9. INCOME TAX 3 months to  31 Mar 2013 $000 12 months to  31 Dec 2012 $000 3 months to  31 Mar 2012 $000 (reviewed) (a) Income tax expense The major components of income tax (benefit)/expense are: Income Statement Current income tax Current income tax charge (100) (352)  (191) Deferred income tax Relating to origination and reversal of temporary differences (27,412) (3,680) (4,402) Income tax (benefit)/expense reported in the income statement (27,512) (4,032) (4,593) (b) Amounts charged or credited directly to equity Deferred income tax 1,395 - - Net (loss)/(gain) on revaluation of land and buildings  303 (10,341) - Income tax (benefit)/expense reported in equity 1,698 (10,341) - (c) Numerical reconciliation between aggregate tax expense  recognised in the income statement and tax expense calculated  per the statutory income tax rate A reconciliation between tax expense and the product of accounting  profit before income tax multiplied by the Group’s applicable income  tax rate is as follows: Accounting (loss)/profit before tax from continuing operations (73,989) (12,441) (9,666) At the statutory income tax rate of 30% (31 December 2012 and 31  March 2012: 30%) (22,196) (3,732) (2,900) Building depreciation not deductible 79  254 65 Excess devaluation of properties charged to profit and loss - 2,425 - Net taxable gain on disposal of property (23) - - Tax losses recognised as deferred tax asset (67) (2,949) (1,836) Franking tax benefit (5,388) - - Other items (net) 83 (30) 78 Income tax benefit reported in the Consolidated Income Statement (27,512) (4,032) (4,593) 78 Australian Agricultural Company Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013