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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
130 Independence Group NL
Notes to the consolidated financial statements
30 June 2015
10 Income tax expense
(a) Income tax expense
2015
$'000
Restated*
2014
$'000
The major components of income tax expense are:
Deferred income tax
33,182
22,119
Income tax expense
33,182
22,119
Deferred income tax revenue (expense) included in income tax expense comprises:
Decrease (increase) in deferred tax assets
22,068
(897)
Increase in deferred tax liabilities
11,114
23,016
Income tax expense
33,182
22,119
(b) Amounts recognised directly in equity
2015
$'000
2014
$'000
Deferred income tax revenue (expense) related to items charged or credited to other
comprehensive income:
Recognition of hedge contracts
1,074
(1,900)
Income tax expense reported in equity
1,074
(1,900)
(c) Numerical reconciliation of income tax expense to prima facie tax payable
2015
$'000
Restated*
2014
$'000
Profit from continuing operations before income tax expense
109,961
70,698
Tax at the Australian tax rate of 30% (2014: 30%)
32,988
21,209
Tax effect of amounts which are not deductible (taxable)
in calculating taxable income:
Share-based payments
(318)
1,074
Other non-deductible items
296
110
Capital losses not brought to account
-
357
Previously unrecognised capital losses brought to account
(52)
-
Difference in overseas tax rates
42
-
Overseas tax losses not brought to account
116
-
Adjustments for current tax of prior periods
110
(631)
Income tax expense
33,182
22,119
(143,143)
(92,817)
Independence Group NL
66