NOTE 05
INCOME TAX EXPENSE/(BENEFIT) (CONTINUED)
(c) Amounts charged or credited directly to equity
Consolidated
2013
$’000
2012
$’000
Deferred income tax related to items charged directly to equity
Net gain on revaluation of infrastructure assets
48,201
-
Net loss on reversal of revaluation of infrastructure assets
-
(94,758)
Net (loss)/gain on defined benefit fund
924
(1,512)
Net (loss)/gain on interest rate swap
(749)
(1,633)
Net gain/(loss) on foreign exchange hedge
(22)
45
48,354
(97,858)
Deferred income tax charge included in equity comprises:
Increase/(decrease) in deferred liabilities
(22)
52
(Increase)/decrease in deferred assets
48,376
(97,910)
48,354
(97,858)
(d) Tax assets
At 30 June 2013, the Group has unrecognised deferred tax assets in relation to temporary differences of $282.1m (2012:
$307.4m) associated with the Group’s ability to claim tax depreciation on NSW lease assets as a result of the Group
being able to use Division 58 of the Income Tax Assessment Act 1997 and also due to the impairment of the North
South assets.
(e) Tax consolidation legislation
Australian Rail Track Corporation Ltd and its wholly owned Australian controlled entities have implemented the tax
consolidation legislation as of 1 July 2003. The accounting policy in relation to this legislation is set out in note 1(k).
In the previous financial year the Australian Taxation Office was in the process of a specific review of ARTC’s 2009/10
income tax claim as a part of the Australian Taxation Office’s large business review program.
The Specific Risk Review was finalised in August 2012 and was a positive outcome for ARTC. The review did not identify
any risks that required any further action. The Australian Taxation Office has subsequently updated the risk rating
applied to ARTC from a medium risk to a low risk for the 2011/12 income tax year.
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