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## Notes to the Financial Statements for the year ended 30 June 2004 

<img src='content_image/90476.jpg'>

These bene fi  ts will only be obtained if: 

(i) the consolidated entity derives future assessable income of a nature and of an amount suf fi  cient to enable the bene fi  t from the deductions for the loss to be realised; or 

(ii) the consolidated entity continues to comply with the conditions for deductibility imposed by the law; and 

(iii) no changes in tax legislation adversely affect the consolidated entity in realising the bene fi  t from the deductions for the losses. 

## (c) Tax consolidation legislation 

The Company and its wholly-owned Australian subsidiaries have decided to implement tax consolidation in respect of the year ended 30 June 2004. The Australian Taxation Of fi  ce has not yet been noti fi  ed of this decision. 

The accounting policy on implementation of the legislation is set out in note 1(h). As the company and consolidated entity are in a carried forward tax loss position and do not currently recognise deferred tax balances in the fi  nancial statements, there has not been a material impact on company or consolidated assets, liabilities and results from implementation of the legislation. 

