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Wool Stocktake : AWI Annual Report 2016-17
NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2017 (CONTINUED) NOTE 5: EXPENSES Consolidated 2017 2016 $'000 $'000 Depreciation and amortisation Buildings 2 2 Plant and equipment 540 402 Leasehold improvements 430 244 Total depreciation and amortisation 972 648 Rental expense relating to operating leases 2,162 2,390 Defined contribution superannuation expense 1,373 1,496 NOTE 6: RESEARCH, DEVELOPMENT AND MARKETING EXPENDITURE Consolidated 2017 2016 $'000 $'000 Marketing 31,762 35,089 Sheep Production 10,827 10,966 Woolgrower Services 7,878 8,347 Processing Innovation & Education Extension 7,025 8,395 Digital Services 3,386 3,550 Support & Administration 9,565 10,173 Total RDM expenditure 70,443 76,520 NOTE 7: INCOME TAX EXPENSE Consolidated 2017 2016 $'000 $'000 (a) Income tax expense Current tax 88 28 (b) Numerical reconciliation of income tax expense to prima facie tax payable Profit from continuing operations before income tax expense 17,270 2,695 Tax at the Australian tax rate of 30% (2016 - 30%) 5,181 809 Non-taxable income, tax losses and temporary differences not brought to account (5,071) (688) Differences in overseas tax rates (33) (27) Adjustments for current tax of prior periods 11 (66) Income tax expense 88 28 The Group has not recognised deferred tax assets relating to tax losses or temporary differences arising from loss making operations as it is not probable that the benefits will be realised. AWI is exempt from income taxes not indirect taxes. 76 FINANCIAL REPORT
AWI Annual Report 2015-16
AWI Annual Report 2017-18