FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2024 80 Westgold Resources Limited Annual Report 2024 8. INCOME TAX 2024 2023 (A) MAJOR COMPONENTS OF INCOME TAX EXPENSE: Income Statement Current income tax expense Current income tax/(benefit) expense 14,006,126 (17,818,544) Adjustment in respect of current income tax of previous years - - Deferred income tax Relating to origination and reversal of temporary differences 28,035,279 21,878,828 Adjustment in respect of prior year tax losses / DTA (298,832) (114,299) Income tax expense 41,742,573 3,945,985 (B) AMOUNTS CHARGED OR CREDITED DIRECTLY TO EQUITY Share issue costs 400,470 470,670 400,470 470,670 (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 136,974,103 13,949,469 Total accounting profit (loss) before income tax 136,974,103 13,949,469 At statutory income tax rate of 30% (2023: 30%) 41,092,231 4,184,840 Non-deductible expenses (non-assessable income) 949,174 (124,556) Over in respect of prior years (298,832) (114,299) INCOME TAX EXPENSE REPORTED IN THE INCOME STATEMENT 41,742,573 3,945,985 Tax expense 41,742,573 3,945,985 Income tax expense reported in the income statement 41,742,573 3,945,985
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