UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315 UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315
7. INCOME TAX EXPENSE
Note
2022 $'000
2021 $'000
(a) The income tax expense comprises amounts set aside as: Current Income Tax Payable Prior year over provision of tax and other adjustments Add / (less) current year movement in deferred tax asset
1,998 323 (476) 1,845
1,853
-
379
Current tax expense - current year profits
(7b)
2,232
Total current income tax expense (7b)
1,845
2,232
(b) The prima facie tax payable on profit is reconciled to the income tax expense in the accounts as follows Profit
9,193 2,298
7,599 2,280
Prima facie tax payable on profit before income tax at 25% (2021: 30%)
Add tax effect on expenses not deductible
37
27
Less - Franking rebate
(490) 1,845
(75)
Income tax expense attributable to current year profit
2,232
For the year ended 30 June 2022, the Bank was classed as a Base Rate Entity for tax purposes with a tax rate of 25%. The increase in franking credits for the year has reduced the effective tax rate to 20.1%
8. CASH
Cash on Hand Deposits at Call
1,372 18,622 19,994
1,519 32,707 34,227
9. LIQUID INVESTMENTS
(a) Breakdown of liquid investments Amortised cost Negotiable certificates of deposit
63,330 259,147 35,187 64,397 422,061 19,690 8,000 347,735 46,636 422,061
57,929 251,164 80,866 26,104 416,063 19,690 30,500 339,769 26,104 416,063
Receivables Term deposits
Bonds
(b) Dissection of liquid investments Deposits with industry bodies Deposits with other societies
Deposits with banks
Deposits with government bodies
Amounts expected to be repaid within 12 months are described in Note 32.
41
34
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