COPY OF FINAL PROSPECTUS - Mirabela Nickel

MIRABELA NICKEL LIMITED
NOTES TO FINANCIAL STATEMENTS (Continued)
For the year ended 30 June 2006
5. PROFESSIONAL FEES
Consolidated The Company
2006 2005 2006 2005
(AUD) (AUD) (AUD) (AUD)
Auditors of the Company
KPMG Australia:
Audit and review of financial reports .................................. 33,683 22,090 33,683 22,090
Other assurance services .......................................... 16,639 — 16,639 —
Total auditors’ remuneration ....................................... 50,322 22,090 50,322 22,090
Other professional fees ........................................... 19,413 60,834 10,175 20,166
Total professional fees ........................................... 69,735 82,924 60,497 42,256
6. INCOME TAX EXPENSE
Consolidated The Company
2006 2005 2006 2005
(AUD) (AUD) (AUD) (AUD)
Current tax expense
Current year ................................................. 7,051 — 7,051 —
Adjustments for prior years ........................................ — — — —
7,051 — 7,051 —
Deferred tax expense
Origination and reversal of temporary differences .......................... — — — —
— — — —
Total income tax expense in income statement ............................ 7,051 — 7,051 —
Attributable to:
Continuing operations ........................................... 7,051 — 7,051 —
Discontinuing operations ......................................... — — — —
7,051 — 7,051 —
Numerical reconciliation between tax expense and pre-tax net profit
Consolidated
The Company
2006 2005 2006 2005
(AUD) (AUD) (AUD) (AUD)
Profit/(loss) before tax- continuing operations ....................... (918,709) (620,741) (3,493,157) (1,485,328)
Profit/(loss) before tax- discontinued operations ...................... — — — —
Profit/(loss) before tax ...................................... (918,709) (620,741) (3,493,157) (1,485,328)
Income tax using the domestic corporation tax rate of 30% (2005: 30%) ...... (275,613) (186,222) (1,049,947) (445,598)
Increase in income tax expense due to:
Non-deductible expenses .................................... 299,858 203,416 1,074,192 462,792
Effect of tax losses previously unrecognised ......................... (17,194) — (17,194) —
Under/(over) provided in prior years ............................. — (17,194) — (17,194)
Income tax expense on pre-tax net profit .......................... 7,051 — 7,051 —
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