NOTE 05
INCOME TAX EXPENSE/(BENEFIT)
(a) Income tax expense/(benefit)
Consolidated
2013
$’000
2012
$’000
Adjustment for current tax prior year adjustment
(4,072)
-
Deferred income tax (benefit)/expense related to recognition of previously
unrecognised tax losses (note 15)
(6,301)
(9,240)
Deferred income tax expense/(benefit) relating to movement in temporary
differences (note 15)
(114,746)
63,597
Income tax (benefit)/expense
(125,119)
54,357
(Increase) / decrease in deferred tax assets
(125,119)
54,357
(b) Numerical reconciliation of income
tax expense/(benefit) to prima facie tax payable
Consolidated
2013
$’000
2012
$’000
(Loss) from continuing operations before income tax expense
(326,916)
(165,570)
Tax at the Group’s Statutory Tax Rate of 30%
(98,075)
(49,671)
Adjustments in respect of current income tax
Non-deductible expenses
Adjustments for current tax of prior periods
(4,072)
-
Depreciation & impairment
191,952
128,528
Provisions
300
1,834
Deferred grant revenue taxable in advance
1,996
15,419
Other assessable income
433
73
Loss on disposal
-
1,767
Other
288
113
Deductible expenses
Depreciation
(94,693)
(67,915)
Profit on disposal
(1,221)
(9,971)
Research and Development
-
(7,080)
Other
(8,536)
(4,374)
Prior year tax losses unrecognised
7,556
(8,723)
Current Income tax (benefit)/expense
(4,072)
-
(Increase) in deferred tax assets related to recognition of previously
unrecognised tax losses
(6,301)
(9,240)
Decrease/(increase) in deferred tax assets primarily related to Property, plant
and equipment
(114,746)
63,597
Tax (benefit)/expense deferred tax total
(121,047)
54,357
Total income tax (benefit)/expense
(125,119)
54,357
71
