8. INCOME TAX 83  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 2011 2010 (a)  Major components of income tax expense: Income Statement Current income tax expense Current income tax benefit - - Recognition/derecognition of carry forward losses and other temporary differences (14,698,290) 3,484,319 Adjustments in respect of current income tax of previous years (4,261,697) (435,558) Deferred income tax Relating to recoupment of carry forward tax losses in current year 8,236,339  9,251,277  Relating to origination and reversal of temporary differences in current year 10,375,231  (11,397,637) Adjustments in respect of current income tax of previous years (60,109) 193,228 Income tax (benefit)/expense reported in the statement of comprehensive income (408,526) 1,095,629 (b)  Amounts charged or credited directly to equity Deferred income tax related to items charged or credited directly to equity Unrealised (gain)/loss on available-for-sale investments (322,965) 1,220,922 Share issue costs (85,561) (125,293) Income tax (benefit)/expense reported in equity (408,526) 1,095,629 (c)  A reconciliation of income tax benefit and the product of accounting loss before income tax  multiplied by the Consolidated Entity’s applicable income tax rate is as follows:  Accounting profit before tax from continuing operations 62,609,789  14,048,185  Loss before tax from discontinued operations  (721,707)  (1,171,572) Total accounting profit before income tax 61,888,082  12,876,613  At statutory income tax rate of 30% (2010: 30%) 18,566,425  3,862,984  Non-assessable items  - (5,925,000) Non-deductible items 130,706  97, 471 Deductible items (85,561) (181,815) Prior year tax benefits (4,321,806) (242,330) Unrecognised tax losses and other temporary differences (14,698,290) 3,484,319 Income tax (benefit)/expense reported in income the statement of comprehensive  income  (408,526) 1,095,629 Effective income tax rate -0.7% 8.5%