6 Finance costs 30-June-22 $ 30-June-21 $ Bank’s fees 56,753 29,501 Interest expense 19 11 Other income 56,772 29,512 7 Income tax expense 30-June-22 $ 30-June-21 $ Numerical reconciliation of income tax expense and tax at statutory rate Loss before income tax expense 6,332,812 (1,398,123) Tax at the statutory tax rate of 25% (2021: 26%) 1,583,203 363,512 Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-assessable non-exempt income – – Other non-deductible expenditure – – (1,583,203) 363,512 Current year tax profits/(losses) not recognised 1,583,203 (363,512) Interest tax expense 0 0 Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised 186,218,308 192,551,120 Potential tax benefit @ 25% (2021; 26%) 46,554,577 50,063,291 The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed. 8 Cash and cash equivalents 30-June-22 $ 30-June-21 $ Current assets Cash and cash equivalents 35,570,347 10,683,656 9 Other receivables 30-June-22 $ 30-June-21 $ Current assets Trade debtors 116,360 - Other receivables 2,000 2,000 Prepayments 26,556 115,406 GST receivable 11,066 49,641 Receivables 155,982 167,047 Notes to the Consolidated Financial Statements for the year ended 30 June 2022 36 Melbana Energy Limited Annual Report 2022
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