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103 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
6. Income Tax
Qantas Group Qantas
2009 2008 2009 2008
RECOGNISED IN THE INCOME STATEMENT $M $M $M $M
Current income tax expense
Current year 49 271 (40) 142
Adjustments for prior years 8 (3) 9 (3)
57 268 (31) 139
Deferred income tax expense
Origination and reversal of temporary differences 15 189 27 192
Adjustments for prior years (15) (21) (22) (27)
Benefit of tax losses recognised 1 2 1 2
1 170 6 167
Total income tax expense/(benefit) in the Income Statement 58 438 (25) 306
RECONCILIATION BETWEEN INCOME TA X EXPENSE AND PROFIT
BEFORE REL ATED INCOME TAX EXPENSE
Profit before related income tax expense 181 1,408 459 1,614
Income tax using the domestic corporate tax rate of 30 per cent 54 422 138 484
Add/(less) adjustments for (non-assessable income)/non-deductible expenditure:
– non-assessable gain on sale of Qantas Holidays Group (26) – – –
– non-taxable Australian and foreign dividends – – (134) (187)
– share of net loss/(profit) of associates and jointly controlled entities 5 (8) – –
– utilisation of previously unrecognised losses (11) (5) – –
– writedown of investments and goodwill 6 3 (44) 4
– provisions for freight cartel investigations 3 19 3 19
Other items 19 10 3 (11)
Under/(over) provision in prior years 8 (3) 9 (3)
Income tax expense/(benefit) 58 438 (25) 306
INCOME TAX EXPENSE/(BENEFIT) RECOGNISED DIRECTLY IN EQUITY
Other net financial assets/liabilities and interest-bearing liabilities (189) 129 (189) 129