| Income Tax |
| | |
Restated
2022 | | |
2021 | |
| | |
A$ | | |
A$ | |
| a) Income tax expense | |
| | |
| |
| Current income tax | |
| | |
| |
| Current income tax benefit | |
| (2,651,576 | ) | |
| (1,072,354 | ) |
| Current income tax not recognised | |
| 2,651,576 | | |
| 1,072,354 | |
| Research and development tax concession | |
| (890,113 | ) | |
| (784,412 | ) |
| Deferred income tax: | |
| | | |
| | |
| Relating to origination and reversal of timing differences | |
| 7,168,453 | | |
| 4,045,253 | |
| Deferred income tax benefit not recognised | |
| (7,168,453 | ) | |
| (4,045,253 | ) |
| Income tax benefit reported in the Statement of profit or loss and other comprehensive income | |
| (890,113 | ) | |
| (784,412 | ) |
| | |
| | | |
| | |
| b) Reconciliation of income tax expense to prima facie tax payable | |
| | | |
| | |
| Loss from continuing operations before income tax expense | |
| (20,852,831 | ) | |
| (14,060,992 | ) |
| | |
| | | |
| | |
| Tax at the Australian rate of 25% (2021: 26%) | |
| (5,213,208 | ) | |
| (3,655,858 | ) |
| Capital raising costs claimed | |
| (301,743 | ) | |
| (39,705 | ) |
| Non-deductible expenses | |
| 2,017,457 | | |
| 1,984,541 | |
| Research and development tax concession | |
| (890,113 | ) | |
| (784,412 | ) |
| Unused tax losses and temporary differences not recognised as deferred tax assets | |
| 4,138,764 | | |
| 1,711,022 | |
| Tax benefit | |
| (248,842 | ) | |
| (784,412 | ) |
| | |
| | | |
| | |
| c) Deferred tax – Statement of Financial Position (unrecognised) | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Unrealised foreign exchange gain | |
| (34,344 | ) | |
| (49,982 | ) |
| Prepaid expenses | |
| (223,953 | ) | |
| (10,375 | ) |
| | |
| (258,297 | ) | |
| (60,357 | ) |
| Assets | |
| | | |
| | |
| Revenue losses available to offset against future taxable income | |
| 5,428,055 | | |
| 2,776,480 | |
| Accrued expenses and leave provisions | |
| 199,877 | | |
| 145,076 | |
| Deductible equity raising costs | |
| 1,139,489 | | |
| 123,406 | |
| Lease liability | |
| 4,004 | | |
| 8,133 | |
| Development asset | |
| 246,503 | | |
| 185,706 | |
| Patents | |
| 243,403 | | |
| 176,402 | |
| Investments | |
| 165,420 | | |
| 690,407 | |
| | |
| 7,426,751 | | |
| 4,105,610 | |
| Net deferred tax asset | |
| 7,168,453 | | |
| 4,045,253 | |
Deferred tax assets have been recognised to the
extent that they extinguish deferred tax liabilities of the Company as at the reporting date. Net deferred tax assets have not been recognised,
in either reporting period, in respect of amounts in excess of deferred tax liabilities. The tax benefits of the above deferred tax assets
will only be obtained if:
| (i) | The Company derives future assessable income of a nature and an amount sufficient to enable the benefit
from the tax losses to be realised; |
| (ii) | The Company continues to comply with the conditions for deductibility imposed by law; and |
| (iii) | No changes in tax legislation adversely affect the Company realising the benefit from the deduction of
the losses. |
All unused tax losses were incurred by Australian
entities.
|