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CONSOLIDATED PARENT ENTITY
31 JULY 08 31 JULY 07 31 JULY 08 31 JULY 07
$000 $000 $000 $000
NOTE 17: DEFERRED TAX ASSETS (cont.)
Tax losses
Unused capital losses for which no deferred tax
asset has been recognised 23,694 23,772 - -
Potential tax benefit @ 30% 7,108 7,132 - -
NOTE 18: INTANGIBLE ASSETS
Goodwill
At cost 264,535 261,454 - -
Less: impairment write-downs - - - -
264,535 261,454 - -
Timber access rights
At cost 7,141 7,141 - -
Less: accumulated amortisation 574 287 - -
6,567 6,854 - -
Other intangibles
At cost 5,711 5,300 - -
Less: accumulated amortisation 5,300 5,300 - -
411 - - -
271,513 268,308 - -
(a) Reconciliations
Timber
access Other
Consolidated Goodwill rights Intangibles Total
$000 $000 $000 $000
At 1 August 2006
Cost 241,669 7,141 5,300 254,110
Accumulated amortisation and impairment - - (5,300) (5,300)
Balance at 1 August 2006 241,669 7,141 - 248,810
Year ended 31 July 2007
Additions 19,785 - - 19,785
Amortisation / impairment charge - (287) - (287)
Balance at 31 July 2007 261,454 6,854 - 268,308
Year ended 31 July 2008
Additions 3,081 - 411 3,492
Amortisation / impairment charge - (287) - (287)
Balance at 31 July 2008 264,535 6,567 411 271,513
(b) Intangible assets with indefinite useful lives
Timber access rights with a carrying value of $4.8 million (2007 $4.8 million) have been assessed as having an indefinite useful
life. The main reason for this assessment is that although licences are subject to periodic renewal, the cost of the licence renewal
is not significant compared to the future economic benefits obtainable under the licence, there is a history of renewals which are
arranged by management as part of the normal operations of the business, there is a realistic expectation that all conditions for
renewal will be successfully achieved, and if the licence

 

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