ANNUAL Report June 2023 Notes to the Consolidated Financial Statements 35 no changes in tax legislation adversely affect the Parent and the Subsidiaries in realising the benefit from the deductions for the losses, i.e. current tax legislation permits carried forward tax losses to be carried forward indefinitely. No franking credits are available for subsequent years. Tax consolidation The tax consolidation scheme is applicable to the Company. As at the date of this report the Directors have assessed the financial effect the scheme may have on the Company and its consolidated entities and have made a decision to be taxed as a consolidated entity. The financial effect of the tax consolidation scheme on the Group has not been recognised in the financial statements. 4. INVENTORY 2023 $ 2022 $ Current Finished goods 341,447 353,889 Work-in-progress 218,517 364,552 Raw materials 39,094 72,547 Workshop inventory 278,682 85,450 877,740 876,438 Non-current Finished goods Raw materials 1,690,023 6,523,633 - 6,812,875 8,213,656 6,812,875 9,091,396 7,689,313 The above amount for raw materials incorporates the fair value of the estimated 7 million tonnes of stockpiled inventory acquired as part of the acquisition of Mt Carbine Quarries Pty Ltd on 28 June 2019 along with the work-in-progress and finished goods inventory which have been created from this stockpiled material since acquisition. The inventory will be consumed on a units of operation basis in accordance with AASB102. All inventory, regardless of type and stage in the production process has been valued at the lower of cost and net realisable value (NRV). Inventories expected to be processed or sold within twelve months after the balance sheet date are classified as current assets. All other inventories are classified as non-current assets. The cost of inventories recognised as an expense do not include any write-downs of inventory to NRV. EQ Resources Limited Annual Report 2023 77
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