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ASX Additional Information
Tax funding arrangement for members of the tax consolidated group
Members of the tax-consolidated group have entered into a tax funding arrangement which sets out the funding obligations of the tax-
consolidated group in respect of tax amounts. The tax funding arrangements require payments to or from the Parent Entity as head entity equal
to the current tax liability or asset assumed by the head entity excluding any tax loss deferred tax asset assumed by the head entity. The
members of the tax-consolidated group have also entered into a valid tax sharing agreement under the tax consolidation legislation which sets
out the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations and the treatment of
entities leaving the tax-consolidated group.
Tax payments under the tax funding agreement are recognised as an increase or decrease in the subsidiaries’ intercompany accounts with the
Parent Entity.
NOTE 8 — DIVIDENDS
Per share
Total
amount Date of payment
Tax rate for
franking credit
Percentage
franked
Cents $’000
Dividends on ordinary shares paid by the
Company during the year are:
2008
Final 2007 dividend paid
Interim 2008 dividend paid
18
11
23,061
14,202
20 September 2007
13 March 2008
30%
30%
100%
100%
37,263
2007
Final 2006 dividend paid
Interim 2007 dividend paid
16
10
20,195
12,793
21 September 2006
15 March 2007
30%
30%
100%
100%
32,988
Subsequent events
Since the end of the financial year, the directors
declared the following dividend:
Final 2008 dividend 19 24,536 25 September 2008 30% 100%
The financial effect of this final dividend in respect of the year has not been brought to account in the financial statements for the year ended 30
June 2008 and will be recognised in subsequent financial reports.
There are no shareholders’ dividend plans in operation.
PARENT ENTITY
2008
$’000
2007
$’000
Franking credit balance
The amount of franking credits available are:
Franking account balance as at the beginning of the financial year at 30% (2007: 30%)
Franking credits from the payment of income tax and income tax payable
Franking debits from the payment of dividends
Franking credits from the receipt of dividends
110,723
39,065
(15,970)
601
102,250
15,018
(14,137)
7,592
The amount of franking credits available for future reporting periods 134,419 110,723
The impact on the franking account of dividends proposed or declared before the financial report was authorised for issue but not recognised as
a distribution to equity holders during the period is to reduce the balance by $10,515,000 (2007: $9,881,000).
The ability to utilise franking credits is dependent upon there being sufficient available profits to declare dividends.
In accordance with the tax consolidation legislation, the Parent Entity, as the head entity in the tax-consolidated group, has also assumed the
benefit of the franking credits available.
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