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Income Tax Expense/ (Benefit)
 12 Months Ended
Jan. 31, 2020
Income taxes [Abstract]  
Income Tax Expense/(Benefit)

10 Income Tax Expense/(benefit)

 

(a) The major components of tax expense/(benefit) comprise:

 

    For the Year
Ended 31
January 2020
NZ$000’s		     For the Year
Ended 31
January 2019
NZ$000’s		    

For the Year
Ended 31
January 2018

NZ$000’s

  
Current tax                        
Current tax on profits for the period     28       (667 )     537  
Adjustments for current tax of prior periods     53       (607 )     (477 )
Total current tax expense/(benefit)     81       (1,274 )     60  
Deferred tax expense                        
Decrease in deferred tax assets (note 29)     701       -       -  
Income tax expense/(benefit) for continuing operations     782       (1,274 )     60  

 

(b) Reconciliation of income tax to accounting profit:

 

Loss before income tax     (53,523 )     (50,494 )     (37,533 )
Tax at New Zealand tax rate of 28%     (14,986 )     (14,138 )     (10,509 )
Tax effect of:                        
- permanent differences (including impairment expense)     5,108       753       (105 )
- adjustments in respect of current income tax of previous years     32       (522 )     (449 )
- effects of different tax rates of subsidiaries operating in other jurisdictions     (301 )     493       (30 )
- deferred tax assets relating to the current year not brought to account     10,163       12,077       11,150  
- deferred tax assets relating to prior periods no longer recognised (note 29)     701       -       -  
- other     65       63       3  
Income tax expense/(benefit)     782       (1,274 )     60  

 

(c) Tax losses not recognised

 

    For the Year Ended 31 January 2020
NZ$000’s		    

For the Year Ended 31 January 2019

NZ$000’s

    

For the Year Ended 31 January 2018

NZ$000’s

  
Unused tax losses for which no deferred tax asset has been recognised     166,882       130,587       87,455  
Potential tax benefit at 28%     46,727       36,564       24,487  

 

The Group has assessed future forecast profits and concluded that not enough criteria have been satisfied to recognise any deferred tax assets at the period ended 31 January 2020. Unused tax losses do not have an expiry date. During the period, the Group de-recognised all deferred tax assets on timing differences carried forward from prior years, amounting to $701,000 after accounting for exchange rate differences.

 

(d) Temporary differences not recognised

 

    For the Year Ended 31 January 2020
NZ$000’s		    

For the Year Ended 31 January 2019

NZ$000’s

    

For the Year Ended 31 January 2018

NZ$000’s

  
Temporary differences for which no deferred tax asset has been recognised     9,825       14,504       14,661  
Potential tax benefit at 28%     2,751       4,061       4,105