Note 06
Income tax expense/ (benefit)
Consolidated
(a) Income tax expense/(benefit)
2012
2011
$’000
$’000
Current income tax charge
-
-
Adjustments for current tax prior year amendments
-
(348)
Deferred income tax (benefit)/expense related to recognition of
previously unrecognised tax losses
(9,240)
-
Deferred income tax expense/(benefit) relating to movement in
temporary differences
63,597
(249,087)
Income tax expense/(benefit)
54,357
(249,435)
Decrease/(Increase) in deferred tax assets (note 17)
54,357
(249,087)
54,357
(249,087)
(b) Numerical reconciliation of income tax expense/
(benefit) to prima facie tax payable
Consolidated
2012
2011
$’000
$’000
(Loss) from continuing operations before income tax expense
(165,570)
(299,073)
Tax at the Group’s Statutory Tax Rate of 30%
(49,671)
(89,722)
Adjustments in respect of current income tax:
Non ‑ deductible expenses
Adjustment of current income tax from previous year
-
(348)
Other assessable income
73
-
Prepayments
-
41
Provisions
1,834
962
Depreciation & Impairment
128,528
159,316
Loss on disposal
1,767
-
Other
113
320
Deferred grant revenue taxable in advance
15,419
25,602
Deductible expenses
Depreciation
(67,915)
(58,853)
Loss on disposals
(9,971)
(375)
Investment Allowance
-
(6,000)
R&D
(7,080)
(7,650)
Other assessable income
-
(122)
Other
(4,374)
(532)
Prior year tax losses unrecognised
(8,723)
(22,987)
Current Income tax expense/(benefit)
-
(348)
(Increase) in deferred tax assets related to recognition of previously
unrecognised tax losses
(9,240)
-
Decrease/(increase) in deferred tax assets primarily related to property,
plant and equipment
63,597
(249,087)
Tax expense/(benefit) deferred tax total
54,357
(249,087)
Total income tax expense/(benefit)
54,357
(249,435)
80
