Ann: Half Year Results FY14 - Presentation slid, page-41

re: Ann: Half Year Results FY14 - Presentat... ddzx

I'm pretty certain the deffered tax liabilities are intangible. It's just an accounting entry to reflect differences in the ATO treatment of tax rates compared to the method under the accounting standards used in the annual reports. Often this results from differences in depreciation rates. It does not mean tax is owed tonthe ATO.

So if anything, i would say the balance sheet is stronger than what appears.

With regards to tax paid by company, the issue here is that the R&D spend attracts tax offsets. The company is pay8ng all the rax it owes, privided the R&D legitimately qualifies for the offset. I oersonally have no reason to suspect ut doesn't qualify.

If the company paid more tax then the divieend would go down but the r4anking creditscwould go up.

Cheers, Mars