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109 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
Qantas Group
Asset Liability Net
2008
$M
2007
$M
2008
$M
2007
$M
2008
$M
2007
$M
Inventories ––(52.2) (50.3) (52.2) (50.3)
Property, plant and equipment ––(1,384.0) (1,340.7) (1,384.0) (1,340.7)
Intangible assets ––(2.6) (4.8) (2.6) (4.8)
Payables ––99.1 106.3 99.1 106.3
Revenue received in advance ––641.5 642.9 641.5 642.9
Interest-bearing liabilities ––(144.7) (42.6) (144.7) (42.6)
Other fi nancial assets/liabilities ––(11.4) 89.0 (11.4) 89.0
Provisions ––228.7 237.5 228.7 237.5
Other items 0.6 0.3 (134.1) (79.9) (133.5) (79.6)
Tax value of loss carry-forwards recognised ––2.9 5.1 2.9 5.1
Net tax assets/(liabilities) 0.6 0.3 (756.8) (437.5) (756.2) (437.2)
Qantas
Liability Net
2008
$M
2007
$M
2008
$M
2007
$M
Inventories (52.8) (50.3) (52.8) (50.3)
Property, plant and equipment (1,254.9) (1,229.9) (1,254.9) (1,229.9)
Intangible assets (3.0) (5.2) (3.0) (5.2)
Payables 79.9 99.6 79.9 99.6
Revenue received in advance 639.6 640.6 639.6 640.6
Interest-bearing liabilities (193.4) (130.1) (193.4) (130.1)
Other fi nancial assets/liabilities (11.4) 89.0 (11.4) 89.0
Provisions 196.2 209.6 196.2 209.6
Other items (170.2) (73.2) (170.2) (73.2)
Tax value of loss carry-forwards recognised 2.8 5.1 2.8 5.1
Net tax liabilities (767.2) (444.8) (767.2) (444.8)
At 30 June 2008, 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 (2007: 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
2008
$M
2007
$M
2008
$M
2007
$M
Tax losses – New Zealand operations 15.1 16.3 7.8 8.4
Deferred tax assets have not been recognised with respect to these items because it is not probable that future taxable profi t will be available against
which the Qantas Group can utilise these benefi ts.
18. Deferred Tax Assets and Liabilities
For personal use only