Air New Zealand 2016 Annual Report Download - page 13

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Notes to the Financial Statements (continued)
For the year to and as at 30 June 2016
11
AIR NEW ZEALAND GROUPAIR NEW ZEALAND GROUP
4. Taxation (continued)
Deferred taxation
Deferred tax assets and liabilities are attributable to the following:
NON-AIRCRAFT
ASSETS
$M
AIRCRAFT
REL ATED
$M
PROVISIONS
AND
ACCRUALS
$M
FINANCIAL
INSTRUMENTS
$M
PENSION
OBLIGATIONS
$M
TOTAL
$M
As at 1 July 2014
Amounts recognised in Other Comprehensive Income
Reclassified to Income Taxation
Amounts recognised in earnings
15
-
-
(1)
302
-
-
(3)
(98)
-
-
(8)
12
9
2
-
(2)
-
-
-
229
9
2
(12)
As at 30 June 2015 14 299 (106) 23 (2) 228
Amounts recognised in Other Comprehensive Income
Amounts recognised in earnings
-
(1)
-
(14)
-
(20)
(26)
-
(3)
-
(29)
(35)
As at 30 June 2016 13 285 (126) (3) (5) 164
Deferred tax assets and liabilities are offset on the face of the Statement of Financial Position where they relate to entities within the same
taxation authority.
There are no unused tax losses available to carry forward against future taxable profits (30 June 2015: Nil).
2016
$M
2015
$M
Current taxation expense
Current year
Adjustment for prior periods
(234)
(1)
(158)
(1)
Deferred taxation expense
Origination of temporary differences
(235)
35
(159)
12
Total taxation expense recognised in earnings (200) (147)
Reconciliation of effective tax rate
Earnings before taxation 663 474
Taxation at 28%
Adjustments
Non-deductible expenses
Virgin Australia
Non-taxable income
Equity settlements of long-term incentive obligations
Under provided in prior periods
(185)
(3)
(24)
4
11
(3)
(133)
(3)
(8)
1
-
(4)
Taxation expense (200) (147)
The Group has $344 million of imputation credits as at 30 June 2016 (30 June 2015: $200 million).