Notes to the Financial Statements
2.7 Taxes
Income tax
Consolidated
Company
2024 2023 $'000 $'000 $'000 $'000 Restated 2023 2024
a) Income tax recognised in profit or loss Income tax expense/(benefit) comprises: Current tax expense/(benefit)
5,588 3,667
7,219
— (2,377)
Deferred tax expense/(benefit)
4,465 (2,492)
228
Over provided in prior years – current tax expense/(benefit) Under provided in prior years – deferred tax expense/(benefit)
(3,720)
87
75
(638)
404
(114)
— (136)
5,939 11,657 (2,417)
(2,923)
Income tax expense/(benefit)
Income tax expense/(benefit) from discontinued operations Income tax expense/(benefit) from continuing operations b) Tax losses Unused tax losses for which no deferred tax asset has been recognised
4,408
7,748
—
—
1,531
3,909 (2,417)
(2,923)
7,501 2,250
1,463
7,501 2,250
1,463
Potential tax benefit
439
439
The prima facie income tax expense/(benefit) on pre-tax accounting profit from operations reconciles to the income tax expense in the financial statements as follows:
Consolidated Company 2024 2023 2024 2023 $'000 $'000 $'000 $'000 Restated
c) Reconciliation of income tax expense to prima facie tax payable Profit/(loss) before income tax expense from discontinued operations Profit/(loss) before income tax expense from continuing operations
(15,041)
3,908
—
—
8,531
16,633 (9,441) 20,541 (9,441)
15,448 15,448
(6,510)
Profit before income tax expense
Policyholder tax (expense) credit recognised as part of the change in policyholder liabilities in determining profit before tax Profit before income tax excluding tax charged to policyholders
(8,441)
(9,218)
—
—
(14,951) (4,485)
11,323 (9,441) 3,397 (2,832)
15,448 4,634
Prima facie tax calculated at 30%
Tax effect of amounts which are non deductible/assessable in calculating taxable income: Dividends received from subsidiaries
— (1,450) (6,583)
Non deductible (assessable) book gain on sale
(296) (892)
97
—
—
Non assessable income
(246)
(850)
(200)
Non deductible transaction costs Other non deductible expenses Over (under) provision in prior years
1,153
— 1,730
— —
2,385 (367)
66
910
(875)
75 (774)
(2,502)
2,439 (2,417) (2,923)
Income tax expense/(benefit) attributable to shareholders Income tax expense/(benefit) attributable to policyholders
8,441
9,218
—
—
5,939 11,657 (2,417) (2,923)
Income tax expense/(benefit)
d) Amounts recognised directly in equity 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: Current tax
— —
— —
— —
— —
Deferred tax
101
ClearView Wealth Limited
Powered by FlippingBook