Page 99 - Sundance Resources Ltd Annual Report 2013

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013 97
NOTES TO THE
FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2013
Note 6. INCOME TAX
30 June 2013
$
30 June 2012
$
The components of tax expense comprise:
Current Income Tax
- Current income charge (8,965,701) (6,376,388)
Deferred Income Tax
- Relating to origination and reversal of temporary differences 53,086 (968)
- Tax losses not brought to account 8,965,701 6,376,388
- Timing differences not brought to account (53,086) 968
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% (2012: 30%)
– consolidated group (9,514,144) (7,592,439)
Add:
Tax effect of:
– Tax rate difference for foreign operations (1,870,549) (1,540,430)
– Other non-allowable items 2,365,906 2,757,449
– Losses not brought to account 8,965,701 6,405,844
– Unbooked tax losses recouped in the current year - (29,456)
– Timing differences not brought to account 53,086 (968)
Income tax attributable to entity - -
Unrecognised deferred tax balances
Unrecognised deferred tax asset – losses 33,937,957 28,917,336
Unrecognised deferred tax assets – other 491,200 469,441
Unrecognised deferred tax liabilities – other (2,225) (37,582)
Deferred tax asset not brought to account 34,426,931 29,349,195
The deferred tax asset not brought to account will only be of benefit to the Consolidated Entity 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 Consolidated Entity
are able to meet the continuity of ownership and/or continuity of business tests.