Annual Report 2013

note to the accounts
3. INCOME TAX EXPENSE
Note
2013
$
2012
$
a. The income tax expense comprises amounts set aside as:
Current tax expense - current year profits 16 252,860 237,212
Adjustments for previous years 16,644 (16,919)
Total current income tax expense 269,504 220,293
Deferred tax expense 11 (25,792) (33,038)
Total income tax expense in Statement of Comprehensive Income 234,712 187,255
b. The prima facie tax payable on profit is reconciled to the income
tax expense in the accounts as follows:
Profit 830,914 770,747
Prima facie tax payable on profit before income tax at 30% 249,274 231,224
Tax effect of expenses not deductible
- Other non-deductible expenses 3,182 4,758
- Prior year under / (over) provision for income tax 16,644 -
- Adjustment to Deferred Tax Assets - (18,680)
- Imputation credits (25,388) (30,047)
Income tax expense attributable to current year profit 243,712 187,255
4. CASH
Cash on hand 1,686,463 1,366,634
Deposits at call 2,050,000 1,650,000
5. RECEIVABLES FROM FINANCIAL INSTITUTIONS
3,736,463 3,016,634
Deposits with industry bodies – Cuscal 27 3,582,520 3,600,000
Deposits with banks and other ADI’s 21,983,373 22,749,303
25,565,893 26,349,303
Intech Credit Union Ltd Annual Report 2013 25