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5 Income tax expense

Reconciliation of income tax expense charged to the consolidated statement of profit or loss:



Restated* 2018

Profit from operations



Tax expense calculated at 30%



Prior year adjustments



Non-deductible expenses



Research and development concession



Total income tax expense on profit



Comprising of:

Current tax expense



Deferred tax income



Total income tax expense on profit



*The prior period financial information has been restated, as described in Note 2 of the Financial Statements.

The tax rate used in the above reconciliation is the corporate tax of 30% payable by Australian corporate entities on taxable profits under Australian tax law. There has been no change in the corporate tax rate when compared with the previous reporting period.

Snowy Hydro and its wholly-owned Australian resident entities are eligible to consolidate for tax purposes and elected to be taxed as a single entity from 1 July 2003. The head entity in the tax consolidated group is Snowy Hydro Ltd. Entities within the tax consolidated group are listed in note 21.

Snowy Hydro Limited is a signatory to the Voluntary Tax Transparency Code, and prepares its Tax Report in accordance with the code. The Tax Report for the 30 June 2019 year is available on the Snowy Hydro Limited website.

Recognition and measurement

Current and deferred tax is recognised as an expense in the consolidated statement of profit or loss, except when it relates to items credited or debited directly to comprehensive income or directly to equity, in which case the deferred tax is also recognised directly to comprehensive income or equity, respectively, or where it arises from an initial accounting for a business acquisition, in which case it is taken into account in the determination of goodwill.