28 Note 2025 2024 All figures are in A$000's Current income tax: Current tax expense 14,980 23,679 Adjustment in respect of current year income tax of previous year 419 (354) Deferred tax: Relating to origination, reversal and impairment of temporary differences (663) (8,714) Tax expense reported in statement of profit or loss 14,734 14,611 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 2025 and 2024 is as follows: (40,433) 64,371 Accounting (loss) / profit before income tax Tax(benefit) / expense at the Australian statutory income tax rate of 30% (2024: 30%) (12,130) 19,311 Adjusted for: Non-deductible expense and non-assessable income 339 420 Share of loss of associates 70 31 Withholding tax expensed 1,979 1,392 Non-assessable income on tax recoupment from Parent (1,834) (5,933) Deferred taxation asset not recognised 16,635 (1,183) Adjustment in respect of current income tax of previous year 419 (354) Effects of lower rates of tax on foreign income 7,430 627 Other items 1,826 300 Income tax expense reported in statement of profit or loss 14,734 14,611 Consolidated 5. Taxation Tax consolidation - Distributions arising from tax consolidation During the financial year McConnell Dowell Corporation 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 that is 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 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% (2024: 30%) of the taxable income for the year. Taxation in other jurisdictions is calculated at the prevailing rates.
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