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8. Income tax expense

ASC PTY LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -CONTINUED
For the year ended 30 June 2019

a. Income tax expense

June 2019 $'000

June 2018 $'000

Recognised in the income statement

Current tax expense

Current year

10,724

13,123

Adjustments for prior years

(91)

-

Total current tax expense

10,633

13,123

Deferred income tax

Temporary differences arising during the year, net of reversal

2,224

605

Total deferred tax expense/(benefit)

2,224

605

Income tax expense

12,857

13,728

Income tax expense is attributable to:

Profit from continuing operations

12,857

13,728

b. Numerical reconciliation of income tax expense to prima facie tax payable

June 2019 $'000

June 2018 $'000

Profit from continuing operations before income tax expense

43,129

45,724

Tax at the Australian tax rate of 30.0% (2018 - 30.0%)

12,939

13,717

Tax effect of amounts which are not deductible (taxable)

in calculating taxable income:

Research and development tax incentive

(91)

-

Non deductible expenses

9

11

Income tax expense

12,857

13,728

c. Amounts recognised directly in equity

Aggregate current and deferred tax arising in the reporting period and not recognised in net profit or loss but directly debited or credited to equity.

June 2019 $'000

June 2018 $'000

Net deferred tax

(75)

9