annual report 2011 - Blacktown RSL

ANNUAL REPORT 2011
3 Expenses (continued) 2011 2010
% %
(b) Key Performance Indicators
Bar
Gross profit percentage 61.0% 61.7%
Wages to sales percentage 39.8% 35.5%
Catering
Gross profit percentage 71.9% 68.6%
Wages to sales percentage 43.9% 41.5%
Wages and salaries (including on costs) –
percentage of total revenue 26.8% 25.3%
EBITDA percentage 15.4% 17.7%
4 Income Tax
(a) Income Tax Expense
The Income Tax Assessment Act, 1997 (amended) provides that under the concept of mutuality
clubs are only liable for income tax on income derived from non-members and from outside
entities.
$ $
The amount set aside for income tax in the Statement
of Comprehensive Income has been calculated as follows:
Proportion of income attributable to non-members 4,117,249 4,661,234
Less: Proportion of expenses attributable to non-members (3,751,250)
__________________
(4,081,043)
__________________
365,999 580,191
Add: Other taxable income 190,544
__________________
125,711
__________________
556,543 705,902
Less: Other deductible expenses (413,053) (431,314)
Tax losses utilised -
__________________
(268,041)
__________________
Net income subject to tax 143,490 6,547
__________________
__________________
Income tax applicable to above at tax rate of 30% 43,047 1,964
(Increase)/decrease in deferred tax (1,047) 71,754
Overprovision prior year (63)
__________________
-
__________________
Income tax expense attributable to operating profit 41,937 73,718
__________________
__________________
(b) Current Tax (Assets)/Liabilities
Movements during the year:
Balance at beginning of year 1,964 (29,567)
Income tax paid (137,124) -
Current year’s income tax expense 43,047 1,964
Refunds received - 29,567
Overprovision prior year (63)
__________________
-
__________________
(92,176) 1,964
__________________
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BLACKTOWN RSL CLUB LIMITED - where friends love to meet
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