PMP ADVISES OF CARRY FORWARD TAX LOSSES OF $190 MILLION AFTER TAX AUDIT
December 11th 2007 08:36
Listed printing and media services company PMP Ltd said the Australian Taxation Office had completed its audit of its group affairs.
PMP confirmed that no tax, general interest charges or penalties have been levied on the group following the audit.
As a result of the settlement reached between PMP and the tax office, it has carry forward income tax losses as at June 30, 2007 of $190 million for offset against its future income, an increase of $143.5 million from the amount recognised in the financial statements for 2007.
PMP will therefore recognise a tax benefit of $43 million (tax effect) against its 2008 profit after tax. PMP’s deferred tax asset balance in relation to tax losses increases by $43 million to $57 million (previously $14 million) in its financial statements.
- From MediaBlab by Peter Olszewski
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