Cue Energy Resources Limited Notes to the financial statements 30 June 2024 Note 8. Income tax expense (continued) 42 Consolidated 30 June 2024 30 June 2023 $'000 $'000 Deferred tax assets recognised comprises of: Restoration provisions 13,106 12,760 Carried forward tax losses 10,289 9,508 Other 164 224 Gross deferred tax assets 23,559 22,492 Less set off against deferred tax liabilities (11,358) (10,242) Net deferred tax assets 12,201 12,250 During the year ended 30 June 2024, the Consolidated Entity utilised $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 $10.3 million (30 June 2023: $9.51 million) in respect of carried forward tax losses recognised. Consolidated 30 June 2024 30 June 2023 $'000 $'000 Deferred tax liabilities recognised comprises of: Production, development and exploration and evaluation assets 20,638 17,873 Less set off against deferred tax assets (11,358) (10,242) Net deferred tax liabilities 9,280 7,631 Consolidated 30 June 2024 30 June 2023 $'000 $'000 Reconciliation of movement in deferred tax balances Opening balance of net deferred tax assets/(liabilities) 4,619 137 Restoration provisions 346 (2,185) Carried forward losses 781 7,736 Production, development and exploration and evaluation assets (2,765) (863) Other (60) (206) Closing balance of net deferred tax assets 2,921 4,619 Consolidated 30 June 2024 30 June 2023 $'000 $'000 Deferred tax not recognised Deferred tax not recognised comprises temporary differences attributable to: Tax losses 19,421 23,033 Net deferred tax not recognised 19,421 23,033 At 30 June 2024, the Consolidated Entity had $64.74 million in unutilised carry forward losses, the tax effect of which is $19.42 million. The potential tax benefit has not been recognised in the statement of financial position as the recovery of this benefit is uncertain. 56 Cue Energy Resources Limited Annual Report 2024
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