Annual Report 2022 33 Note 6. Income tax Consolidated 2022 2021 $ $ Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense (18,666,810) (9,346,749) Tax at the statutory tax rate of 25% (2021: 26%) (4,666,703) (2,430,155) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: R&D tax incentives 1,610,294 1,452,675 Other expenses not deductible - (107) Deferred tax (liability)/asset relating to tax losses not recognised 1,926,677 2,081,643 Net movement in temporary differences not recognised 1,129,732 (1,104,056) Income tax expense - - Accounting policy for income tax The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Note 7. Current assets - cash and cash equivalents Consolidated 2022 2021 $ $ Cash at bank and in hand 5,981,469 16,753,142 Term Deposit at call 8,000,000 10,000,000 Bank debit cards 29,199 42,643 14,010,668 26,795,785 Accounting policy for cash and cash equivalents Cash and short‐term deposits includes cash at bank (including debit cards) and in hand and short‐term deposits with an original maturity of three months or less, or redeemable at any time. For the purposes of the Statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above.
RkJQdWJsaXNoZXIy MjE2NDg3