28 for the year ended 30 June 2024 Note 2024 2023 All figures are in A$000's Current income tax: Current tax expense 23,679 18,093 Adjustment in respect of current year income tax of previous year (354) 353 Deferred tax: Relating to origination, reversal and impairment of temporary differences (8,714) 2,297 Income tax expense reported in statement of profit or loss 14,611 20,743 A reconciliation of income tax expense applicable to accounting profit before income tax at the statutory income tax rate to income tax expense at the Group's effective income tax rate for the years ended 30 June 2024 and 2023 is as follows: Accounting profit / (loss) before income tax 64,371 (45,830) Income tax expense / (benefit) at the statutory income tax rate of 30% (2023: 30%) 19,311 (13,749) Adjusted for: Non-deductible expense and non-assessable income 420 13,968 Share of loss of associates 31 55 Withholding tax expensed 1,392 1,520 Non-assessable income on tax recoupment from Parent (5,933) (6,223) Deferred taxation asset not recognised (1,183) 17,005 Adjustment in respect of current income tax of previous year (354) 353 Effects of lower rates of tax on foreign income 627 6,868 Other items 300 946 Income tax expense reported in statement of profit or loss 14,611 20,743 Consolidated 5. Taxation Tax consolidation - Distributions arising from tax consolidation During the financial year McConnell Dowell Corporation Limited and its wholly owned Australian entities allocated its current taxes to the head entity as distribution by subsidiary,resulting in the head entity recognising an inter-company receivable / (payable) that is receivable / (payable) on call and is non-interest bearing. The treatment of this loan follows the legal consideration of the tax funding agreement entered into by the entities and on tax consolidation the distributions were recognised as a tax recoupment in McConnell Dowell Corporation. The historical unused tax losses that were generated by McConnell Dowell Corporation Limited were assumed by the head entity (Aveng Australia Holdings Pty Ltd) in the period in which they were created. Notes to the annual financial statements (continued) *Australian income taxation is calculated at 30% (2023: 30%) of the taxable income for the year. Taxation in other jurisdictions is calculated at the prevailing rates.
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