HF purchased an asset on 1 April 2007 for $220 000. HF claimed a first year tax allowance of 30% and then an annual 20% writing down allowance, using the reducing balance method. HF depreciates the asset over eight years using straight line depreciation, assuming no residual value. On 1 April 2008, HF revalued the asset and increased the net book value by $50 000. The asset's useful life was not affected. Assume there are no other temporary differences in the period and a tax rate of 25% p.a.
Required:
Calculate the amount of deferred tax movement in the year ended 31 March 2009 and the deferred tax balance at 31 March 2009 in accordance with IAS 12, Income Taxes.