content_image/170434.jpg content_image/170433.jpg
## NOTEs TO THE FINANCIAL sTATEMENTs 

FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 

## 17. DEFERRED TAx AssETs AND LIABILITIEs (CONTINUED) 

<img src='content_image/170434.jpg'>

## (C) TAX LOSSES AND FUTURE DEDUCTIBLE TEMPORARY DIFFERENCES 

The Group has realised Australian capital losses for which no deferred tax asset is recognised on the balance sheet of $280.0 million (2012: $216.5 million) which are available indefinitely for offset against future capital gains subject to continuing to meet relevant statutory tests. 

The Group has deductible temporary differences for which no deferred tax asset is recognised on the balance sheet of $770.2 million (2012: $684.7 million). 

## (D) FUTURE ASSESSABLE TEMPORARY DIFFERENCES 

At 30 June 2013, there are no material unrecognised future assessable temporary differences associated with the Group’s investments in associates or joint ventures, as the Group has no material liability should the associates or joint ventures retained earnings be distributed (2012: Nil). 

## 18. PAYABLEs 

<img src='content_image/170433.jpg'>

* Trade payables are non-interest bearing and are generally on 30 day terms. 

