7. Income tax expense/(benefit) 2022 $’000 2021 $’000 Current tax expense 2,021 2,095 Deferred tax expense/(benefit) 17,898 5,061 Under/(over) provision (220) 51 Previously unrecognised deferred taxes - - Total income tax expense/(benefit) 19,699 7,207 Numerical reconciliation of income tax expense to prima facie tax payable Profit before income tax expense 66,574 15,311 Income tax at the Australian tax rate of 30% (2020-27.5%) 19,972 4,593 Unrecognised tax losses and other deferred tax assets - - Tax effect amounts which are not deductible/(taxable) (53) (27) Timing differences not previously recognised - 2,589 Under/(over) provision (220) 52 Total income tax expense/(benefit) 19,699 7,207 Amounts recognised directly in other comprehensive income Deferred tax expense/(benefit) relating to change in the fair value of cash flow hedges 93 (1,173) Deferred tax assets and liabilities comprise temporary differences attributable to: Investment properties (33,106) (17,738) Deferred settlement consideration (400) (497) Plant and equipment (2,680) (105) Interest rate swap (94) - Other (304) (57) Total deferred tax liabilities (36,584) (18,408) Deferred tax assets Interest rate swap - 1,173 Plant and equipment 520 520 Other 230 213 Total deferred tax assets 1,906 1,616 Total deferred tax liabilities (36,584) (18,408) Total deferred tax assets 750 1,906 Net deferred tax (liabilities)/assets (35,834) (16,502) Franking credits available for use in subsequent financial years 2,041 417 31
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