FINANCIAL REPORT (cont.) Notes to the Financial Statements (cont.)
5. INCOME TAX
2023 $’000
2022 $’000
Income tax recognised in profit Income tax expense comprises: Current income tax (benefit) / expense
5,356 (696)
2,693
Deferred tax expense / (benefit) relating to the origination and reversal of temporary differences
135
Total income tax expense 2,828 The prima facie income tax expense on pre-tax accounting profit reconciles to income tax expense in the financial 4,660
statements as follows: Profit before taxation Income tax at 30%
14,151
9,379 2,814
4,245
Non-temporary differences Total income tax expense
415
14
4,660
2,828
Current tax liability (2,089) The income tax rate used in the above reconciliation is the corporate tax rate of 30% payable by Australian corporate entities on taxable profits under Australian tax law. There has been no change in the corporate tax rate when compared with the (2,300)
previous reporting period. Deferred Tax Balances The deferred tax expense above is itemised as follows:
(Charged)/ Credited to income $’000
Business Combination $’000
Closing balance $’000
Opening balance $’000
2023 Deferred tax assets Employee benefits
881 708
115 261
193
1,229
Provisions
- - - - -
969
Contract assets Lease liabilities
1
2
3
218
63
281
Tax losses
79 63
-
79
Share issue costs
(63) 329 747
-
Accruals and other payables
281
8
618
Deferred tax assets
2,231
201
3,179
2023 Deferred tax liabilities Property, plant and equipment
(2,020)
(17) (54)
(2)
(2,039)
Right of use asset
(262)
- -
(316)
Other
(21)
20
(1)
Deferred tax liabilities
(2,303)
(51) 696
(2)
(2,356)
Net deferred tax (liabilities) / assets
(72)
199
823
Annual Report 2023 67
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