BankVic Annual Report 2019

Note 5: Income tax
Income Tax Expense recognised in the Statement of Comprehensive Income
Current tax expense
2019
$’000
2018
$’000
Current Year 4,559 4,989
Under/(Over) provided in prior year (19) (20)
Deferred tax expense
4,540 4,969
Utilisation/(Recognition) of Temporary Differences 244 303
Total Income Tax Expense in Income Statement 4,784 5,272
Numerical reconciliation between tax expense and pre-tax profit
Profit Before Tax 16,054 17,909
Income tax using the domestic corporation tax rate of 30% (2018: 30%) 4,816 5,373
Increase in income tax expense due to:
- Non-deductible expenses 3 18
Decrease in income tax expense due to:
- Non-assessable income (16) (99)
4,803 5,292
Under/(Over) provided in prior year (19) (20)
Income tax expense on pre-tax profit 4,784 5,272
Recognised deferred tax assets and
liabilities
Deferred tax assets and liabilities are
attributable to the following:
Assets
2019
$’000
Assets
2018
$’000
Liabilities
2019
$’000
Liabilities
2018
$’000
Net
2019
$’000
Net
2018
$’000
Provision for Impairment (217) (311) - - (217) (311)
Provision for Directors’ Severance Benefits (71) (132) - - (71) (132)
Property, Plant and Equipment (46) (50) - - (46) (50)
Payables (522) (682) - - (522) (682)
Employee Entitlements (704) (629) - - (704) (629)
Net tax (assets)/liabilities (1,560) (1,804) - - (1,560) (1,804)
All movements recognised in the Profit and Loss.
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