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The Group is subject to income taxes in Australia. Taxation is a key audit matter due to:

•    the naturę of the Group's activities that give rise to various taxation obligations, including Corporation tax, mdirect taxes and employment related taxes;

•    significantly increased Australian Taxation Office (ATO) compliance program activities focused on ensuring taxpayers comply with their Australian tax obligations with respect to international related party transactions and structures. This has led to changes in Australian taxation laws, new ATO guidelines and judicial interpretation of Australia’s transfer pricing laws;

•    the Group currently bemg subject to an ATO transfer pricing audit in relation to its convertible instruments; and

•    the application of taxation leg slation requires judgement to be exercised by us in relation to assessing the Group's

est mation of tax exposures, associated provisions and contingent liabilities.

Due to the comp ex and specialised naturę of Austra lan taxation law, management engages external advisors to assist in assessing applicat on of tax law to the Group's specific circumstances.

In assess ng this key audit matter, we involved our senior taxation and transfer pricing specialists, who have industry specific experience and detailed knowledge and experience in the complex Australian taxation requirements and the ATO‘s compliance program activities.

ith the assistance of our taxation specialists, our )cedures included, amongst others:

inquiring of management and those charged with governance, participating in Audit and Compliance Committee meetings and reading correspondence between the Group and the ATO to understand the current status of the ATO audit, and the analys s and submissions being prepared by the Group;

analysing management’s assessment of tax positions against accounting standard requirements, including:

•    evaluating and corroborating analysis, including areas of key judgement and estimation, against relevant Information such as tax legislation, rulings and case law; and

•    usmg our subject matter experts' experience and know edge with ATO audits and compliance programs to assess the completeness of tax matters identified and the Group's conclusions regard ng these matters including the status and possible outcomes.

test ng key Controls relating to the accounting for and disclosure of tax related transactions and matters; and

assessing the adequacy of the Group's disclosures in respect of significant estimates and judgements and ongoing tax matters against accounting standard reguirements.