Income tax expense

12 Months Ended

Jun. 30, 2023

Income tax expense [Abstract]

Income tax expense

Note 9.  Income tax expense

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022			Year ended 30 June 2021 (restated*)
	US$’000			US$’000			US$’000
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense		(169,481	)		(417,046	)		(59,151	)
Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%)		(50,844	)		(125,114	)		(15,379	)
Tax effect amounts which are not deductible in calculating taxable income:
Non-deductible/non-allowable items		4,756			128,643			16,061
		(46,088	)		3,529			682
Current year tax losses not recognized		28,349			534			704
Recognition of previously unrecognized tax losses		-			(1,019	)		(240	)
Difference in overseas tax rates		1,979			203			(3	)
Impact of future tax rate changes		-			-			94
Current year temporary differences not recognised		-			-			2
Prior year tax over/(under) provisions		(212	)		(523	)		-
Deconsolidation of Non-recourse SPVs		18,362			-			-
Income tax expense		2,390			2,724			1,239

	Consolidated
	Year ended 30 June 2023			Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$’000			US$’000		US$’000
Income tax expense
Current tax expense/(benefit)		(1,013	)		672		532
Deferred tax expense		3,403			2,052		707
Income tax expense		2,390			2,724		1,239

	Consolidated
	30 June 2023		30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000		US$’000
Unrecognized deferred tax assets
Available tax losses		136,849		19,268		7,239
Tax effect at the applicable tax rate for each jurisdiction		39,238		5,117		1,887
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences		10,761		3,854		798
Deferred tax asset on losses not recognized		28,477		1,263		1,089

The total available tax losses above have not been recognized in the consolidated statement of financial position. These tax losses can only be utilized against availability of future available profits. These tax losses are not expected to expire.

Recognized deferred tax assets and liabilities

The following are the deferred tax assets and liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022:

	Tax losses		Employee benefits			Property, plant and equipment			Unrealized foreign exchange losses			Capital raising costs			Other deferred tax assets		Total
	US$’000		US$’000			US$’000			US$’000			US$’000			US$’000		US$’000
Deferred tax assets
Movement in balances
As at 1 July 2021		798		31			-			-			82			-		911
(Charge)/credit to profit or loss		3,056		82			15			725			(260	)		1,222		4,840
(Charge)/credit direct to equity		-		-			-			-			4,805			-		4,805
As at 30 June 2022		3,854		113			15			725			4,627			1,222		10,556
Offset against deferred tax liabilities																		(8,321	)
As at 30 June 2022																		2,235
As at 1 July 2022		3,854		113			15			725			4,627			1,222		10,556
(Charge)/credit to profit or loss		6,907		(381	)		(15	)		(691	)		(666	)		1,117		6,272
As at 30 June 2023		10,761		(268	)		-			34			3,961			2,339		16,827
Offset against deferred tax liabilities																		(16,819	)
As at 30 June 2023																		8

	Property, plant and equipment			Unrealized foreign exchange gains			Other deferred tax liabilities			Total
	US$’000			US$’000			US$’000			US$’000
Deferred tax liabilities
Movement in balances
As at 1 July 2021		(798	)		(820	)		-			(1,618	)
(Charge)/credit to profit or loss		(3,894	)		(2,651	)		(347	)		(6,892	)
Charge direct to equity		-			-			-			-
As at 30 June 2022		(4,692	)		(3,471	)		(347	)		(8,510	)
Offset against deferred tax assets											8,321
As at 30 June 2022											(189	)
As at 1 July 2022		(4,692	)		(3,471	)		(347	)		(8,510	)
(Charge)/credit to profit or loss		(7,426	)		(1,540	)		(708	)		(9,674	)
Charge direct to equity		-			-			-			-
As at 30 June 2023		(12,118	)		(5,011	)		(1,055	)		(18,184	)
Offset against deferred tax assets											16,819
As at 30 June 2023											(1,365	)