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96 Qantas |Annual Report 2007
Qantas Group
Asset Liability Net
2007
$M
2006
$M
2007
$M
2006
$M
2007
$M
2006
$M
Inventories ––(50.3) (47.3) (50.3) (47.3)
Property, plant and equipment ––(1,340.7) (1,231.4) (1,340.7) (1,231.4)
Intangible assets ––(4.8) (9.9) (4.8) (9.9)
Payables ––106.3 94.7 106.3 94.7
Interest-bearing liabilities ––(42.6) (2.1) (42.6) (2.1)
Other financial assets/liabilities ––89.0 (84.6) 89.0 (84.6)
Provisions ––258.6 239.8 258.6 239.8
Revenue received in advance ––383.7 393.3 383.7 393.3
Other items 0.3 2.9 (79.9) (62.2) (79.6) (59.3)
Tax value of loss carry-forwards recognised ––5.1 8.5 5.1 8.5
Net tax assets/(liabilities) 0.3 2.9 (675.6) (701.2) (675.3) (698.3)
Qantas
Liability Net
2007
$M
2006
$M
2007
$M
2006
$M
Inventories (50.3) (47.9) (50.3) (47.9)
Property, plant and equipment (1,229.9) (1,157.1) (1,229.9) (1,157.1)
Intangible assets (5.2) (10.3) (5.2) (10.3)
Payables 99.6 90.1 99.6 90.1
Interest-bearing liabilities (130.1) (57.2) (130.1) (57.2)
Other financial assets/liabilities 89.0 (84.5) 89.0 (84.5)
Provisions 230.7 211.7 230.7 211.7
Revenue received in advance 383.7 393.3 383.7 393.3
Other items (73.2) (52.1) (73.2) (52.1)
Tax value of loss carry-forwards recognised 5.1 8.5 5.1 8.5
Net tax liabilities (680.6) (705.5) (680.6) (705.5)
At 30 June 2007, there is no recognised or unrecognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the
Qantas Group’s controlled entities or associates and jointly controlled entities (2006: nil). This is due to the Qantas Group having no liability for additional
taxation, should such amounts be remitted.
Unrecognised deferred tax assets
Deferred tax assets have not been recognised with respect to the following items:
Qantas Group Qantas
2007
$M
2006
$M
2007
$M
2006
$M
Tax losses – New Zealand operations 16.3 13.7 8.4 11.6
Deferred tax assets have not been recognised with respect to these items because it is not probable that future taxable profit will be available against
which the Qantas Group can utilise these benefits.
13. Deferred Tax Assets and Liabilities
Notes to the Financial Statements
for the year ended 30 June 2007