12 Net deferred income tax assets
$million |
Opening balance |
Charged to income |
Charged to equity |
Other/ transfer |
Closing balance |
---|---|---|---|---|---|
2019 |
|||||
Deferred tax assets |
|||||
Property plant and equipment |
179.3 |
(15.6) |
- |
- |
163.7 |
Provisions |
31.1 |
0.3 |
1.4 |
- |
32.8 |
Derivative financial instruments |
4.4 |
(4.5) |
35.9 |
- |
35.8 |
Non derivative financial instruments |
- |
1.7 |
- |
- |
1.7 |
Total deferred tax assets |
214.8 |
(18.1) |
37.3 |
- |
234.0 |
Deferred tax liabilities |
|||||
Derivative financial instruments |
- |
- |
- |
- |
- |
Other |
46.2 |
(7.0) |
- |
- |
39.2 |
Total deferred tax liabilities |
46.2 |
(7.0) |
- |
- |
39.2 |
Net deferred tax asset |
194.8 |
||||
2018 |
|||||
Deferred tax assets |
|||||
Property plant and equipment |
189.1 |
(9.8) |
- |
- |
179.3 |
Provisions |
34.5 |
(1.8) |
(1.6) |
- |
31.1 |
Derivative financial instruments |
- |
- |
- |
4.4 |
4.4 |
Total deferred tax asset - restated* |
223.6 |
(11.6) |
(1.6) |
4.4 |
214.8 |
Deferred tax liabilities |
|||||
Derivative financial instruments |
57.3 |
(64.8) |
3.1 |
4.4 |
- |
Other |
52.8 |
(6.6) |
- |
- |
46.2 |
Total deferred tax liabilities - restated* |
110.1 |
(71.4) |
3.1 |
4.4 |
46.2 |
Net deferred tax asset - restated* |
168.6 |
*The prior period financial information has been restated, as described in Note 2 of the Financial Statements.
Recognition and measurement
Current tax: The Income Tax Payable/Income Tax Receivable in the Statement of Financial Positionrepresents the amount expected to be paid (or refunded) in relation to taxable income for the financial year measured using tax rates and tax laws that have been enacted or substantively enacted by the reporting date. Current tax for the current, and prior periods, is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred income tax: is provided in full, using the balance sheet method, on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date.
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. A deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the consolidated entity intends to settle the tax assets and liabilities on a net basis.
Visit
https://www.transparency.gov.au/annual-reports/snowy-hydro-limited/reporting-year/2018-2019-59