Financial Report Template Page 37
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80NOTES TO THE FINANCIAL STATEMENTS
(CONT)
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 7 INCOME TAX EXPENSE
Consolidated Group
2015
2014
Note
$
$
(a) The components of tax expense/(income) comprise:
Current tax
–
1,020,995
Deferred tax
23
10,499,486
8,618,774
Under/(over) provision in respect of prior years
–
(325,966)
10,499,486
9,313,803
(b) The prima facie tax on profit from ordinary activities before income tax is reconciled
to the income tax as follows:
Prima facie tax payable on profit from ordinary activities before income tax at 30% (2014: 30%)
Consolidated group
12,038,354
9,446,683
Tax effect of:
— non-allowable items
16,507
(132,880)
– ACA assessable income
335,851
–
– acquired WIP and disbursements
(1,802,064)
–
– unrecognised temporary differences – tax losses
(89,162)
–
Income tax attributable to entity
10,499,486
9,313,803
The applicable weighted average effective tax rates are as follows:
26.2%
29.6%
NOTE 8 KEY MANAGEMENT PERSONNEL COMPENSATION
Refer to the Remuneration Report contained in the Directors’ Report for details of the remuneration paid or payable to each member
of the Group’s key management personnel (KMP) for the year ended 30 June 2015.
The totals of remuneration paid to KMP of the Group during the year are as follows:
Consolidated Group
2015
2014
$
$
Short-term employee benefits
1,481,163
1,773,756
Long-term employee benefits
37,500
–
Post-employment benefits
93,329
125,025
Total KMP compensation
1,646,993
1,898,781
KMP Options and Rights Holdings
No options have been issued by the company.
Other KMP Transactions
There have been no other transactions involving equity instruments other than those described in the tables above.
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