Qantas 2008 Annual Report Download - page 97
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95 Qantas Annual Report 2008
Notes to the Financial Statements
for the year ended 30 June 2008
Qantas Group Qantas
Recognised in the Income Statement 2008
$M
2007
$M
2008
$M
2007
$M
Current income tax expense
Current year 270.6 319.1 141.5 227.3
Adjustments for prior years (2.6) (2.0) (2.8) (8.4)
268.0 317.1 138.7 218.9
Deferred income tax expense
Origination and reversal of temporary differences 188.1 45.1 191.9 45.0
Entities acquired –1.8 ––
Adjustments for prior years (20.4) (75.1) (27.0) (70.2)
Benefi t of tax losses recognised 2.2 3.4 2.3 3.4
169.9 (24.8) 167.2 (21.8)
Total income tax expense in the Income Statement 437.9 292.3 305.9 197.1
Comprising:
Australian income tax expense 435.5 290.2 305.9 197.1
Overseas income tax expense 2.4 2.1 ––
437.9 292.3 305.9 197.1
Reconciliation between income tax expense and profit
before related income tax expense
Profit before related income tax expense 1,407.6 965.1 1,614.1 610.4
Income tax using the domestic corporate tax rate of 30 per cent 422.3 289.5 484.2 183.1
Add/(less) adjustments for:
Non-assessable income
non-taxable Australian dividends–(6.3) (6.6) (186.9) (3.1)
non-taxable foreign dividends–(0.7) (2.3) –(1.4)
share of associates’ and jointly controlled entities’ net profi t–(1.2) (5.2) ––
utilisation of previously unrecognised losses–(5.2) (10.3) –(3.4)
Non-deductible expenditure
writedown of investments and property, plant and equipment–3.4 1.3 4.2 3.1
provisions for freight cartel investigations–19.1 14.2 19.1 14.2
Other items 9.1 13.7 (11.9) 13.0
Over provision in prior years (2.6) (2.0) (2.8) (8.4)
Income tax expense 437.9 292.3 305.9 197.1
Income tax expense/(benefit) recognised directly in equity
Other net fi nancial assets/liabilities and interest-bearing liabilities 128.7 (93.5) 128.7 (93.5)
6. Income Tax
For personal use only