ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 47 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 Note 3: Income Tax 2023 2022 $ $ (a) Income Tax Expense The prima facie income tax expense on pre-tax accounting loss from operations reconciles to the income tax expense as follows: Loss from continuing operations before tax (1,645,916) (891,140) Income tax benefit calculated at 30% (2022: 30%) (493,775) (267,342) Non-deductible expenses 89,022 104,656 Temporary differences not brought to account as a deferred tax asset (105,211) (117,409) Unrecognised tax losses 509,964 280,095 Income tax benefit at effective rate of 0% (2022: 0%) - - . (b) Deferred Tax Liabilities Exploration and evaluation 233,685 135,180 Prepayments 6,235 38,854 Other 53,907 4,179 Deferred tax liabilities 293,827 178,213 (c) Deferred Tax Assets Provisions 9,510 4,650 Business capital expenditure over 5 years 83,698 112,000 Other 48,050 - Recognised revenue tax losses 152,569 61,564 Recognised deferred tax assets 293,827 178,214 Deferred tax assets not recognised Unrecognised revenue tax losses 2,372,946 976,417 Tax effect of deferred tax assets not recognized 30% (2022: 30%) 711,884 292,925 The net deferred tax asset arising from the tax losses has not been recognized as an asset in the Statement of Financial Position because recovery is not probable.
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