5. Income tax
|
2019 $'000 |
2018 $'000 |
|
|---|---|---|
|
(A) Income tax benefit |
||
|
Adjustment in respect of deferred income tax of previous year |
(416) |
643 |
|
Deferred tax in respect of the current year |
(29,957) |
(26,076) |
|
Income tax benefit |
(30,373) |
(25,433) |
|
Loss before income tax benefit |
(99,857) |
(86,924) |
|
Tax at the Australian tax rate of 30% |
(29,957) |
(26,077) |
|
Permanent differences |
- |
1 |
|
(Over)/under provision |
(416) |
643 |
|
Income tax benefit |
(30,373) |
(25,433) |
|
ETR |
2019 $'000 |
ETR |
2018 $'000 |
|
|---|---|---|---|---|
|
(B) Effective tax rates |
||||
|
Loss before income tax |
(99,857) |
(86,924) |
||
|
Income tax calculated at 30% |
(29,957) |
30.00% |
(26,077) |
|
|
Permanent differnces - entertainment |
-% |
- |
-% |
- |
|
Prior year adjustments |
0.87% |
(416) |
(0.82%) |
712 |
|
Income tax benefit |
30.87% |
(30,373) |
29.18% |
(25,364) |
|
Deferred tax |
Project costs |
Provision and accurals |
Used tax losses and credits |
Total |
|---|---|---|---|---|
|
Opening balance |
2,687 |
24,785 |
6,677 |
34,14 |
|
Movement: Provision and accurals |
- |
28,150 |
- |
28,150 |
|
Movement: Project costs |
35 |
- |
- |
35 |
|
Movement: Current year losses |
- |
- |
1,760 |
1,760 |
|
Return to provisions |
124 |
- |
303 |
427 |
|
Closing balance |
2,846 |
52,935 |
8,740 |
64,521 |
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The recognition of the deferred tax asset of $64 million is considered appropriate following an assessment of the overall forecast profit and taxation position.
|
Movements |
2019 $'000 |
2018 $'000 |
|---|---|---|
|
Opening balance at 1 July |
34,148 |
8,715 |
|
Credited to the consolidated statement of profit and loss and other comprehensive income |
30,373 |
25,433 |
|
Closing balance at 30 June |
64,521 |
34,148 |
Visit
https://www.transparency.gov.au/annual-reports/moorebank-intermodal-company-limited/reporting-year/2018-2019-88