Page 82 - Sundance Resources 2014 Annual Report

80 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
NOTE 10. INCOME TAX
2014
$
2013
$
The components of tax expense comprise:
Current Income Tax
- Current income charge (7,035,603) (8,965,701)
Deferred Income Tax
- Relating to origination and reversal of temporary differences 1,873,104 53,086
- Tax losses not brought to account 7,035,603 8,965,701
- Timing differences not brought to account (1,873,104) (53,086)
Income tax expense reported in the statement of comprehensive income - -
The prima facie tax on loss from ordinary activities is reconciled to the income tax as follows:
Prima facie tax receivable on loss from ordinary activities before income tax at 30% (2013: 30%)
– consolidated group (9,882,454) (9,514,144)
Add:
Tax effect of:
– Tax rate difference for foreign operations (1,006,994) (1,870,549)
– Other non-allowable items 1,980,741 2,365,906
– Losses not brought to account 7,035,603 8,965,701
– Timing differences not brought to account 1,873,104 53,086
Income tax attributable to entity - -
Unrecognised deferred tax balances
Unrecognised deferred tax asset – losses 40,945,128 33,937,957
Unrecognised deferred tax assets – other 2,378,684 491,200
Unrecognised deferred tax liabilities – other (16,605) (2,225)
Deferred tax asset not brought to account 43,307,207 34,426,931
The deferred tax asset not brought to account will only be of benefit to the Group if future assessable income is derived
of a nature and amount sufficient to enable the benefits to be realised, the conditions for deductibility imposed by the tax
legislation continue to be complied with and the entities in the Group are able to meet the continuity of ownership and/or
continuity of business tests.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014