2009-10 Annual Report - Australia Post

4 Finance costs
Bonds (1)
interest rate swaps (1)
(Gain)/loss arising on interest rate swaps in a designated
fair value hedge relationship
(Gain)/loss on adjustment to hedged item in a designated
fair value hedge relationship
unwinding of discount (refer note 20)
other (1)
2010
$m
31.9
(6.3)
(3.3)
5.3
1.1
(0.2)
consolidated corporation
total finance costs 28.5 38.0 28.2 37.2
(1) interest expense calculated using the effective interest method.
5 Income tax
Major components of income tax expense for the years ended 30 June are:
(a) statement of comprehensive income
Current income tax
current income tax charge
adjustments in respect of current income tax of previous years
deferred income tax benefit
relating to origination and reversal of temporary differences
(42.7) 1.1
(41.8) 4.8
income tax expense reported in the statement of comprehensive income 13.5 120.4 20.6 128.7
(b) Amounts charged directly to equity
deferred income tax related to items charged or credited directly to equity
net gain/(loss) on revaluation of cashflow hedges
net gain on revaluation of land and buildings
net actuarial gains/(losses)
60.5
(4.3)
0.3
0.8
(87.5)
2009
$m
33.9
2.8
(4.3)
3.3
1.6
0.7
119.7
(0.4)
(0.2)
–
(338.0)
2010
$m
31.9
(6.3)
(3.3)
5.3
1.1
(0.5)
66.0
(3.6)
0.3
0.8
(87.5)
2009
$m
33.9
2.8
(4.3)
3.3
1.4
0.1
123.9
–
(0.2)
–
(338.0)
income tax expense reported in equity (86.4) (338.2) (86.4) (338.2)
(c) numerical reconciliation between aggregate tax expense recognised in the statement of comprehensive income and tax
expense calculated per the statutory income tax rate
a reconciliation between tax expense and the product of accounting profit before income tax multiplied by the group’s applicable income tax rate
is as follows:
Accounting profit before income tax 103.0 380.9 102.2 374.1
at the group’s statutory income tax rate of 30% (2009: 30%)
adjustments in respect of current income tax of previous years
investment property
unrecognised tax losses
income not assessable for income tax purposes
Write-down and impairment not allowable for income tax purposes
share of net profits of jointly controlled entities
dividend rebate
sundry items
at effective income tax rate of 13.2% (corp: 20.2%) (2009: 31.6%, corp: 34.4%) 13.5 120.4 20.6 128.7
income tax expense reported in the statement of comprehensive income 13.5 120.4 20.6 128.7
30.9
(4.3)
0.4
1.5
(16.9)
6.6
(4.3)
–
(0.4)
114.3
(0.4)
2.2
0.9
(0.2)
7.3
(3.2)
–
(0.5)
30.7
(3.6)
0.4
–
(17.2)
15.1
–
(4.3)
(0.5)
112.2
–
2.2
–
(0.4)
19.8
–
(4.4)
(0.7)
AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 61