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Notes to the Consolidated Financial Statements
30 June 2013
56 BRADKEN LIMITED ANNUAL REPORT 2013
Notes to the consolidated financial statements
30 June 2013
(continued)
6 Income tax expense
2013
2012
Notes
$'000
$'000
(a) Income tax expense
Current tax
30,860
32,376
Deferred tax
12,943
4,913
Adjustment for current tax of prior periods
(6,751)
817
37,052
38,106
Income tax expense is attributable to:
Profit from continuing operations
37,052
38,106
Aggregate income tax expense
37,052
38,106
Decrease (increase) in deferred tax assets (note 13)
(2,704)
(482)
(Decrease) increase in deferred tax liabilities (note 21)
15,647
5,395
12,943
4,913
(b)
Profit from continuing operations before income tax expense
103,989
138,639
103,989
138,639
Tax at the Australian tax rate of 30% (2012: 30%)
31,197
41,592
Entertainment
61
68
Research and development
(1,500)
(493)
Share based payments
1,012
601
Tax offset for franked dividends
(654)
(518)
Legal settlements
27(b)
8,170
-
Sundry items
4,642
(2,532)
42,928
38,718
Difference in overseas tax rates
126
(167)
Adjustment for tax of prior periods
(6,116)
1,028
Deferred tax assets restated for reduction in overseas tax rate
114
231
Prior year tax losses de-recognised as not probable of recovery
-
(1,704)
Income tax expense
37,052
38,106
(c)
6,193
(1,196)
6,193
(1,196)
(d)
Available-for-sale financial assets (note 23(a))
-
(9,918)
Cash flow hedges (note 23(a))
346
(1,015)
346
(10,933)
Amounts recognised directly in equity
Tax expense (income) relating to items of other
comprehensive income
Net deferred tax - debited (credited) directly to equity (notes
13 and 21)
Deferred income tax (revenue) expense included in income tax
expense comprises:
Numerical reconciliation of income tax expense to
prima facie tax payable
Aggregate current and deferred tax arising in the reporting
period and not recognised in net profit or loss or other
comprehensive income but directly debited or credited to equity
Tax effect of amounts which are not deductible (taxable) in
calculating taxable income:
Page 56
Bradken Limited