Annual Report (Complete) - MYCRON Steel Berhad

Notes to the Financial Statements 30 June 2010
(continued)
17. DEFERRED TAX
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate
offsetting, are shown in the balance sheet:
Group
Company
2010
RM
2009
RM
2010
RM
2009
RM
Deferred tax assets
Deferred tax liabilities
40,996,508
(43,226,217)
3,922,352
(5,729)
-
(4,479)
-
(5,729)
(2,229,709)
3,916,623
(4,479)
(5,729)
At start of financial year
3,916,622
(7,617,902)
(5,729)
(6,979)
Charged to income statement (Note 11):
- property, plant and equipment
- unabsorbed capital allowances
- unutilised tax losses
- other liabilities
- reinvestment allowance
(4,547,249)
(1,301,854)
(817,167)
(146,905)
552,691
(3,428,220)
8,733,258
7,213,564
218,952
(1,203,029)
1,250
-
-
-
-
1,250
-
-
-
-
(6,260,484)
11,534,525
1,250
1,250
Credited to assets revaluation reserve:
- property, plant and equipment
114,153
-
-
-
At end of financial year
(2,229,709)
3,916,623
(4,479)
(5,729)
Subject to income tax:
Deferred tax assets (before offsetting):
Unabsorbed capital allowances
Other liabilities
Unutilised tax losses
Unutilised reinvestment allowance
14,697,553
72,047
6,396,397
19,830,511
15,999,408
218,952
7,213,564
19,277,820
-
-
-
-
-
-
-
-
Offsetting
40,996,508
(40,996,508)
42,709,744
(38,787,392)
-
-
-
-
Deferred tax assets (after offsetting)
-
3,922,352
-
-
Deferred tax liabilities (before offsetting)
Property, plant and equipment
Offsetting
(43,226,217)
40,996,508
(38,793,121)
38,787,392
(4,479)
-
(5,729)
-
Deferred tax liabilities (after offsetting)
(2,229,709)
(5,729)
(4,479)
(5,729)
pg 73 | Mycron Steel Berhad