7. INCOME TAX (a) Prima facie income tax benefit at 25% on loss from ordinary activities is reconciled to the income tax provided in the financial statements CONSOLIDATED 30 June 2024 $ CONSOLIDATED 30 June 2023 $ Loss before income tax (8,282,592) (10,727,765) Income tax calculated at 25% (2023: 25%) (2,070,648) (2,681,942) Tax effect of;- Sundry – temporary differences (7,886) 2,254 Section 40-880 deduction (188,081) (153,962) Future income tax benefit not brought to account 2,266,615 2,833,650 Income tax benefit – – (b) Deferred tax assets The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised as an asset because recovery of tax losses is not yet probable. CONSOLIDATED 30 June 2024 $ CONSOLIDATED 30 June 2023 $ Australian accumulated tax losses (i), (ii), (iii) 14,127,670 13,108,175 Provisions - net of prepayments 48,641 6,275 Section 40-880 deduction 421,082 378,926 Unrecognised deferred tax assets relating to the above temporary differences 14,597,393 13,493,376 The benefits will only be obtained if: (i) The Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deduction for the losses to be realised; (ii) The Group continues to comply with the conditions in deductibility imposed by the Law; and (iii) No change in tax legislation adversely affects the Group in realising the benefits from the deductions or the losses. 8. AUDITOR’S REMUNERATION CONSOLIDATED 30 JUNE 2024 $ CONSOLIDATED 30 JUNE 2023 $ Auditing and review of the Group’s financial statements 57,006 58,713 57,006 58,713 35 St George Mining Limited Annual Report 2024
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