NOTE 07
INCOME TAX EXPENSE/(BENEFIT)
(a) Income tax expense/(benefit)
Consolidated
2014
$’000
Restated
2013
$’000
Current tax expense
Adjustment for prior year
-
(4,072)
Total current tax expense
-
(4,072)
Deferred tax expense
Origination and reversal of temporary differences
56,156
(95,918)
Change in recognised deductible temporary differences
(30,821)
(25,129)
Total deferred tax expense
25,335
(121,047)
Total income tax expense/(benefit)
25,335
(125,119)
(b) Tax assets
At 30 June 2014, the Group has unrecognised deferred tax assets in relation to temporary differences of $251.4m
(2013: $282.3m) associated with the Group’s ability to claim tax depreciation on NSW lease assets utilising
Division 58 of the Income Tax Assessment Act 1997 and also due to the impairment of the assets of the North
South rail corridor.
The Group has an unrecognised deferred tax asset in relation to a carried forward capital loss of $0.7m (2013:
$0.7m). It is not recognised on the basis that there are no forecast future capital gains against which the loss
could be utilised.
(c) Numerical reconciliation of income tax expense/(benefit)
to prima facie tax payable
Consolidated
2014
$’000
Restated
2013
$’000
Profit/(loss) from continuing operations before income tax expense
188,978
(327,153)
Tax at the Group’s statutory tax rate of 30%
56,693
(98,146)
Change in recognised temporary differences
(30,821)
(25,129)
Adjustment for current tax prior year
-
(4,072)
Research and development income tax offset
(459)
(1,100)
Non taxable items
(78)
3,328
Total income tax expense/(benefit)
25,335
(125,119)
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