Bradken Limited Annual Report 2015 - page 89

BRADKEN LIMITED ANNUAL REPORT 2015 l 54
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
8 Income tax expense
2015
2014
Notes
$'000
$'000
(a) Income tax expense
Current tax
8,890
14,738
Deferred tax
(23,389)
(6,538)
Adjustment for current tax of prior periods
1,301
(1,641)
(13,198)
6,559
Income tax expense is attributable to:
Profit from continuing operations
(13,545)
6,559
Aggregate income tax (benefit) / expense
(13,545)
6,559
Decrease (increase) in deferred tax assets (note 15)
(25,675)
(3,553)
(Decrease) increase in deferred tax liabilities (note 21)
2,286
(2,985)
(23,389)
(6,538)
(b)
Profit from continuing operations before income tax expense
(254,840)
28,039
(254,840)
28,039
Tax at the Australian tax rate of 30% (2014: 30%)
(76,452)
8,412
Goodwill impairment
35,704
-
Entertainment
35
40
Impairment of investments
15,808
-
Unrecognised deferred tax movement
4,879
-
Research and development
(2,064)
(2,100)
Share of net profit of associates
2,731
-
Share based payments
1,079
(97)
Tax offset for franked dividends
-
(734)
Legal settlements
-
(1,252)
Sundry items
838
2,776
(17,442)
7,045
Difference in overseas tax rates
2,870
(934)
Adjustment for tax of prior periods
1,027
(2,295)
Prior year tax losses de-recognised as not probable of recovery
-
2,743
Income tax (benefit) / expense
(13,545)
6,559
(c)
(994)
(1,215)
(994)
(1,215)
(d)
Cash flow hedges (note 23(a))
584
(159)
584
(159)
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:
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)
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