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NOTES TO THE
FINANCIAL STATEMENTS
(CONTINUED)
104 Telstra Annual Report 2013 Telstra Corporation Limited and controlled entities
(*) This includes the impact of foreign exchange movements in the
deferred tax items recognised in the income statement.
9. INCOME TAXES
Telstra Group
As at 30 June
2013 2012
$m $m
Major components of income tax expense
Current tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,588 1,826
Deferred tax resulting from the origination and reversal of temporary differences . . . . . . . . . . . . . . 28 (337)
Under provision of tax in prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
1,617 1,510
Notional income tax expense on profit differs from actual income tax expense recorded as
follows
Profit before income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,482 4,934
Notional income tax expense calculated at the Australian tax rate of 30% . . . . . . . . . . . . . . . . . 1,645 1,480
Which is adjusted by the tax effect of:
Different rates of tax on overseas income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (15)
Non assessable and non deductible items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) 63
Amended assessments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) (39)
Under provision of tax in prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
Income tax expense on profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,617 1,510
Income tax recognised directly in other comprehensive income or equity during the year . . . . . . . . . 164 (262)
Telstra Group
As at 30 June
2013 2012
$m $m
(Deferred tax liability)/deferred tax asset
Deferred tax items recognised in the income statement (*)
Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,199) (1,241)
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (883) (830)
Borrowings and derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22) (59)
Provision for employee entitlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 292
Revenue received in advance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 194
Provision for workers' compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 20
Allowance for doubtful debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 57
Defined benefit liability/asset (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 98
Trade and other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 111
Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 49
Income tax losses (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) (32)
(1,362) (1,302)
Deferred tax items recognised in other comprehensive income or equity (c)
Defined benefit liability/asset (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (54) 148
Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 53
37 201
Net deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,325) (1,101)
Our net deferred tax liability is split as follows
Deferred tax assets recognised in the statement of financial position . . . . . . . . . . . . . . . . . . . . 56
Deferred tax liabilities recognised in the statement of financial position . . . . . . . . . . . . . . . . . . . (1,330) (1,107)
(1,325) (1,101)