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NOTE 7
INCOME TAX EXPENSE/(BENEFIT)
(a) Income tax expense/(benefit)
Consolidated
2016
$’000
2015
$’000
Current tax expense
-
-
Deferred tax expense
Origination and reversal of temporary differences
57,588
56,806
Change in recognised deductible temporary differences
16,624
(3,370)
74,212
53,436
Total income tax expense/(benefit)
74,212
53,436
The Group’s current tax expense for the year ended 30 June 2016 is nil (2015: nil) due to the
existence of tax deductions available to the Group as a result of the Group’s ability to claim tax
depreciation on NSW lease assets utilising Division 58 of the Income Tax Assessment Act 1997
and to utilise offsets generated in previous years.
(b) Numerical reconciliation of income tax
expense/(benefit) to prima facie tax payable
Consolidated
2016
$’000
2015
$’000
Profit from continuing operations before income tax expense
191,778
188,034
Tax at the Group's statutory tax rate of 30%
57,533
56,410
Change in recognised temporary differences
16,624
(3,370)
Amendments and prior year adjustments
170
627
Research and development income tax offset
(135)
(250)
Non-taxable items
20
19
Total income tax expense
74,212
53,436
64