 2006
$ $ $ $
(c) The following deferred tax balances
have not been recognised
Deferred Tax Assets:
At 30%:
- carry forward revenue losses 2,115,160 1,746,940 1,891,131 1,651,604
- carry capital losses 1,332,477 629,640 1,332,477 629,640
- carry forward foreign losses 446,313 260,718 33,779 33,779
- capital raising costs 72,023 57,655 72,023 57,655
- property, plant and equipment 37 58 37 58
- provisions and accruals 13,628 18,198 13,202 16,139
- unlisted investments 80,774 80,774 80,774 80,774
4,060,412 2,793,983 3,423,423 2,469,649
At 34% (Brazil):
Carry forward overseas losses 454,543 - 454,543 -
The tax benefits of the above
Deferred Tax Assets will only be
obtained if:
(a) the company derives future
assessable income of a nature
and of an amount sufficient to
enable the benefits to be utilised;
(b) the company continues to comply
with the conditions for deductibility
imposed by law; and
(c) no changes in income tax legislation
adversely affect the company in
utilising the benefits.
Deferred Tax Liabilities:
At 30%:
- exploration expenditure 348,637 104,651 33,779 33,779
- property, plant and equipment 3,411 - - -
352,048 104,651 33,779 33,779
The above Deferred Tax Liabilities have not
been recognised as they have given rise to
the carry forward revenue and foreign losses
for which the Deferred Tax Asset has not been
recognised.
The values included in the comparative year
have been updated to correctly reflect current
and deferred tax balances, including deferred
tax balances not recognised. There is no impact
to the tax expense for the year.
30
Ashburton Minerals Ltd 2007