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19. Parent Entity Financial Information a Summary financial information The following aggregate amounts are disclosed in respect of the parent entity Southern Cross Media Group Limited Southern Cross Media Group Limited Statement of Financial Position 2015 000 2014 000 Current assets 500 6726 Non-current assets 944486 1234800 Total assets 944986 1241526 Current liabilities 3467 24524 Non-current liabilities 198 Total liabilities 3467 24722 Net assets 941519 1216804 Issued capital 1267522 1589290 Reserves 4226 3503 Retained profits 2013 reserve 67648 88805 Accumulated losses 2014 reserve 96805 464794 Retained profits 2015 H1 interim reserve 22761 Retained losses 2015 H2 reserve 323833 Total equity 941519 1216804 Profitloss for the year 279102 401328 Total comprehensive income 279102 401328 As a result of the impairment of the Metro and Regional CGUs the carrying value of the parent entitys investment in the relevant subsidiaries has been reviewed for impairment. The carrying amount of the investment was compared with the recoverable amount of the subsidiaries and resulted in an impairment of 325.6 million. b Guarantees entered into by the parent entity The parent entity has not provided any financial guarantees in respect of bank overdrafts and loans of subsidiaries as at 30 June 2015 30 June 2014 nil. The parent entity has not given any unsecured guarantees at 30 June 2015 30 June 2014 nil. c Contingent liabilities of the parent entity The parent entity did not have any contingent liabilities as at 30 June 2015 30 June 2014 nil. d Contractual commitments for the acquisition of property plant or equipment As at 30 June 2015 the parent entity had no contractual commitments 30 June 2014 nil. Recognition and Measurement Parent entity financial information The financial information for the parent entity has been prepared on the same basis as the consolidated financial statements except as set out on the following page. i Investments in subsidiaries associates and joint venture entities Investments in subsidiaries are accounted for at cost in the financial statements of the Company less any impairment charges. ii Tax consolidation legislation The Company and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation as of 23 November 2005. The Company is the head entity of the tax consolidated group. Members of the group have entered into a tax sharing agreement in order to allocate income tax expense to the wholly-owned subsidiaries on a stand-alone basis. The tax sharing arrangement provides for the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. The possibility of such a default is considered remote at the date of this report. Members of the tax consolidated group have entered into a tax funding agreement. The Group has applied the group allocation approach in determining the appropriate amount of current taxes to allocate to members of the tax consolidated group. The tax funding agreement provides for each member of the tax consolidated group to pay a tax equivalent amount to or from the parent in accordance with their notional current tax liability or current tax asset. Such amounts are reflected in amounts receivable from or payable to the parent company in their accounts and are settled as soon as practicable after lodgement of the consolidated return and payment of the tax liability. 63 SOUTHERN CROSS AUSTEREO ANNUAL REPORT 2015