Consolidated |
Parent Entity |
|||
2006 $000 |
2005 $000 |
2006 $000 |
2005 $000 |
|
(a) Recognised in the income statements |
||||
Current tax expense: |
||||
Current year |
179,759 |
246,358 |
4,113 |
1,940 |
Adjustments for prior years |
(2,341) |
(12,935) |
– |
– |
177,418 |
233,423 |
4,113 |
1,940 |
|
Deferred tax expense: |
||||
Origination and reversal of temporary differences |
17,250 |
(40,342) |
(287) |
– |
Total income tax expense in the income statements |
194,668 |
193,081 |
3,826 |
1,940 |
(b) Numerical reconciliation between income tax expense and profit before income tax expense |
||||
Profit before income tax expense |
661,865 |
788,034 |
129,417 |
45,967 |
Income tax using the domestic corporate tax rate of 30% (2005:
30%) |
198,559 |
236,410 |
38,825 |
13,790 |
Increase in income tax expense due to: |
||||
Imputation gross-up on dividends received |
1,106 |
855 |
– |
– |
Impairment of goodwill |
68 |
– |
– |
– |
Net tangible capital gains tax |
610 |
2,171 |
– |
– |
Other |
– |
– |
312 |
– |
Decrease in income tax expense due to: |
||||
Share of net profit of associated entities |
(1,535) |
(1,380) |
– |
– |
Research and development allowances |
(375) |
(375) |
– |
– |
Depreciable repairs and maintenance |
– |
(2,008) |
– |
– |
Origination of temporary differences |
– |
(7,680) |
– |
– |
Dividends received from subsidiaries |
– |
– |
(35,311) |
(11,850) |
Other |
(1,079) |
(1,006) |
– |
– |
Franking credits on dividends received |
(345) |
(117) |
– |
– |
Income tax expense on the profit before income tax expense |
||||
before individually material income tax items |
197,009 |
226,870 |
3,826 |
1,940 |
Individually material income tax items: |
||||
Net deferred tax balances recognised upon implementation
of tax consolidation |
– |
(20,854) |
– |
– |
197,009 |
206,016 |
3,826 |
1,940 |
|
Income tax over-provided in prior years |
(2,341) |
(12,935) |
– |
– |
Total income tax expense in the income statements |
194,668 |
193,081 |
3,826 |
1,940 |
(c) Deferred tax recognised directly in equity |
||||
Related to actuarial gains |
(3,195) |
(2,765) |
– |
– |
Related to financial instruments |
(175) |
(6) |
– |
– |
(3,370) |
(2,771) |
– |
– |
|
(d) Recognised deferred tax assets and liabilities |
||||||
Deferred tax assets and liabilities are attributable to the
following: |
||||||
Assets |
Liabilities |
Net |
||||
Consolidated |
2006 $000 |
2005 $000 |
2006 $000 |
2005 $000 |
2006 $000 |
2005 $000 |
Receivables |
3,327 |
1,668 |
– |
– |
3,327 |
1,668 |
Inventories |
– |
– |
(2,229) |
(914) |
(2,229) |
(914) |
Property, plant and equipment and intangibles |
– |
– |
(82,231) |
(77,390) |
(82,231) |
(77,390) |
Payables |
6,793 |
23,313 |
– |
– |
6,793 |
23,313 |
Interest bearing liabilities |
2,689 |
2,876 |
– |
– |
2,689 |
2,876 |
Provisions |
45,021 |
41,349 |
– |
– |
45,021 |
41,349 |
Other |
– |
– |
(4,032) |
(944) |
(4,032) |
(944) |
Net tax assets/(liabilities) |
57,830 |
69,206 |
(88,492) |
(79,248) |
(30,662) |
(10,042) |
Parent Entity |
||||||
Provisions |
73 |
131 |
– |
– |
73 |
131 |
Interest bearing liabilities |
345 |
– |
– |
– |
345 |
– |
Net tax assets |
418 |
131 |
– |
– |
418 |
131 |
(e) Unrecognised deferred tax assets |
||||||
| Deferred tax assets have not been recognised in both the consolidated entity and parent entity in respect to the following items. | ||||||
2006 $000 |
2005 $000 |
|||||
| Tax losses | 195,704 |
197,744 |
||||
| Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which these benefits can be utilised by the Group. | ||||||
(f) Movement in temporary differences during the year |
||||
Balance at |
Recognised |
Recognised |
Balance at |
|
1-Jan-06 |
in income |
in equity |
31-Dec-06 |
|
Consolidated |
$000 |
$000 |
$000 |
$000 |
Receivables |
1,668 |
1,659 |
– |
3,327 |
Inventories |
(914) |
(1,315) |
– |
(2,229) |
Property, plant and equipment |
(77,390) |
(4,841) |
– |
(82,231) |
Payables |
23,313 |
(16,520) |
– |
6,793 |
Interest bearing liabilities |
2,876 |
(12) |
(175) |
2,689 |
Provisions |
41,349 |
3,958 |
(286) |
45,021 |
Other |
(944) |
(179) |
(2,909) |
(4,032) |
(10,042) |
(17,250) |
(3,370) |
(30,662) |
|
Balance at |
Recognised |
Recognised |
Balance at |
|
1-Jan-05 |
in income |
in equity |
31-Dec-05 |
|
Consolidated |
$000 |
$000 |
$000 |
$000 |
Receivables |
2,388 |
(720) |
– |
1,668 |
Inventories |
(1,442) |
528 |
– |
(914) |
Property, plant and equipment |
(101,095) |
23,705 |
– |
(77,390) |
Payables |
16,228 |
7,085 |
– |
23,313 |
Interest bearing liabilities |
2,637 |
245 |
(6) |
2,876 |
Provisions |
33,850 |
10,264 |
(2,765) |
41,349 |
Other |
(179) |
(765) |
– |
(944) |
(47,613) |
40,342 |
(2,771) |
(10,042) |
|
Balance at |
Recognised |
Recognised |
Balance at |
|
1-Jan-06 |
in income |
in equity |
31-Dec-06 |
|
Parent Entity |
$000 |
$000 |
$000 |
$000 |
Interest bearing liabilities |
– |
345 |
– |
345 |
Provisions |
131 |
(58) |
– |
73 |
131 |
287 |
– |
418 |
|
Balance at |
Recognised |
Recognised |
Balance at |
|
1-Jan-05 |
in income |
in equity |
31-Dec-05 |
|
Parent Entity |
$000 |
$000 |
$000 |
$000 |
Interest bearing liabilities |
– |
– |
– |
– |
Provisions |
131 |
– |
– |
131 |
131 |
– |
– |
131 |
|
Following the passing of Tax Law Amendment Bill (2004 Measures No. 6) by the Senate in early 2005, allowable depreciable deductions of $69,513,000 are available to Caltex. This resulted in a reduction of $20,854,000 in the deferred tax liability and income tax expense for the year ended 31 December 2005.