Page 56 - Bauxite Resources Annual Report 2013

Notes to the Financial Statements cont.
Consolidated Group
2013
$
2012
$
6. INCOME TAX EXPENSE cont.
d. Deferred tax not recognised:
Deferred Tax Assets:
At 30%:
Carry forward losses 10,791,876 9,073,997
Capital raising costs 179,351 195,955
Property, plant & equipment 840,491 649,835
Exploration and development 158,892 158,893
Provisions and accruals 30,243 31,081
Other 50,807 255,190
12,051,660 10,364,951
The tax benefits of the above Deferred Tax Assets will only be obtained if:
(a) the company derives future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised;
(b) the company continues to comply with the conditions for deductibility imposed by law; and
(c) no changes in income tax legislation adversely affect the company in utilising the benefits.
Tax consolidation
(i) Members of the tax consolidated group and the tax sharing arrangement
Bauxite Resources Limited and its wholly owned Australian resident subsidiaries have formed a tax consolidated group with effect from 10
June 2008. Bauxite Resources Limited is the head entity of the tax consolidated group. Each entity in the group recognises its own current
and deferred tax liabilities, except for any deferred tax asset resulting from unused tax losses and tax credits which are immediately assumed
by the parent entity. The current tax liability of each group entity is then subsequently assumed by the parent entity.
(ii) Tax effect accounting by members of the tax consolidated group
Measurement method adopted under UIG 1052 Tax Consolidated Accounting
The group has applied the Stand-Alone Taxpayer approach in determining the appropriate amount of current taxes to allocate to
members of the tax consolidated group. The group has not entered into any tax sharing or funding agreements.
54 Bauxite Resources Annual Report 2013