Go to top of page

ASC Pty Ltd Annual Report 2019-20

8. Income tax expense

a. Income tax expense

Income tax expense
	June 2020 $'000	June 2019 $'000
Recognised in the income statement

Current tax expense
Current year	19,467	10,724
Adjustments for prior years	-428	-91
Total current tax expense	19,039	10,633

Deferred income tax
Temporary differences arising during the year, net of reversal	-9,784	2,224
Adjustment for prior years deferred tax	428	-
Total deferred tax expense/(benefit)	-9,356	2,224
Income tax expense	9,683	12,857

Income tax expense is attributable to:
Profit from continuing operations	9,683	12,857

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

Numerical reconciliation of income tax expense to prima facie tax payable
	June 2020 $'000	June 2019 $'000
Profit from continuing operations before income tax expense	32,240	43,129
Tax at the Australian tax rate of 30.0% (2019 - 30.0%)	9,672	12,939
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Research and development tax incentive	-	-91
Non deductible expenses	11	9
Income tax expense	9,683	12,857

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.

Net deferred tax
	June 2020 $'000	June 2019 $'000
Net deferred tax	-154	-75

d. Deferred tax assets

Deferred tax assets
	June 2020 $'000	June 2019 $'000
The balance comprises temporary differences attributable to:
Lease liabilities	41,696	-
Employee benefits	15,269	11,953
Property, plant and equipment	2,127	1,267
Project recognised profit	4,513	1,601
Sundry items	2,462	1,130
	66,067	15,951

Deferred tax assets
Movements	Lease liabilities	Employee benefits	Property, plant and equipment	Project recognised profit	Sundry items	Total
Movements	$'000	$'000	$'000	$'000	$'000	$'000

At 1 July 2018	-	11,392	1,400	4,233	1,198	18,223
(charged)/credited
- to profit or loss	-	561	-133	-2,632	-68	-2,272
At 1 July 2019	-	11,953	1,267	1,601	1,130	15,951
(charged)/credited
- to profit and loss adjustment for prior year	-	-	-	-428	-	-428
- to profit or loss current year	41,696	3,316	860	3,339	1,332	50,544
At 30 June 2020	41,696	15,269	2,127	4,513	2,462	66,067

e. Deferred tax liabilities

Deferred tax iiabilities
	June 2020 $'000	June 2019 $'000
The balance comprises temporary differences attributable to:
Right of use assets	40,981	-
Net pension assets	100	228
Sundry items	665	912
	41,746	1,140

Deferred tax liabilities - movements
Movements	Right of use assets	Net pension asset	Sundry items	Total
Movements	$'000	$'000	$'000	$'000

At 1 July 2018	-	233	932	1,165
(charged)/credited
- to profit or loss	-	-5	-20	-25
At 1 July 2019	-	228	912	1,140
(charged)/credited
- to equity	-	-154	-	-154
- to profit or loss	40,981	26	-247	40,760
At 30 June 2020	40,981	100	665	41,746

Visit

https://www.transparency.gov.au/annual-reports/asc-pty-ltd/reporting-year/2019-20-23

Transparency Portal