Income Taxes Relating to Continuing Operations

12 Months Ended

Jun. 30, 2022

Major components of tax expense (income) [abstract]

Income Taxes Relating to Continuing Operations

NOTE 7: INCOME TAXES RELATING TO CONTINUING OPERATIONS

	2022 A$			2021 A$			2020 A$
(a) Income Tax Recognised in Profit or Loss
Current tax
In respect of the current year		-			-			-
In respect of the prior year		-			-			-
		-			-			-
Deferred tax
Recognised in current year		(191,808	)		(187,427	)		(207,612	)
		(191,808	)		(187,427	)		(207,612	)
Total income tax benefit		(191,808	)		(187,427	)		(207,612	)

(b) Reconciliation to Accounting Loss	2022 A$			2021 A$			2020 A$
Loss from continuing operations		(21,951,166	)		(8,884,464	)		(6,026,587	)
Tax at the Australian tax rate of 25% (2021 & 2020: 30%)		(5,487,792	)		(2,665,339	)		(1,807,976	)
Tax effect of non-deductible / non-assessable amounts
Exempt income from government assistance		(1,447,922	)		(293,422	)		(898,680	)
Entertainment expenses		1,231			727			1,355
Net gain arising on changes in fair value of contingent consideration		234,089			(963,751	)		(1,447,162	)
Share-based payments		707,422			392,505			16,607
Research and development expenditure		3,328,556			640,050			2,013,477
Amortisation of share issue costs		(285,631	)		-			-
Temporary differences not recorded as an asset		(58,374	)		(632,779	)		(68,181	)
Tax losses not recorded		2,779,547			3,253,265			1,981,695
Effect of different tax rates in other jurisdictions		37,066			81,317			1,253
		(191,808	)		(187,427	)		(207,612	)
				2022 A$			2021 A$
(c) Net Deferred Tax Liability Recognised
Net deferred tax liability is attributable to the following deferred tax asset/(liability) items:
Intangibles denominated in USD					(2,066,037	)		(2,088,608	)
Tax losses denominated in USD					267,412			246,305
					(1,798,625	)		(1,842,303	)
Movement in Net Deferred Tax Liability
Opening balance					(1,842,303	)		(2,203,340	)
Recognized in income
- Continuing operations					191,808			187,427
- Discontinuing operations					-			-
Recognized in equity					(148,130	)		173,610
Derecognized on disposal of subsidiaries (Note 35)					-			-
Closing balance					(1,798,625	)		(1,842,303	)

(d) Net Deferred Tax Asset Not Recognised
Revenue tax losses	25,439,594	27,181,188
Net temporary difference	3,460,261	2,851,336
	28,899,855	30,032,524

Deferred tax assets have not been recognized in respect to these items as it is not probable at this time that future taxable profits will be available against which the Group can utilize the benefit.

(f)Tax Consolidation

Relevance of Tax Consolidation to the Group

The Company and all its wholly-owned Australian resident entities are part of a tax-consolidated group under Australian taxation law. Bionomics is the head entity in the tax-consolidated group. Tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax-consolidated group are recognised in the separate financial statements of the members of the tax-consolidated group using the ‘separate taxpayer within group’ approach by reference to the carrying amounts in the separate financial statements of each entity and the tax values applying under tax consolidation. Current tax liabilities and assets and deferred tax assets arising from unused tax losses and relevant tax credits of the members of the tax-consolidated group are recognised by the Company (as head entity in the tax-consolidated group).