INA's CFO telephoned me on Friday in response to my emailed...

INA's CFO telephoned me on Friday in response to my emailed question regarding tax losses carried on the books. She was very helpful, and pointed out the following:
* In the Prelim Annual Report, refer: P43 Deferred Tax Liabilities. Against "Deferred Tax Assets", the tax loss of $14,228,000 carried on the books is the key figure.
* In the FY14 Annual Results Presentation released the same date (26/8/14) refer Slide 38 "Income Tax Benefit Reconciliation". Note that:
- the bottom section (as stated) represents one-off tax adjustments
- the top half of the table represents ongoing tax efficiencies obtained by the group,
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Stop with the above if you just wanted the quick answer. If you wish to dig through the books and guesstimate the ongoing tax benefit generated due to group structure, I found it reasonably easy to have a stab by doing a search through the prelim annual report on the two key figures stated on Slide (38); ie. 3.7 and 14.7 (million).

Other things to keep in mind (quoted from the prelim annual report):

P2 The Group is a triple stapled structure being a combination of a unit in Ingenia Communities Management Trust, a unit in Ingenia Communities Fund and a share in Ingenia Communities Holdings Limited, which are traded together on the ASX

P14 The financial report of Ingenia Communities Holdings Limited (the "Company") comprises the consolidated financial report of the Company and its controlled entities, including Ingenia Communities Fund ("ICF" or the "Fund") and Ingenia Communities Management Trust ("ICMT")

P30 Income Tax Benefit (refer whole section)

In the second half of Prelim Annual Report (note that page numbering restarts from "1" halfway through the PDF file), figures for Ingenia Communities Fund & Ingenia Communities Management Trust are provided separately for the two entities. Useful sections:

P20 (w) Income Tax
"Under the current tax legislation, the Fund is not liable to pay Australian income tax provided that its taxable income (including any assessable capital gains) is fully distributed to unitholders each year ....
However, ICMT and its subsidiaries are subject to Australian income tax."

P7 "Ingenia Communities Fund & Ingenia Communities Management Trust Consolidated statements of comprehensive income" (refer whole section)
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As a footnote, I've avoided stating any of my own assumptions/conclusions about how the tax efficiencies are likely to work out ongoing. Not being an accountant myself I don't want to misinterpet anything or publish guesstimates. But INA appear quite willing to respond to emailed questions (refer to their website for the investor relations email address).

(sorry about the double-post ... formatting error in the previous)

Cheers all.