Endeavour Energy Annual Performance Report - Parliament of New ...

09
Financial
statements
Notes to the Financial Statements
For the year ended 30 June 2011
6 Income Tax
(a) Income tax expense
2011
$’000
2010
$’000
Continuing operations
Current year
Current tax expense from continuing operations 66,765 48,086
Adjustments for prior years (535) 97
66,230 48,183
Deferred tax expense
Origination and reversal of temporary differences 25,306 (2,838)
Under/(over) provided in prior years 66 (770)
25,372 (3,608)
Total income tax expense from continuing operations 91,602 44,575
Discontinued operation
Current year
Current tax expense from discontinued operation 17,996 28,092
Total income tax expense from discontinued operation 17,996 28,092
Total income tax expense 109,598 72,667
(b) Numerical reconciliation between tax expense and pre-tax accounting profit
2011
$’000
2010
$’000
Profit excluding income tax 1,113,595 251,646
Income tax using the Corporation's domestic tax rate of 30% (2010: 30%) 334,078 75,494
Increase in income tax expense due to:
Tax concessions/non-deductible expenses (224,011) (2,154)
Under/(over) provided in prior years (469) (673)
Income tax expense on pre-tax accounting profit 109,598 72,667
(c) Income tax recognised in other comprehensive income
2011
$’000
2010
$’000
Relating to hedge revaluation reserve 24,347 (9,440)
Relating to revaluation of property, plant and equipment and assets held for sale 18,341 99,011
Relating to superannuation (defined benefits) actuarial gains/(losses) (1,631) (1,069)
Total income tax recognised in other comprehensive income 41,057 88,502
66