McConnell Dowell 62 Note 2022 2021 All figures are in A$000's Current income tax: Current tax expense 17,090 10,899 Adjustment in respect of current year income tax of previous year 13 57 Deferred tax: Relating to origination, reversal and impairment of temporary differences (1,497) (1,876) Income tax expense reported in statement of profit or loss 15,606 9,080 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 2022 and 2021 is as follows: Accounting profit before income tax 46,828 32,114 Income tax expense at the statutory income tax rate of 30% (2021: 30%) 14,048 9,634 Adjusted for: Permanent differences and non-assessable income (478) (717) Share of loss of associates 140 175 Withholding tax expensed 987 1,018 Non-assessable income (4,002) (2,083) Tax losses not recognised 3,784 319 Adjustment in respect of current income tax of previous year 13 57 Effects of higher rates of tax on overseas income 1,651 511 Other items (537) 166 Income tax expense reported in statement of profit or loss 15,606 9,080 Consolidated Notes to the annual financial statements (continued) for the year ended 30 June 2022 5. Taxation Tax consolidation - Distributions arising from tax consolidation During the financial year McConnell Dowell Corporation Limited and its wholly owned Australian entities allocated its current taxes to the head entity as distribution by subsidiary,resulting in the head entity recognising and inter-company receivable / (payable) that is receivable / (payable) on call and is not 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 prior year comparatives have been restated to reflect this as a recoupment other than a deferred tax asset. The historical unused tax losses that was generated by McConnell Dowell Corporation Limited was assumed by the head entity (Aveng Australia Holdings Pty Ltd).
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