Consolidated
(c) Amounts charged or credited directly to equity
2012
2011
$’000
$’000
Deferred income tax related to items charged directly to equity
(refer to note 31(a))
Net gain on revaluation of infrastructure assets
-
153,793
Net loss on reversal of revaluation of infrastructure assets
(refer note 17 and 27)
(94,758)
-
Net (loss)/gain on defined benefit fund
(1,512)
7
Net (loss)/gain on interest rate swap
(1,633)
-
Net gain/(loss) ‑ foreign exchange hedge
45
(7)
Total
(97,858)
153,793
Deferred income tax charge included in equity comprises:
Increase/(decrease) in deferred liabilities
52
153,793
(Increase)/decrease in deferred assets
(97,910)
-
Total
(97,858)
153,793
Note 06
Income tax expense/ (benefit) (continued)
(d) Tax assets
At 30 June 2012, the Group has unrecognised
deferred tax assets in relation to temporary
differences of $307.4m (2011: $197.2m)
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(h).
The Australian Taxation Office is
currently undertaking 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 review is expected to be finalised in
September 2012.
81
