NOTE 06
NON-FINANCIAL ASSETS AND LIABILITIES
(CONTINUED)
(d) Deferred tax balances
(i) Deferred tax assets
Consolidated
2015
$’000
2014
$’000
The balance comprises temporary differences attributable to:
Property plant and equipment
476,745
509,283
Income tax losses and non-refundable offsets
3,049
20,890
Defined benefit fund
1,985
2,843
Cash flow hedges - interest rate swap and foreign exchange
379
920
482,158
533,936
Movements:
Opening balance at 1 July
533,936
527,530
(Charged)/credited to the consolidated income statement related
to tax losses and offsets
(17,841)
5,350
(Charged)/credited to the consolidated income statement related
to property plant and equipment
(32,538)
1,804
(Charged)/credited to equity related to defined benefit fund
(1,576)
644
(Charged)/credited related to cash flow hedge foreign exchange
(557)
(1,392)
Adjustments for movements through income statement
734
-
Closing balance at 30 June before set off
482,158
533,936
Set off of deferred tax liabilities
(290,478)
(305,412)
Net deferred tax asset
191,680
228,524
At 30 June 2015, the Group has unrecognised deferred tax assets of $248.4m (2014: $251.4m)
associated with provisions, deferred Government grant income assessable on receipt for tax
purposes and property, plant & equipment. The deductible temporary differences in relation to
property, plant & equipment exist as a result of the Group’s ability to claim tax depreciation on NSW
lease assets utilising Division 58 of the Income Tax Assessment Act 1997 and the impairment of the
assets of the Interstate business unit.
The Group has an unrecognised deferred tax asset in relation to a carried forward capital loss of
$0.7m (2014: $0.7m). It is not recognised on the basis that there are no forecast future capital gains
against which the loss could be utilised.
75
