Bradken Limited Annual Report 2015 - page 97

BRADKEN LIMITED ANNUAL REPORT 2015 l 62
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
15 Deferred tax assets
2015
2014
$'000
$'000
Amounts recognised in profit or loss
Doubtful debts
24
11
Employee benefits
12,338
13,203
Depreciation
5,446
257
Other provisions
8,855
11,497
Unrealised foreign exchange differences
21,133
8,231
Other accruals
2,766
5,743
Tax losses
12,018
297
Cash flow hedges
-
835
Other
4,032
-
66,612
40,074
Amounts recognised directly in equity
Defined benefits pension liabilities
5,408
3,550
5,408
3,550
Total deferred tax assets
72,020
43,624
Net deferred tax assets
(46,140)
(32,727)
25,880
10,897
Movements:
Opening balance at 1 July
43,624
40,368
Credited/(charged) to the income statement (note 8)
25,675
3,553
Credited/(charged) to other comprehensive income (note 8)
(584)
159
Credited/(charged) to equity
994
(456)
Net foreign currency movements
2,311
-
Closing balance at 30 June
72,020
43,624
The balance comprises temporary differences
attributable to:
Set off of deferred tax liabilities of parent entity pursuant to set
off provisions (note 21)
The Group has tax losses which arose in Australia of $9.8M and $2.2M in China. Deferred tax assets have been recognised in
respect of these losses as they will be able to be applied against taxable profits in the future. The Australian tax losses do not
have an expiry date. The Chinese tax losses must be utilised within a 5 year period. Management anticipates that they will be
applied in full before their expiry date.
The Group also had tax losses in the UK of $3.5M for which deferred tax assets have not been recognised. This entity has been
loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the
near future.
1...,87,88,89,90,91,92,93,94,95,96 98,99,100,101,102,103,104,105,106,107,...131
Powered by FlippingBook