71 / 116
The prior year deemed cost amount of Plant and Equipment and Leasehold Improvements has been
restated to include the impact of 2015 depreciation expense on revalued assets which had previously
been omitted. This is a disclosure change only and there is no impact to the actual carrying value as
reported on the balance sheet nor the depreciation recognised in the income statement.
(c) Deferred tax balances
(i) Deferred tax assets
Consolidated
2016
$’000
2015
$’000
The balance comprises temporary differences attributable to:
Property plant and equipment
367,274
476,745
Income tax losses and non-refundable offsets
3,765
3,049
Defined benefit plan
4,340
1,985
Cash flow hedges - interest rate swap and foreign exchange
-
379
375,379
482,158
Movements:
Opening balance at 1 July
482,158
533,936
(Charged)/credited to the consolidated income statement related
to tax losses and offsets
716
(17,841)
(Charged)/credited to the consolidated income statement related
to property plant and equipment
(105,641)
(63,263)
(Charged)/credited to equity related to property, plant and
equipment
(3,830)
30,725
Credited /(Charged) to equity related to defined benefit plan
2,330
(1,576)
(Charged)/credited related to cash flow hedge
(387)
(557)
Adjustments for movements through income statement
33
734
Closing balance at 30 June before set off
375,379
482,158
Set off of deferred tax liabilities
(196,712)
(290,478)
Net deferred tax asset
178,667
191,680
At 30 June 2016, the Group has unrecognised deferred tax assets of $265.0m (2015: $248.4m)
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 (2015: $0.7m). It is not recognised on the basis that there are no forecast future capital gains
against which the loss could be utilised.
NOTE 8 (CONTINUED)
NON-FINANCIAL ASSETS AND LIABILITIES
69