Cue Energy Resources Limited Notes to the financial statements 30 June 2025 Note 9. Income tax expense (continued) 40 The Consolidated Entity's effective tax rate for the year ended 30 June 2025 was 67% (30 June 2024: 44%). The movement is due to one-off derecognition of future tax losses. Consolidated 30 June 2025 30 June 2024 $'000 $'000 Deferred tax included in income tax expense comprises: Decrease in deferred tax assets 5,046 49 Increase in deferred tax liabilities 2,605 1,649 Deferred tax 7,651 1,698 Consolidated 30 June 2025 30 June 2024 $'000 $'000 Current tax liabilities 3,742 3,040 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 (SPC). 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 30 June 2025 30 June 2024 $'000 $'000 Deferred tax assets recognised comprises of: Restoration provisions 13,469 13,106 Carried forward tax losses 6,092 10,289 Other 186 164 Gross deferred tax assets 19,745 23,559 Less set off against deferred tax liabilities (12,590) (11,358) Net deferred tax assets 7,157 12,201 During the year ended 30 June 2025, the Consolidated Entity utilised $2.13 million (30 June 2024: $2.44 million) in previously recognised deferred tax assets on carry forward losses in offsetting against taxable profits generated. The Consolidated Entity recognised a deferred tax asset of $6.09 million (30 June 2024: $10.3 million) in respect of unutilised carried forward tax losses. Consolidated 30 June 2025 30 June 2024 $'000 $'000 Deferred tax liabilities recognised comprises of: Production, development and exploration and evaluation assets 24,475 20,638 Less set off against deferred tax assets (12,590) (11,358) Net Deferred tax liabilities 11,885 9,280 52 Cue Energy Resources Limited Annual Report 2025
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