The income tax benefit was a cash refund of income tax in the US in Tacere Therapeutics Inc. (a wholly owned subsidiary). Page 28 Benitec Biopharma Ltd  Annual Report 2014 2014 2013 $ $ NOTE 2: REVENUE FROM CONTINUING OPERATIONS Revenue Licensing revenue and royalties  276,824  521,140 Finance income - interest received  321,116  118,709 597,940 639,849 Other income Federal Government Research and Development Grants  775,833  824,333 Total revenue and other income  1,373,773  1,464,182 NOTE 3: LOSS FOR THE YEAR  (a) Expenses incurred by continuing operations  Items included in Statement of Comprehensive Income Depreciation Included in Occupancy expenses Depreciation of plant and equipment  12,808  29,794 Employee benefits expense Included in Employment related expenses Wages and salaries  2,109,860 1,759,745 Superannuation costs  89,090  72,320 (b) Expenses Research and development costs consist of: Project expenses  3,310,014 1,075,844 Other IP related expenses  447,855  204,168 3,757,869 1,280,012 NOTE 4: INCOME TAX EXPENSE (a) The prima facie tax on loss from ordinary activities before income tax is reconciled to the income tax as follows: Prima facie tax payable on loss from ordinary activities before income tax at 30% (2013: 30%)   (2,248,042)  (1,046,388) Add Tax effect of: Non-deductible share-based payment expense  106,535  155,625 Non-assessable foreign currency translation provision   (2,324)  457,865 Non-deductible legal fees  15,906  9,326 Capital items deductible   (231,942)  (58,863) Other non-deductible items  19,500  46,843 Deductible items not included in operating result  4,800  (48,354) Deferred tax asset not brought to account  2,335,567  483,947 Income tax benefit -  - Income tax benefit reported in the income statement  454,365  - Notes to the Consolidated Financial Statements for the Year Ended 30 June 2014