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Notes to the Consolidated Financial Statements
30 June 2013
62 BRADKEN LIMITED ANNUAL REPORT 2013
Notes to the consolidated financial statements
30 June 2013
(continued)
13 Deferred tax assets
2013
2012
$'000
$'000
Amounts recognised in profit or loss
Doubtful debts
146
135
Employee benefits
16,175
16,099
Depreciation
1,318
1,844
Other provisions
4,040
1,679
Unrealised foreign exchange differences
6,563
2,217
Other accruals
6,519
6,299
Tax losses
2,136
2,856
36,897
31,129
Amounts recognised directly in equity
Revaluation of financial assets at fair value
2,795
4,792
Cash flow hedges
676
1,023
3,471
5,815
Total deferred tax assets
40,368
36,944
Net deferred tax assets
(34,309)
(18,971)
6,059
17,973
Movements:
Opening balance at 1 July
36,944
32,873
Credited/(charged) to the income statement (note 6)
2,704
482
Credited/(charged) to other comprehensive income (note 6)
(346)
1,015
Credited/(charged) to equity
(778)
2,554
Acquisition of subsidiary (note 30)
39
20
Reclassification from other current assets to deferred tax assets
1,805
-
Closing balance at 30 June
40,368
36,944
Deferred tax asset to be recovered after more than 12 months
24,017
18,408
Deferred tax asset to be recovered within 12 months
16,351
18,536
40,368
36,944
The balance comprises temporary differences
attributable to:
Set off of deferred tax liabilities of parent entity pursuant to set
off provisions (note 21)
Page 62
Bradken Limited