no dividend, page-17

CT

For Australian income tax purposes asset write downs booked to the P&L are added back when calculating taxable income. CER would only realise a tax loss when it sold the property and this loss would likley be on capital account (can only claim against future capital gains). US tax might be different.

As stated at page 4 of CER's 2008 annual report,CER reported distributable income of $256 million (see page 4 of the 2008 annual report). This amount is calculated before all of the non-cash writedowns booked to the P&L.

CER paid a distribution of 1.4 cents per security which equates to approximately $32 million. Taxable income for FY08 was $25.9 million (page 4 of 2008 annual report).

So the $256 million of distribuable income and accounting loss of $1,074,554 after write downs, etc, (see page 20 of the 2008 annual report) translated to taxable income of $25.9 million.

This indicates how difficult it is to try and work out what 2009 taxable income might be - its very different from accounting profit. Add to that the difference in US and Australian tax rules.