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5 INCOME TAX EXPENSE 

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## unrecognised tax losses 

the group has estimated tax losses to carry forward from Kathmandu (u.K.) limited of £7,290,184 (nZ$14,350,756) (2011: £5,743,723 (nZ$12,016,157)) which can be carried forward to be offset against future profits generated within the uK. 

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the above amounts represent the balance of the imputation account as at the end of July 2012, adjusted for: 

Imputation credits that will arise from the payment of the amount of the provision for income tax; 

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Imputation debits that will arise from the payment of dividends recognised as a liability at the reporting date; and 

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Imputation credits that will arise from the receipt of dividends recognised as receivables at the reporting date. 

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the balance of australian franking credits able to be used by the Group as at 31 July 2012 is a$3,369,445 (2011: a$836,783). 

