Income taxes

Summary of reconciliation between tax expense and accounting profit at applicable tax rates


	For the year ended June 30,
	2020	2021	2022
	RMB’000	RMB’000	RMB’000
Profit/(loss) before taxation	80,818	(1,216,192)	906,813
Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned	(48,050)	118,766	214,704
Tax effect of share-based compensation expenses and employee compensation expenses (Note 8(i))	96,011	70,330	20,254
Tax effect of other non-deductible expenses	6,566	10,433	10,935
Tax effect of loss from waiver of intercompany receivables of discontinued operations *	(61,548)	—	—
Tax benefit from disposal of subsidiaries	(24,779)	—	—
Effect of preferential tax treatments on assessable profits of a subsidiary (Note 11(a)(3))	(34,876)	(34,218)	(18,001)
Effect of fair value changes of paid-in capital subject to redemption and other preferential rights not recognized	207,942	—	—
Tax effect of exempted and non-taxable interest income	—	(6,245)	(4,044)
Effect of unused tax losses not recognized	35,382	72,969	44,888
Effect of deductible temporary differences not recognized/(utilized)	34,301	(18,780)	(1,666)
Actual tax expenses	210,949	213,255	267,070

Note:

*

The loss from waiver of intercompany receivables is related with the waiver of outstanding receivables due from Nome Design (Guangzhou) Co., Ltd. and Minihome Technology Co., Ltd. prior to the disposal in accordance with the share purchase agreements to sell their equity interests to Mr. Ye Guofu, the controlling shareholder of the Group.

Summary of unrecognized deferred tax assets


	As at June 30,
	2021	2022
	RMB’000	RMB’000
Deductible temporary differences	127,500	107,964
Cumulative tax losses	483,437	630,807
Total	610,937	738,771