McConnell Dowell 2020 Annual Review

73 Annual Review 2020 Consolidated All figures are in A$ 000’s Note 2020 2019 5. Taxation Current income tax: Current tax expense 2,563 1,532 Adjustment in respect of current year income tax of previous year 250 72 Deferred tax: Relating to origination, reversal and impairment of temporary differences 597 (79) Income tax expense reported in statement of profit or loss 3,410 1,525 Accounting (loss) / profit before income tax (13,084) 9,310 Income tax (benefit) / expense at the statutory income tax rate of 30% (2019: 30%) (3,925) 2,793 Adjusted for: Total construction contract revenue (726) 786 Share of loss of associates 365 1,097 Withholding tax expensed 2,052 1,298 Utilisation of previously unrecognised losses (124) (4,425) Tax losses not recognised 5,362 758 Adjustment in respect of current income tax of previous year 250 72 Effects of lower rates of tax on overseas income 106 (1,059) Other items 50 205 Income tax expense reported in statement of profit or loss 3,410 1,525 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 2020 and 2019 is as follows: