60 2022 ANNUAL REPORT Notes to the CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2022 (cont.) 6 INCOME TAX Consolidated Year ended 30 June 2022 30 June 2021 $’000 $’000 Current income tax Current income tax charge - - Adjustment for prior period - 1,791 - 1,791 Deferred income tax Deferred income tax credit 842 5,122 Adjustment for prior period 73 (2,125) 915 (2,997) Income tax benefit/(charge) 915 4,788 A reconciliation between income tax charge and the profit/(loss) before income tax at the applicable income tax rate is as follows: (Loss)/profit before income tax (49,579) (14,266) At statutory income tax rate of 30% (2021: 30%) 14,874 4,280 Temporary difference not recognised / (recognised) 2,458 1,400 Items not allowable for income tax purposes: Non-deductible expenses (1,266) (558) Utilisation of carry forward tax losses not brought to account - - Current year losses for which deferred tax asset is not recognised (15,224) - Prior period adjustment 73 (334) Income tax benefit benefit/(charge) 915 4,788 Tax losses and temporary differences not brought to account (tax effected) Deductible temporary differences 42,261 49,709 Tax losses 16,326 7,017 A portion of the tax losses and deductible temporary differences have not been recognised as a deferred tax asset at 30 June 2022 because the Directors do not presently believe that their realisation can be regarded as probable, except to the extent that they offset deferred tax liabilities. Movement in deferred tax balances: Net balance at 1 July 2021 Recognised in other comprehensive income Recognised in profit or loss Net balance at 30 June 2022 $’000 $’000 $’000 $’000 Property, plant and equipment and intangible assets (22,463) - (48,611) (71,074) Exploration and evaluation assets (9,561) - (2,380) (11,941) Inventories - - 3,994 3,994 Provisions and employee benefits 18,771 - (1,771) 17,000 Derivative financial instruments - 618 (618) - Leases 1,584 - (2,044) (460) Other items (278) - 2,307 2,029 Tax losses recognised 10,414 - 50,038 60,452 (1,533) 618 915 -
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