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NOTE 8. INCOME TAX (EXPENSE) / CREDIT
 12 Months Ended
Dec. 31, 2021
NOTE 8. INCOME TAX (EXPENSE) / CREDIT

NOTE 8. INCOME TAX (EXPENSE) / CREDIT

 

             
    Consolidated
    December 31,
2021
A$		   December 31,
2020
A$		   December 31,
2019
A$
Income tax expenses   -   -   -
Deferred tax expenses   -   -   (117,322)
Income tax expenses   -   -   (117,322)

 

(a)       The prima-facie tax on loss before income tax is reconciled to the income tax expense as follows:

 

    Consolidated
    December 31,
2021
A$		   December 31,
2020
A$		   December 31,
2019
A$
Numerical reconciliation of income tax expense to prima facie tax payable            
Loss before income tax   (6,585,626)   (10,543,548)   (16,582,877)
             
Income tax expenses on loss before income tax at 30%   1,975,688   3,163,064   4,974,863
Difference in overseas tax rates   (401,475)   (148,299)   (3,260,006)
Add / (less) the tax effect of:            
Tax losses and temporary differences for the year for which no deferred tax is recognized   (1,574,213)   (3,014,765)   (1,832,179)
Income tax expenses   -   -   (117,322)

 

(b)       Deferred tax liabilities arising from temporary differences and unused tax losses can be summarized as follows:

 

        Consolidated
        December 31,
2021
A$		   December 31,
2020
A$
Balance brought forward       (13,668)   (1,372,653)
Written off of the deferred tax liabilities       -   -
Release of disposal of subsidiaries       -   1,380,402
Exchange difference       13,668   (21,417)
Total       -   (13,668)

 

(c)       There were no income tax payable in the consolidated statements of financial position in years 2021 and 2020.