NOTE 05
INCOME TAX EXPENSE/(BENEFIT)
(a) Income tax expense/(benefit)
Consolidated
2015
$’000
2014
$’000
Current tax expense
-
-
Deferred tax expense
Origination and reversal of temporary differences
56,806
56,156
Change in recognised deductible temporary differences
(3,370)
(30,821)
53,436
25,335
Total income tax expense/(benefit)
53,436
25,335
The Group’s current tax expense for the year ended 30 June 2015 is nil (2014: nil) due to the
existence of tax deductions available to the Group as a result of the Group’s ability to claim tax
depreciation on NSW lease assets utilising Division 58 of the Income Tax Assessment Act 1997 and
deductions for carry forward tax losses and offsets generated in previous years.
(b) Numerical reconciliation of income tax expense/(benefit)
to prima facie tax payable
Consolidated
2015
$’000
2014
$’000
Profit from continuing operations before income tax expense
188,034
188,978
Tax at the Group’s statutory tax rate of 30%
56,410
56,693
Change in recognised temporary differences
(3,370)
(30,821)
Amendments and prior year adjustments
627
-
Research and development income tax offset
(250)
(459)
Non-taxable items
19
(78)
Total income tax expense
53,436
25,335
69
