for the year ended 30 June 2022 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 74 Westgold Resources Limited Annual Report 2022 2022 2021 (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 (160,086,518) 111,893,067 Total accounting profit (loss) before income tax (160,086,518) 111,893,067 At statutory income tax rate of 30% (2021: 30%) (48,025,955) 33,567,920 Non-assessable income (459,389) (124,779) Under (over) in respect of prior years (481,883) 1,698,047 Income tax (benefit) expense reported in the income statement (48,967,227) 35,141,188 Tax expense from continuing operations (48,967,227) 35,141,188 Income tax (benefit) expense reported in the income statement (48,967,227) 35,141,188 (d) Deferred income tax at 30 June relates to the following: Consolidated Statement of Financial Position Consolidated Statement of Comprehensive Income 2022 2021 2022 2021 Deferred tax liabilities Exploration (16,538,683) (11,469,917) 5,068,766 3,645,931 Trade and other receivables (341,375) (676,017) (334,642) 67,278 Net gain on financial assets AFVTP 423,071 (181,141) (604,212) (3,718,859) Prepayments (16,394) (11,839) 4,555 (6,991) Deferred mining (32,761,755) (76,471,436) (44,697,446) 15,875,854 Inventories (10,964,932) (8,703,078) 2,261,854 3,011,739 Property plant and equipment (7,729,115) (5,986,013) 2,730,867 6,277,076 Gross deferred tax liabilities (67,929,183) (103,499,441) Deferred tax assets Accrued expenses 718,292 834,674 116,382 (300,557) Provision for employee entitlements 4,820,069 4,104,863 (715,206) (617,029) Provision for rehabilitation 17,696,605 14,086,706 (3,609,899) 2,557,203 Business related costs 162,179 63,028 (99,151) 20,177 Capital raising costs 1,367,076 801,486 (565,590) 426,282 Recognised tax losses 17,471,245 8,382,148 (9,089,097) 8,329,365 Gross deferred tax assets 42,235,466 28,272,905 Net deferred tax liabilities (25,693,717) (75,226,536) Deferred tax expense (49,532,819) 35,567,469 (e) Unrecognised losses At 30 June 2022, there are no unrecognised losses for the Group (2021: nil). 8. INCOME TAX (CONTINUED)
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