57 Kazia Theraputics Limited Annual Report 2022 2022 at a Glance Chairman’s Letter CEO’s Report Key Milestones Pipeline Review ESG Financial Reports Note 8. Income tax (benefit)/expense Consolidated 2022 2021 $ $ Numerical reconciliation of income tax benefit and tax at the statutory rate Loss before income tax benefit (25,015,895) (8,906,307) Tax at the statutory tax rate of 25% (2021: 26%) (6,253,974) (2,315,640) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Amortisation of intangibles 488,235 347,960 Share-based payments 418,645 175,005 Gain/loss on revaluation of contingent consideration 38,072 706,822 (5,309,022) (1,085,853) Adjustment recognised for prior periods 16,265 - Adjustment to deferred tax balances as a result of change in statutory tax rate (113,258) (186,152) Tax losses and timing differences not recognised 5,037,935 787,658 Income tax benefit (368,080) (484,347) Consolidated 2022 2021 $ $ Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised-Australia 96,069,419 70,896,259 Potential tax benefit @ 25% (2021: 26%) 24,017,355 17,724,065 Unused tax losses for which no deferred tax asset has been recognised-US 2,379,604 2,038,587 Potential tax benefit at statutory tax rates @ 21%-US 499,717 428,103 Note 9. Cash and cash equivalents Consolidated 2022 2021 $ $ Current assets Cash at bank and on hand 7,361,112 21,086,760 Short-term deposits - 6,500,000 7,361,112 27,586,760 Note 10. Trade and other receivables Consolidated 2022 2021 $ $ Current assets Other receivables 51,353 76,675 Deposits held 39,622 7,687 90,975 84,362 Our Collaborators
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