Cue Energy Resources Limited Notes to the financial statements 30 June 2023 Note 9. Income tax expense (continued) 15 Consolidated 2023 2022 $'000 $'000 Deferred tax included in income tax expense comprises: Decrease/(increase) in deferred tax assets (5,362) (4,247) Increase/(decrease) in deferred tax liabilities 880 1,734 Deferred tax – origination and reversal of temporary differences (4,482) (2,513) Consolidated 30 June 2023 30 June 2022 $'000 $'000 Current tax liabilities 3,998 2,666 The Group has an ongoing Indonesian Tax matter relating to a notice of amended assessment which is being disputed by Cue Kalimantan Pte Ltd on behalf of SPC E&P Pte Ltd. Cue is indemnified by SPC for any losses arising from this disputed notice of assessment and has recognised a liability and receivable on the balance sheet. Consolidated 2023 2022 $'000 $'000 Deferred tax assets recognised comprises of: Restoration provisions 2,518 4,703 Carried forward tax losses 9,508 1,772 Other 224 413 12,250 6,888 During the year ended 30 June 2023, the Consolidated Entity recognised a deferred tax asset of $7.74 million (30 June 2022: $1.77 million) in respect of previously unrecognised carried forward tax losses. The Consolidated Entity has a deferred tax asset of $9.51 million at 30 June 2023 for carried forward tax losses recognised. Consolidated 2023 2022 $'000 $'000 Deferred tax liabilities recognised comprises of: Production, development and exploration and evaluation assets 7,631 6,768 Other - (17) Deferred tax liabilities 7,631 6,751 Consolidated 2023 2022 $'000 $'000 Reconciliation of movement in deferred tax balances Opening balance of net deferred tax assets/(liabilities) 137 (2,376) Restoration provisions (2,185) 2,167 Carried forward losses 7,736 1,772 Production, development and exploration and evaluation assets (863) (1,661) Other (206) 235 Closing balance of net deferred tax assets 4,619 137 61 Cue Energy Resources Limited Annual Report 2023
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