There have been some minor changes to the tax calculations since the lodgement of the preliminary final report which have impacted on the accounts as follows:
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The consolidated income tax benefit has reduced from $873,000 in the preliminary final report to $824,000 resulting in a corresponding reduction in reported loss for the period to $2,399,000 ($2,349,000 in the preliminary final report).
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The preliminary final report disclosed a consolidated deferred tax asset of $50,000. As a result of the taxation amendments, this has changed to a consolidated deferred tax liability of $594,000. This is due to a taxation correction in the accounts, but also the disclosure of an income tax refund due of $592,000 now being disclosed separately on the balance sheet, where this was previously included in the deferred tax asset balance on the preliminary final report.
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In addition, a provision has been raised for the full amount of an unsecured loan of $368,000. This provision has increased the reported loss in the period by that amount and reduced the noncurrent assets by a corresponding amount. This has caused the deferred tax liability to change by the tax effect of raising that provision.
There have been no other significant changes between this annual report and the preliminary final report.