ClearView Annual report 2024

Notes to the Financial Statements

Consolidated Company 2024 2023 2024 2023 $'000 $'000 $'000 $'000 Restated

Deferred tax balances Deferred tax assets 1 The balance comprises temporary differences attributable to: Tax losses carried forward

43,773 39,376 2,820

—

Accruals not currently deductible Depreciable and amortisable assets Provisions not currently deductible Unrealised losses carried forward

497

567

71 —

—

3,578 4,530 209

264

703 2,386

— —

Lease assets

210

48,776 46,918 3,100

291

Deferred tax asset

Deferred tax asset from discontinued operations Deferred tax asset from continuing operations

(146)

285

—

48,922 46,633 3,100

291

Deferred tax liabilities The balance comprises temporary differences attributable to: Unrealised gains on investments

5,085

— —

— — —

Prepaid expenses

603 474

549

—

Software amortisation Capitalised expenses Deferred tax liability

— —

35 35

6,193 5,085

585

Deferred tax liability from discontinued operations Deferred tax liability from continuing operations

— —

—

1,108

585

1 Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. Tax losses (including capital losses) that is no longer available to be carried forward and utilised in the future is not disclosed. Tax losses that are available to be carried forward and utilised but remained unused at balance date for which no deferred tax assets have been recognised are attributable to tax losses of a capital nature of $7.5 million (tax effected $2.3 million) consolidated, of which none relating to life investment contracts (30 June 2023: tax losses of a capital nature of $1.5 million with tax effected $0.5 million consolidated, of which none relating to life investment contracts), and $7.5 million (tax effected $2.3 million) for the Company (30 June 2023: $1.5 million with tax effected $0.5 million). Taxation Income tax expense represents the sum of the tax currently payable (or receivable) and deferred tax. The Group’s current tax and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period or the relevant period in which the liability is settled or the asset realised. Current tax is net of any tax instalment paid. Current tax The tax currently payable (or receivable) is based on taxable profit for the year less tax instalments paid. Taxable profit differs from profit before tax as reported in the consolidated statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

102

ClearView Annual Report 2024