NOTE 08
NON-FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
(d) Deferred tax balances
(i)
Deferred tax assets
Consolidated
2014
$’000
Restated
2013
$’000
The balance comprises temporary differences attributable to:
Property plant and equipment
509,283
507,479
Income tax losses and non refundable offsets
20,890
15,540
Defined benefit fund
2,843
2,199
Cash flow hedges - interest rate swap and foreign exchange
920
2,312
533,936
527,530
Movements
:
Opening balance at 1 July
527,530
348,415
Credited to the consolidated income statement related to tax losses
5,350
6,301
(Charged)/credited to the consolidated income statement related to
property plant and equipment
1,804
173,227
Credited/(charged) to equity related to defined benefit fund
644
(1,162)
Credited/(charged) to equity related to cash flow hedge interest rate swap
(1,392)
749
Closing balance at 30 June before set off
533,936
527,530
Set off of deferred tax liabilities
(305,412)
(281,617)
Net deferred tax asset
228,524
245,913
(ii) Deferred tax liabilities
Consolidated
2014
$’000
2013
$’000
The balance comprises temporary differences attributable to:
Property, plant and equipment revaluation
305,412
281,587
Cash flow hedges - foreign exchange
-
30
Net deferred tax liabilities
305,412
281,617
Movements:
Opening balance at 1 July
281,617
174,957
Charged to equity related to cash flow hedge – foreign exchange
(30)
(22)
Recognition of DTA/DTL relating to property, plant and equipment
23,825
106,682
Closing balance at 30 June before set off
305,412
281,617
Set off of deferred tax assets
(305,412)
(281,617)
Net deferred tax liability
-
-
67
