Page 55 - Bauxite Resources Annual Report 2013

Notes to the Financial Statements cont.
Consolidated Group
2013
$
2012
$
4. REVENUE
From continuing operations
Recoupment of exploration costs 413,243 610,389
Other revenue 1,089,615 848,695
Interest 2,137,740 2,906,731
3,640,598 4,365,815
5. LOSS FOR THE YEAR
Expenses
Cost of sales - 411,444
Impairment of property, plant & equipment 636,959 -
Rental expense on operating leases
— minimum lease payments 429,844 416,574
Exploration expenditure 3,554,266 4,795,995
Consolidated Group
2013
$
2012
$
6. INCOME TAX EXPENSE
a. The components of tax expense comprise:
Current tax - 2,475
Deferred tax - -
Prior year tax adjustment 7,051 -
Income tax expense reported in the statement of comprehensive income 7,051 2,475
b. Numerical reconciliation of income tax expense to prima facie tax payable:
Loss from continuing operations before income tax expense (5,295,932) (6,834,122)
Prima facie tax benefit on loss from ordinary activities before income tax at 30% (2012: 30%) (1,588,780) (2,050,237)
Add:
Tax effect of:
- Non-allowable items 1,275 17,356
- Share based payments - 101,342
- Prior year tax adjustment 7,051 -
- Revenue losses not recognised 1,820,248 2,084,772
239,794 153,233
Less:
Tax effect of:
- Allowable items - 8,078
- Non-assessable items 200,980 -
- Deferred tax balances not recognised 31,763 142,680
Income tax expense reported in the statement of comprehensive income 7,051 2,475
c. Deferred tax recognised:
Deferred tax liabilities:
Accrued interest (94,350) (72,245)
Other (1,911) (9,538)
Deferred tax assets:
Carry forward revenue losses 96,261 81,783
Net deferred tax - -
Annual Report 2013 Bauxite Resources 53