92 / 132
Consolidated
2017
$’000
2016
$’000
The balance comprises temporary differences attributable to:
Property, plant and equipment
348,323
367,274
Income tax losses and non-refundable offsets
1,851
3,765
Defined benefit plan
3,321
4,340
Other current assets
31
-
353,526
375,379
Movements:
Opening balance at 1 July
375,379
482,158
(Charged)/credited to the consolidated income statement related
to tax losses and offsets
(1,914)
716
(Charged)/credited to the consolidated income statement related
to property plant and equipment
(17,607)
(105,641)
(Charged)/credited to the consolidated income statement, other
(93)
33
(Charged)/credited to equity related to property, plant and
equipment
(1,344)
(3,830)
Credited /(Charged) to equity related to defined benefit plan
(907)
2,330
(Charged)/credited related to cash flow hedge
12
(387)
Closing balance at 30 June before set off
353,526
375,379
Set off of deferred tax liabilities
(160,472)
(196,712)
Net deferred tax asset
193,054
178,667
(i) Deferred tax assets
(e) Deferred tax balances
At 30 June 2017, the Group has unrecognised deferred tax assets in relation to temporary differences
of $247.4m (2016: $265.0m) associated with the Group’s ability to claim tax depreciation on
NSW lease assets utilising Division 58 of the Income Tax Assessment Act 1997 and also due to the
impairment of the assets of the North South rail corridor.
The Group has an unrecognised deferred tax asset in relation to a carried forward capital loss of
$0.7m (2016: $0.7m). It is not recognised on the basis that there are no forecast future capital gains
against which the loss could be utilised.
(d) Intangible assets (continued)
Other intangible assets relate to contractual rights in relation to a wholesale access agreement which
provides a pricing cap over the third party infrastructure asset between Kalgoorlie and Perth which
completes track access between the east and west coast of Australia.
90
NOTE 7
NON-FINANCIAL ASSETS AND LIABILITIES (CONTINUED)