NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
Note Consolidated Company
2000 1999 2000 1999
$$ $$
4. SALES OF ASSETS
Sales of assets in the ordinary 
course of business have given rise 
to the following profits and losses
Net Profits
Property, plant and equipment 20,280 –––
Net Losses
Property, plant and equipment – 17,405 ––
5. INCOME TAX
The prima facie income tax on pre-tax 
accounting (loss) profit reconciles to the 
income tax expense (benefit) in the 
financial statements as follows:
Operating (loss) profit (283,491) 4,081,912 190,559 1,110,792
Income tax calculated at 36% of 
operating (loss) profit (102,057) 1,469,488 68,601 399,885
Permanent differences:
Dividend received from 
controlled entity ––– (396,000)
Write off of goodwill – 33,106 ––
Revaluation depreciation 85,538 64,823 ––
Entertainment 5,404 7,758 ––
Legal 4,707 21,630 ––
Other items 6,745 30,188 ––
Tax losses transferred from a 
controlled entity for no 
consideration–– (68,601) –
Abnormal Items:
Effect on future income tax benefit 
and provision for deferred income 
tax due to the change in income 
tax rate from 36% to 34% 
(effective 1 July 2000) and 30% 
(effective 1 July 2001) (104,812) –––
(104,475) 1,626,993 – 3,885
(Over)/under provision of income 
tax in previous year 28,941 –––
Income tax attributable to 
operating profit (75,534) 1,626,993 – 3,885 43