82 / 132
Consolidated
2017
$’000
2016
$’000
Profit from continuing operations before income tax expense
149,559
191,778
Tax at the Group's statutory tax rate of 30%
44,868
57,533
Unrecognised temporary differences
(17,667)
16,624
Amendments and prior year adjustments
(25)
170
Research and development income tax offset
(127)
(135)
Non-taxable items
29
20
Total income tax expense
27,078
74,212
Consolidated
2017
$’000
2016
$’000
Deferred income tax related to items charged directly to equity
Net (loss)/gain on revaluation of infrastructure assets
(42,360)
(59,254)
Net (loss)/gain on defined benefit plan
907
(2,330)
Net gain on interest rate swap
-
377
Net gain on foreign exchange hedge
(12)
9
(41,465)
(61,198)
Deferred income tax charge included in equity comprises:
(Decrease)/increase in deferred tax liabilities
(43,704)
(63,085)
(Increase)/decrease in deferred tax assets
2,239
1,887
(41,465)
(61,198)
The income tax charged directly to equity of $42.4m (2016: ($59.3m) is the tax effect of the
reversal of revaluations of $141.2m (2016: $197.5m), see note 7(c). The income tax charged directly
to equity of $0.9m (2016:$2.3m) is the tax effect of the defined benefit amount included in other
comprehensive income $3.0m (2016: $7.7m), see note 7(g).
Consolidated
2017
$’000
2016
$’000
Impairment - property, plant and equipment (refer to note 7(c))
1,082
(3,015)
impairment - shares held at cost
19
-
1,101
(3,015)
Accounting Policy
Impairment
Accounting policies for impairment refer to note 7(c).
(h) Numerical reconciliation of income
tax expense/(benefit) to prima facie
tax payable
(i) Amounts charged or credited
directly to equity
(j) (Reversal) / recognition of impairment
80
NOTE 5
INCOME AND EXPENSES (CONTINUED)