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Note 5. Income Tax

(a) Income tax benefit

2020

2019

$'000

$'000

Deferred income tax:

Adjustments in respect of deferred income tax of previous year

(180)

(416)

Deferred tax in respect of the current year

(8,052)

(29,957)

Income tax benefit

(8,232)

(30,373)

Loss before income tax benefit

(26,840)

(99,857)

Tax at the Australian tax rate of 30%

(8,052)

(29,957)

Over provision prior years

(180)

(416)

Income tax benefit

(8,232)

(30,373)

Deferred tax

Project costs

Provision and accruals

Tax deferred revenue

Unused tax losses and credit

Total

$'000

$'000

$'000

$'000

$'000

Opening balance

2,846

55,887

(2,952)

8,740

64,521

Movement: Provision and accruals

0

12,117

(7,433)

0

4,684

Movement: Current year losses

0

0

0

3,368

3,368

Return to provisions

0

0

0

180

180

Closing balance

2,846

68,004

(10,385)

12,288

72,753

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 $72.8 million is considered appropriate following an assessment of the overall forecast profit and taxation position.

Tax deferred revenue relates to equity accounted income, fair value gains and finance income not yet assessable for tax purposes.

2020

2019

$'000

$'000

Movements:

Opening balance at 1 July

64,521

34,148

Credited to the consolidated statement of profit and loss and other comprehensive income

8,232

30,373

Closing balance at 30 June

72,753

64,521