Qantas 2011 Annual Report Download - page 68

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THE QANTAS GROUP 66
for the year ended 30 June 2011
Notes to the Financial Statements continued
Qantas Group

$M

$M
FINANCE INCOME
Interest income on nancial assets measured at amortised cost  
Interest income from jointly controlled entity  
Unwind of discount on receivables  
Total nance income  
FINANCE COSTS
Interest expense on nancial liabilities measured at amortised cost  
Finance leases  
Fair value hedges
— Fair value adjustments on hedged items () ()
— Fair value adjustments on derivatives designated in a fair value hedge  
Less: capitalised interest() ()
Total nance costs on nancial liabilities  
Unwind of discount on provisions and other liabilities
— Employee benets  
— Other provisions and other liabilities 
Total nance costs  
Net nance costs () ()
. The borrowing costs are capitalised using the average interest rate applicable to the Qantas Group’s debt facilities being . per cent (: . per cent).
6. Income Tax
RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT
Current income tax expense
Current year – –
Adjustments for prior years –
–
Deferred income tax expense
Origination and reversal of temporary differences  
Benet of tax losses recognised () ()
 
Total income tax expense in the Consolidated Income Statement  
RECONCILIATION BETWEEN INCOME TAX EXPENSE AND STATUTORY PROFIT BEFORE INCOME TAX EXPENSE
Statutory prot before income tax expense  
Income tax using the domestic corporate tax rate of  per cent  
Add/(less) adjustments for non-deductible expenditure/(non-assessable income):
— (Non-assessable)/non-deductible share of net (prot)/loss of associates and jointly controlled entities ()
— Utilisation and recognition of previously unrecognised foreign tax losses () ()
— Non-deductible infrastructure bond interest – 
— Other items  
Over provision in prior years () –
Income tax expense  
RECOGNISED IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Cash ow hedges () 
Income tax (benet)/expense recognised directly in the Consolidated Statement of Comprehensive Income () 
5. Net Finance Costs