Notes to and forming part of the consolidated financial
statements for the year ended 30 June 2010
Note 15. Non-current assets – Deferred tax assets
2010 2009
$’000 $’000
Gross deferred tax assets 101,469 84,302
Set off deferred tax liabilities within common jurisdictions (54,120) (28,648)
Net deferred tax assets 47,349 55,654
Gross deferred tax assets comprises temporary differences attributable to:
Doubtful debts 1,275 1,588
Employee benefits 33,931 31,988
Rental obligations 1,394 1,288
Creditors and accruals 16,491 13,506
Share-based payments 2,974 5,089
Tax losses* 21,619 17,929
Other 20,848 8,231
98,532 79,619
Amounts recognised directly in equity
Capital raising costs
Revaluation of cash flow hedges 2,625 3,710
312 973
101,469 84,302
Gross deferred tax assets to be recovered after more than 12 months 34,049 28,633
Gross deferred tax assets to be recovered within 12 months 67,420 55,669
101,469 84,302
* The deferred tax asset attributable to tax losses does not exceed taxable amounts arising from the reversal of existing assessable temporary differences.
Notes to and forming part of the consolidated financial
statements for the year ended 30 June 2010
Cr editors/ Cap ital S hare
Movements in Doubtful Emp loyee r ental d eferredra ising ba sedTa x
gross deferred     debts b enefits obligations income costs Derivatives pa yments losses O therT otal
tax assets $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
At 1July 2008 1,327 26,218 1,044 17,262 - - 3,319 16,042 2,752 67,964
(Charged)/credited to the
statement of comprehensive
income 2 7,189 271 (2,778) - - 1,730 (1,241) 2,774 7,947
Fair value and other
opening adjustments - (2,691) - - - 1,092 - - - (1,599)
Acquisition of subsidiary - 29 - - - - - - - 29
Capital raising costs - - - - 3,710 - - - - 3,710
Effect of changes in
foreign exchange rates 259 1,243 (27) (978) - (119) 40 3,128 2,705 6,251
At 30 June 2009 1,588 31,988 1,288 13,506 3,710 973 5,089 17,929 8,231 84,302
(Charged)/credited to the
statement of comprehensive
income (276) 2,017 100 3,011 (1,085) (591) (2,041) 4,215 13,420 18,770
Effect of changes in foreign
exchange rates (37) (74) 6 (26) - (70) (74) (525) (803) (1,603)
At 30 June 2010 1,275 33,931 1,394 16,491 2,625 312 2,974 21,619 20,848 101,469