Page 58 - ar2012

54 GoodLand Group Limited
Notes to the Financial Statements
30 September 2012
8 Employee Benefts Cost
Group
2012
S$
(Restated)
2011
S$
Salaries and related costs 5,275,980 2,747,204
Contributions to defned contribution plans 365,567 331,353
5,641,547 3,078,557
Included in:
Cost of sales 1,290,050 888,870
Administrative expenses 4,351,497 2,189,687
5,641,547 3,078,557
9 Income Tax
Group
2012
S$
(Restated)
2011
S$
Current year’s income tax expense:
Current income tax 2,679,164 823,133
Deferred income tax (Note 24) (39,383) 395,291
2,639,781 1,218,424
Prior year overprovision:
Income tax (18,985) (110,990)
2,620,796 1,107,434
A reconciliation of income tax calculated at the applicable corporate tax rate in Singapore with income tax
expense is as follows:
Group
2012
S$
(Restated)
2011
S$
Proft before income tax 27,266,430 10,335,754
Less: Share of results of associated companies, net of tax (1,854,891) (392,108)
25,411,539 9,943,646
Tax at statutory rate of 17% (2011: 17%) 4,319,962 1,690,420
Effect of:
- different tax rates in other countries (216) 320
- partial tax exemption and tax relief (89,596) (155,550)
- expenses not deductible for tax purposes 100,857 52,228
- income not subject to tax (1,708,724) (373,414)
- utilisation of previously unrecognised deferred tax benefts on tax losses (10,714) (7,480)
- deferred tax benefts on tax losses not recognised 28,212 11,900
- over provision in prior year (18,985) (110,990)
2,620,796 1,107,434
Unrecognised deferred tax assets
The following deferred tax assets have not been recognised at the reporting date:
Group
2012
S$
(Restated)
2011
S$
Tax losses 28,548 11,050