2009-10 Annual Report - Australia Post

More documents

Recommendations

Info

notes to And ForminG PArt oF the FinAnCiAl rePort For the year ended 30 June 2010 5 Income tax (continued) (d) recognised deferred income tax deferred income tax at 30 June relates to the following: Balance sheet consolidated statement of comprehensive income 2010 2009 2010 2009 Consolidated (i) deferred income tax liabilities $m $m $m $m accelerated depreciation for tax purposes (39.5) (49.1) (10.4) 8.5 superannuation asset (51.8) (140.4) (1.1) – sydney Gpo lease receivable (31.0) (31.0) – – international income (43.4) (53.9) (10.5) 20.3 net gain on revaluation of cashflow hedges 0.1 – (0.1) – Fair value adjustments on acquisition – – – – sundry (5.5) (3.1) 2.4 (0.2) Gross deferred income tax liabilities (ii) deferred income tax assets (171.1) (277.5) (19.7) 28.6 provisions 256.5 219.1 (37.4) (21.0) capital losses available for offset against future taxable income 6.0 8.0 2.0 (1.0) sydney Gpo refurbishment 5.3 5.5 0.2 0.2 international expenditure 21.1 34.4 13.3 (4.2) Government grant 1.5 2.4 0.9 1.0 Make good 14.0 13.6 (0.4) 0.8 net loss on revaluation of cashflow hedges (0.1) 0.2 0.3 – sundry 10.7 8.8 (1.9) (3.3) Gross deferred income tax assets 315.0 292.0 (23.0) (27.5) deferred income tax (benefit)/expense (42.7) 1.1 Balance sheet corporation statement of comprehensive income 2010 2009 2010 2009 Corporation (i) deferred income tax liabilities $m $m $m $m accelerated depreciation for tax purposes (40.0) (49.6) (10.4) 9.1 superannuation asset (51.8) (140.4) (1.1) – sydney Gpo lease receivable (31.0) (31.0) – – international income (43.4) (53.9) (10.5) 20.3 net gain on revaluation of cashflow hedges 0.1 – (0.1) – sundry (5.6) (3.1) 2.5 0.1 Gross deferred income tax liabilities (ii) deferred income tax assets (171.7) (278.0) (19.6) 29.5 provisions 252.4 214.7 (37.7) (19.7) capital losses available for offset against future taxable income 6.0 8.0 2.0 (1.0) sydney Gpo refurbishment 5.3 5.5 0.2 0.2 international expenditure 21.1 34.4 13.3 (4.2) Government grant 1.5 2.4 0.9 1.0 Make good 12.9 12.6 (0.3) 1.3 net loss on revaluation of cashflow hedges (0.1) 0.2 0.3 – sundry 7.6 6.7 (0.9) (2.3) Gross deferred income tax assets 306.7 284.5 (22.2) (24.7) deferred income tax (benefit)/expense (41.8) 4.8 62 AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports
5 Income tax (continued) (e) unrecognised temporary differences at 30 June 2010, there were no unrecognised temporary differences (2009: $nil) associated with the group’s investments in controlled entities or jointly controlled entities, as the group has no liability for additional taxation should unremitted earnings be remitted. (f) tax consolidation australian postal corporation and its 100% owned australian resident subsidiaries have formed a tax consolidated group with effect from 1 July 2004. australian postal corporation is the head entity of the tax consolidated group. Members of the group have entered into a tax sharing arrangement in order to allocate income tax expense to the wholly owned subsidiaries on a pro-rata basis. in addition, the agreement provides for the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. no amounts have been recognised in the financial statements in respect of this agreement on the basis that the possibility of default is remote. tax effect accounting by members of the tax consolidated group Members of the tax consolidated group have entered into a tax funding agreement. the tax funding agreement provides for the allocation of current taxes to members of the tax consolidated group in accordance with their contribution to the actual tax payable by the head entity for the period, while deferred taxes are allocated to members of the tax consolidated group in accordance with the principles of aasB 112: Income Taxes and UIG 1052: Tax Consolidation Accounting. allocations under the tax funding agreement are made on an annual basis. the allocation of taxes under the tax funding agreement is recognised as an increase/decrease in the subsidiaries’ intercompany accounts with the tax consolidated group head company, australian postal corporation. Because under uiG 1052: Tax Consolidation Accounting the allocation of current taxes to tax consolidated group members on the basis of accounting profits is not an acceptable method of allocation given the group’s circumstances, the difference between the current tax amount that is allocated under the tax funding agreement and the amount that is allocated under an acceptable method is recognised as a contribution/ distribution of the subsidiaries’ equity accounts. the group has applied the group allocation approach in determining the appropriate amount of current taxes to allocate to members of the tax consolidated group. the amounts receivable or payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. the head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments. all tax related contingencies are included in the schedule of contingencies. AustrAliA Post AnnuAl rePort 2009–10 | Financial and statutory reports 63
Page 1:
gETTing fuTuRE REAdY AuSTRAliA PoST
Page 4 and 5:
AUSTRALIA POST HAS ALWAYS BEEN IN T
Page 6 and 7:
OUR BUSINESS OUR CAPABILITIES AND B
Page 8 and 9:
OUR BUSINESS THE YEAR IN REVIEW 6 A
Page 10 and 11:
OUR BUSINESS CHAIRMAN’S REPORT Da
Page 12 and 13:
OUR BUSINESS FINANCIAL REPORT Perfo
Page 14 and 15: our Business Key Business results O
Page 16 and 17: CORE BUSINESSES In 2009-10, our 4,4
Page 18 and 19: CORE BUSINESSES LETTERS & ASSOCIATE
Page 20 and 21: CORE BUSINESSES AGENCY SERVICES & R
Page 22 and 23: core Businesses aGenCY seRViCes & R
Page 24 and 25: CORE BUSINESSES PARCELS & LOGISTICS
Page 30 and 31: CORPORATE RESPONSIBILITY Some key r
Page 32 and 33: CorPorAte governAnCe General austra
Page 34 and 35: CorPorAte governAnCe incentive rewa
Page 36 and 37: BOARD OF DIRECTORS David A Mortimer
Page 38 and 39: FINANCIAL AND STATUTORY REPORTS 36
Page 40 and 41: FinAnCiAl And stAtutory rePorts for
Page 42 and 43: FinAnCiAl stAtements Audit rePort f
Page 44 and 45: stAtement oF ComPrehensive inCome f
Page 46 and 47: CAshFlow stAtement for the year end
Page 48 and 49: sChedule oF Commitments as at 30 Ju
Page 50 and 51: notes to And ForminG PArt oF the Fi
Page 100 and 101: Community serviCe oBliGAtions for t
Page 102 and 103: Auditor-GenerAl’s rePort - PerFor
Page 104 and 105: domestiC letter serviCe monitor (co
Page 106 and 107: survey CertiFiCAtion (continued) fo
Page 108 and 109: stAtutory rePortinG reQuirements in
Page 110 and 111: stAtutory rePortinG reQuirements in
Page 112 and 113: stAtutory rePortinG reQuirements (c
Page 114 and 115:
stAtutory rePortinG reQuirements (c
Page 116 and 117:
AustrAliA Post - the stAtistiCs (co
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
index (CONTINUED) courier services;
Page 124 and 125:
index (continued) r raw materials 5
Page 126 and 127:
ABout tHis AnnuAl rePort editor/pro
Page 128 and 129:
STAmP gAllERY 2009-10 Kokoda 20 Apr
Page 130:
AuSTRAliA PoST AnnuAl REPoRT 2009-1
show all

2009-10 Annual Report - Australia Post

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?