for the year ended 30 June 2023 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 74 Westgold Resources Limited Annual Report 2023 8. INCOME TAX 2023 2022 (a) Major components of income tax expense: Income Statement Current income tax expense Current income tax (benefit) expense (17,818,544) (10,632,327) Adjustment in respect of current income tax of previous years – – Deferred income tax Relating to origination and reversal of temporary differences 21,878,828 (39,878,133) Adjustment in respect of prior year tax losses / DTA (114,299) 1,543,233 Income tax for continuing and discontinuing operations 3,945,985 (48,967,227) (b) Amounts charged or credited directly to equity Share issue costs 470,670 (565,590) 470,670 (565,590) (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 13,949,469 (160,086,518) Total accounting profit (loss) before income tax 13,949,469 (160,086,518) At statutory income tax rate of 30% (2022: 30%) 4,184,840 (48,025,955) Non-assessable income (124,556) (459,389) Under (over) in respect of prior years (114,299) (481,883) Income tax (benefit) expense reported in the income statement 3,945,985 (48,967,227) Tax expense from continuing operations 3,945,985 (48,967,227) Income tax (benefit) expense reported in the income statement 3,945,985 (48,967,227)
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