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Wool Stocktake : AWI Annual Report 2008-09
NOTE 6: Income tax expense 2008 2008 $'000 $'000 Current tax 453 - Adjustments for current tax of prior periods (67) - 386 - Profit/(Loss) from continuing operations before income tax expense 5,844 7,424 Tax at the Australian tax rate of 30% (2008 - 30%) 1,753 2,227 Tax exempt under section 50-40 of the Income Tax Assessment Act 1997 (2,227) (2,227) Tax losses and temporary differences not brought to account 892 - Difference in overseas tax rates (32) - Income tax expense 386 - The Group has not recognised deferred tax assets relating to tax losses or temporary differences arising from loss making operations as it is not probable that the benefits will be realised. The parent entity is tax exempt and is seeking tax exempt status for other Australian controlled entities. NOTE 7: Current assets - Cash and cash equivalents 2008 2008 $'000 $'000 Cash at bank and in hand 5,074 362 Term deposits 59,500 59,500 64,574 59,862 Further details of cash and cash equivalents are set out in note 8.
AWI Annual Report 2007-08
AWI Annual Report 2009-10