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Whitehaven Coal Limited : Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2008 22. OTHER INTANGIBLE ASSETS Consolidated In thousands of AUD Water access rights Contract related intangible Less: Accumulated amortisation Rail access rights 2008 953 2007 920 – Company 2008 – – 2007 – 1,300––– (89) – 15,218––– 17,382 920 In thousands of AUD Consolidated Balance at 1 July 2007 Acquired during the year Less: Accumulated amortisation Balance at 30 June 2008 23. INCOME TAX ASSETS AND LIABILITIES Current tax assets and liabilities The current tax liability for the consolidated entity of $10,143,000 (2007: $nil) and Company of $9,995,000 (2007: $nil) represents the amount of income taxes payable in respect of current periods and that arise from the payment of tax not in excess of the amounts due to the relevant tax authority. The current tax asset for the consolidated entity of $nil (2007: $25,000) and for the Company of $nil (2007: $nil) represent the amount of income taxes receivable in respect of prior financial periods. The Company liability includes the income tax payable by all members for the tax consolidated group. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following items: Consolidated In thousands of AUD Tax losses – capital 2008 21,530 21,530 2007 20,985 20,985 Company 2008 – – 2007 – – The tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the consolidated entity can utilise the benefits there from. Water access rights 920 33 – 953 Contract related intangible – 1,300 (89) 1,211 – Rail access rights – 15,218 – 15,218 Total 920 16,551 (89) 17,382 – 66
Annual Report 2009