Full Version - Essential Energy

Notes to the Financial Statements
for the year ended 30 June 2005
NOTE 3. INCOME TAX EXPENSE
The income tax expense for the financial year differs from the amount calculated on the profit. The difference reconciles as follows:
Consolidated
Corporation
2005 2004 2005 2004
$’000 $’000 $’000 $’000
Operating profit from ordinary activities before related
income tax expense 150,977 140,710 147,766 136,378
Prima facie tax thereon at 30% 45,293 42,212 44,330 40,913
78
Tax effect of permanent differences
Entertainment expense 135 100 135 100
Legal expenses 133 69 133 69
Employer superannuation overfunded
contributions
(3,966) (1,921) (3,966) (1,921)
Net realised gain from investment 120 120 120 120
Book depreciation on capital contributed
assets
2,430 2,425 2,430 2,425
Book depreciation on revalued assets 1,831 1,832 1,831 1,832
Non-deductible asset revaluations - - - -
Non-deductible goodwill amortisation 140 168 - 28
Non-deductible intangibles amortisation 743 755 318 329
Non-assessable/deductible (gains)/losses
on loans
- - - -
Non-deductible provision 90 - 90 -
Sundry items 14 - 14 -
Remove tax effect on prior year
adjustments
Prior year (over)/under provision of
income tax
2,709
- 179 - -
(8,136)
2,709 (7,358)
Adjustment to prior year tax 2,586 24,568 2,586 24,568
Total income tax expense attributable to operating profit 52,258 62,371 50,730 61,105
NOTE 4. TAX ASSETS
Consolidated
Corporation
2005 2004 2005 2004
$’000 $’000 $’000 $’000
Non-Current
Future Income Tax Benefit 52,756 51,439 52,756 51,439
Total Non-Current Tax Assets 52,756 51,439 52,756 51,439
COUNTRY ENERGY ANNUAL REPORT 2004–2005