excellent report. , page-28

All

The AASB standard re deferred tax assets is copied FYI. It clearly states that a company can ONLY recognise tax credits from previous losses via the P&L if there is a reasonable expectation that there will be profits going forward. This is also clearly stated in note 4 of the announcement yesterday.

A deferred tax asset must be recognised for deductible temporary differences, unused tax losses, and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised, with the exceptions of initial recognition of an asset/liability and certain investments