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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 107 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2012 13. INCOME TAX Consolidated In thousands of AUD 2012 2011 a) Income tax (expense)/benefit Current income tax -- corporate tax Current period 51,455 18,860 Adjustment for prior periods (443) 3,392 51,012 22,252 Deferred income tax -- corporate tax Origination and reversal of temporary differences (163,957) (21,131) Deferred income tax -- MRRT Origination and reversal of temporary differences 161,582 -- Income tax benefit reported in the statement of comprehensive income 48,637 1,121 Numerical reconciliation between tax expense recognised in the statement of comprehensive income and profit before tax Profit before tax 13,902 8,825 MRRT tax benefit 161,582 -- Profit after MRRT 175,484 8,825 Income tax using the Company's domestic tax rate of 30% (2011: 30%) (52,645) (2,648) Non-deductible expenses: Share based payments (3,126) (1,929) Impairment of goodwill (35,937) -- Transaction costs (9,856) -- Other non-deductible expenses (1,074) 2,306 MRRT tax benefit 161,582 -- Initial recognition of deferred tax liabilities (9,864) -- Over/(Underprovided) in prior periods (443) 3,392 Total income tax benefit 48,637 1,121 b) Income tax recognised directly in equity Deferred income tax related to items charged/(credited) directly to equity Derivatives 13,206 (13,259) Transaction costs on issue of share capital 326 2 Income tax expense recorded in equity 13,532 (13,257)
Annual Report 2011
Annual Report 2013