Speciality Metals International Limited Annual Report 2019

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 39 (q) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors of Speciality Metals International Limited. 2. REVENUE AND OTHER INCOME 2019 2018 Revenue $ $ Interest received – other persons/corporation 22,515 29,546 22,515 29,546 Other income Gain on disposal of non current assets 212,434 12,236 Diesel fuel rebates 10,239 992 Other income 748 - 223,421 13,228 Total revenue and other income 245,936 42,774 3. INCOME TAX 2019 2018 (a) Income tax expense $ $ Current income tax Current income tax benefit (541,692) (406,655) Current income tax benefit not recognised 374,254 385,893 Deferred income tax Relating to deductible and taxable temporary differences 167,438 20,762 Income tax (benefit)/expense - - (b) Reconciliation of income tax expense to prima facie tax payable Profit / (loss) before income tax 3,808,863 (1,478,746) Tax at the Australian rate of 27.5% (2018: 27.5%) 1,047,437 (406,655) Tax effect of amounts which are not taxable in calculating taxable income: Other (1,328,707) 20,762 Deferred tax asset not recognised 281,270 385,893 - - (c) Deferred tax Assets Accrued expenses 66,632 19,390 Employee leave liabilities 9,725 8,876 Impairment - plant and equipment - Deferred tax asset not recognised 203,922 153,490 280,279 181,756 Liabilities Capitalised exploration and evaluation expenditure 259,596 163,918 Prepaid expenses 20,683 17,838 280,279 181,756 Net deferred tax asset - - (d) Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following items: Tax losses 5,380,020 5,082,592 Timing differences 203,922 153,490 5,583,942 5,236,082