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