57 l BRADKEN LIMITED ANNUAL REPORT 2014
Notes to the consolidated financial statements
30 June 2014
(continued)
8 Income tax expense
2014
2013
Notes
$'000
$'000
(a) Income tax expense
Current tax
14,738
30,860
Deferred tax
(6,538)
12,943
Adjustment for current tax of prior periods
(1,641)
(6,751)
6,559
37,052
Income tax expense is attributable to:
Profit from continuing operations
6,559
37,052
Aggregate income tax expense
6,559
37,052
Decrease (increase) in deferred tax assets (note 15)
(3,553)
(2,704)
(Decrease) increase in deferred tax liabilities (note 21)
(2,985)
15,647
(6,538)
12,943
(b)
Profit from continuing operations before income tax expense
28,039
103,989
28,039
103,989
Tax at the Australian tax rate of 30% (2013: 30%)
8,412
31,197
Entertainment
40
61
Research and development
(2,100)
(1,500)
Share based payments
(97)
1,012
Tax offset for franked dividends
(734)
(654)
Legal settlements
(1,252)
8,170
Sundry items
2,776
4,642
7,045
42,928
Difference in overseas tax rates
(934)
126
Adjustment for tax of prior periods
(2,295)
(6,116)
Deferred tax assets restated for reduction in overseas tax rate
-
114
Prior year tax losses de-recognised as not probable of recovery
2,743
-
Income tax expense
6,559
37,052
(c)
(1,215)
6,193
(1,215)
6,193
(d)
Cash flow hedges (note 23(a))
(159)
346
(159)
346
Amounts recognised directly in equity
Tax expense (income) relating to items of other
comprehensive income
Net deferred tax - debited (credited) directly to equity (notes
15 and 21)
Deferred income tax (revenue) expense included in income tax
expense comprises:
Numerical reconciliation of income tax expense to
prima facie tax payable
Aggregate current and deferred tax arising in the reporting
period and not recognised in net profit or loss or other
comprehensive income but directly debited or credited to equity
Tax effect of amounts which are not deductible (taxable) in
calculating taxable income:
Page 57
Bradken Limited
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(CONTINUED)
1...,84,85,86,87,88,89,90,91,92,93 95,96,97,98,99,100,101,102,103,104,...136