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Whitehaven Coal Limited : Annual Report 2013
143 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 13. INCOME TAX Consolidated In thousands of AUD 2013 2012 a) Income tax (expense)/bene t Current income tax -- corporate tax Current period 89,997 51,455 Adjustment for prior periods (231) (443) 89,766 51,012 Deferred income tax -- corporate tax Origination and reversal of temporary di erences (56,807) (163,957) Deferred income tax -- MRRT Origination and reversal of temporary di erences -- 161,582 Income tax bene t reported in the statement of comprehensive income 32,959 48,637 Numerical reconciliation between tax expense recognised in the statement of comprehensive income and pro t before tax Pro t/(loss) before tax (115,123) 13,902 MRRT tax bene t -- 161,582 Pro t/(loss) after MRRT (115,123) 175,484 Income tax using the Company's domestic tax rate of 30% (2012: 30%) 34,537 (52,645) Non-deductible expenses: Share-based payments (1,043) (3,126) Impairment of goodwill -- (35,937) Transaction costs -- (9,856) Other non-deductible expenses (304) (1,074) MRRT tax bene t -- 161,582 Initial recognition of deferred tax liabilities -- (9,864) Over/(Under) provided in prior periods (231) (443) Total income tax bene t 32,959 48,637 b) Income tax recognised directly in equity Deferred income tax related to items charged/(credited) directly to equity Derivatives 2,715 13,206 Transaction costs on issue of share capital 27 326 Income tax expense recorded in equity 2,742 13,532
Annual Report 2012