Westgold Resources Limited Annual Report 2021

74 Westgold Resources Limited Annual Report 2021 for the year ended 30 June 2021 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2021 2020 (c) A reconciliation of income tax benefit and the product of accounting loss before income tax multiplied by the Group’s applicable income tax rate is as follows: Accounting profit (loss) before tax from continuing operations 111,893,067 43,862,432 Accounting profit (loss) before tax from discontinuing operations – – Total accounting profit before income tax 111,893,067 43,862,432 At statutory income tax rate of 30% (2020: 30%) 33,567,920 13,158,730 Non-assessable income (124,779) (2,978,238) Under (over) in respect of prior years 1,698,047 (925,375) Income tax expense reported in the income statement 35,141,188 9,255,117 Tax expense from continuing operations 35,141,188 9,255,117 Income tax expense reported in the income statement 35,141,187 9,255,117 (d) Deferred income tax at 30 June relates to the following: Consolidated Statement of Financial Position Consolidated Statement of Comprehensive Income 2021 2020 2021 2020 Deferred tax liabilities Exploration (11,469,917) (7,823,986) 3,645,931 (12,686,103) Trade and other receivables (676,017) (608,739) 67,278 (50,006) Net gain on financial assets AFVTP (181,141) (3,900,000) (3,718,859) (2,514,195) Prepayments (11,839) (18,830) (6,991) 5,320 Deferred mining (76,471,436) (60,595,582) 15,875,854 27,748,773 Inventories (8,703,078) (5,691,339) 3,011,739 1,306,632 Property plant and equipment (5,986,013) 291,063 6,277,076 (2,148,882) Gross deferred tax liabilities (103,499,441) (78,347,413) Deferred tax assets Accrued expenses 834,674 534,117 (300,557) (10,061) Provision for employee entitlements 4,104,863 3,487,834 (617,029) (707,090) Provision for rehabilitation 14,086,706 16,643,909 2,557,203 (7,647,145) Business related costs 63,028 83,205 20,177 (36,285) Capital raising costs 801,486 1,227,768 426,282 – Recognised tax losses 8,382,148 16,711,513 8,329,365 1,733,921 Gross deferred tax assets 28,272,905 38,688,346 Net deferred tax liabilities (75,226,536) (39,659,067) Deferred tax expense (income) 35,567,469 4,994,879 (e) Unrecognised losses At 30 June 2021, there are no unrecognised losses for the Group (2020: nil). 8. INCOME TAX (CONTINUED)