Australia Post Annual Report 2008–09

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Notes to and forming part of the Financial Report for the year ended 30 June 2009 5 Income tax (continued) (d) Recognised deferred income tax Deferred income tax at 30 June relates to the following: (i) Deferred income tax liabilities Accelerated depreciation for tax purposes Superannuation asset Sydney GPO lease receivable International income Fair value adjustments on acquisition Sundry 74 Australia Post Annual Report 2008–09 | Financial and statutory reports Balance Sheet Consolidated Income Statement 2009 2008 2009 2008 $m $m $m $m (49.1) (140.4) (31.0) (53.9) 0.0 (3.1) (40.6) (478.4) (31.0) (33.6) 0.0 (3.3) Gross deferred income tax liabilities (277.5) (586.9) 28.6 6.8 (ii) Deferred income tax assets Provisions Capital losses available for offset against future taxable income Sydney GPO refurbishment International expenditure Government grant Make good Net loss on revaluation of cashflow hedges Sundry Gross deferred income tax assets 292.0 264.5 (27.5) (14.7) Deferred income tax benefit/(expense) 1.1 (7.9) (i) Deferred income tax liabilities Accelerated depreciation for tax purposes Superannuation asset Sydney GPO lease receivable International income Sundry 219.1 8.0 5.5 34.4 2.4 13.6 0.2 8.8 198.1 7.0 5.7 30.2 3.4 14.4 0.2 5.5 8.5 0.0 0.0 20.3 0.0 (0.2) (21.0) (1.0) 0.2 (4.2) 1.0 0.8 0.0 (3.3) 5.1 0.0 (0.2) 2.8 (1.8) 0.9 (4.5) (0.1) 0.3 (6.5) 0.8 (0.9) 0.0 (3.8) Balance Sheet Corporation Income Statement 2009 2008 2009 2008 $m $m $m $m (49.6) (140.4) (31.0) (53.9) (3.1) (40.5) (478.4) (31.0) (33.6) (3.0) Gross deferred income tax liabilities (278.0) (586.5) 29.5 8.0 (ii) Deferred income tax assets Provisions Capital losses available for offset against future taxable income Sydney GPO refurbishment International expenditure Government grant Make good Net loss on revaluation of cashflow hedges Sundry Gross deferred income tax assets 284.5 259.8 (24.7) (13.8) Deferred income tax benefit/(expense) 4.8 (5.8) 214.7 8.0 5.5 34.4 2.4 12.6 0.2 6.7 195.0 7.0 5.7 30.2 3.4 13.9 0.2 4.4 9.1 0.0 0.0 20.3 0.1 (19.7) (1.0) 0.2 (4.2) 1.0 1.3 0.0 (2.3) 4.7 0.0 (0.2) 2.8 0.7 (4.1) (0.1) 0.3 (6.5) 0.8 (0.9) 0.0 (3.3)
5 Income tax (continued) (e) Unrecognised temporary differences At 30 June 2009, there were no unrecognised temporary differences (2008: $nil) associated with the group’s investments in controlled entities or jointly controlled entities, as the group had no liability for additional taxation should unremitted earnings be remitted. (f) Tax consolidation The Australian Postal Corporation and its 100% owned Australian resident subsidiaries formed a tax consolidated group with effect from 1 July 2004. The 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, the 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 2008–09 | Financial and statutory reports 75
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1809 2009 Australia Post Annual Rep
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Over the past 200 years, Australian
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Our business Celebrating 200 years
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For 200 years, we have developed ou
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We handled 5.3 billion items of mai
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Our business Managing Director’s
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Mail volumes m 6,000 5,000 4,000 3,
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Our business Performance against ta
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Core businesses Australia’s posta
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Core businesses Letters & associate
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Collaborative solutions across the
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Rewarding customer loyalty Australi
Page 25 and 26: Core businesses Agency services & r
Page 27 and 28: 1968 Behind the front counter of th
Page 29 and 30: Sending home comforts to the world
Page 31 and 32: Core businesses Parcels & logistics
Page 33 and 34: 1936 Transporting mail from the SS
Page 35 and 36: Expanding Business, Naturally When
Page 37 and 38: Corporate responsibility From a wor
Page 39 and 40: Corporate responsibility Highlights
Page 41 and 42: Employment by occupation % Administ
Page 43 and 44: 1950s A postie delivering mail in s
Page 45 and 46: Human Resources Committee Incorpora
Page 47 and 48: Treasury A comprehensive and pruden
Page 49 and 50: Mark Darras LLM, BA LLB, BEd Direct
Page 51 and 52: Contents - Financial and statutory
Page 53 and 54: Statements by directors for the yea
Page 55 and 56: Australia Post Annual Report 2008-0
Page 57 and 58: Balance sheet as at 30 June 2009 No
Page 59 and 60: Cashflow statement for the year end
Page 61 and 62: Schedule of contingencies as at 30
Page 63 and 64: Reference Title Nature of change to
Page 65 and 66: Where settlement of any part of the
Page 67 and 68: (iii) Translation of group companie
Page 69 and 70: (ii) Held-to-maturity investments N
Page 71 and 72: is increased to its recoverable amo
Page 73 and 74: 2 Revenues and other income Revenue
Page 75: 4 Finance costs Bonds (1) Interest
Page 79 and 80: 9 Non-current assets - trade and ot
Page 81 and 82: 11 Investments in jointly controlle
Page 83 and 84: 12 Superannuation (continued) (v) C
Page 85 and 86: 13 Analysis of property, plant & eq
Page 87 and 88: 15 Investment properties Opening ba
Page 89 and 90: 20 Provisions Current provisions An
Page 91 and 92: 22 Analysis of total equity (contin
Page 93 and 94: 24 Dividends paid Final ordinary di
Page 95 and 96: 26 Segment information (continued)
Page 97 and 98: 27 Key management personnel remuner
Page 99 and 100: 27 Key Management personnel remuner
Page 101 and 102: 28 Related parties (continued) Tran
Page 103 and 104: 29 Financial and capital risk manag
Page 111 and 112: 32 Corporate information The financ
Page 113 and 114: Auditor-General’s report - perfor
Page 115 and 116: Domestic letter service monitor for
Page 117 and 118: Survey certification for the year e
Page 119 and 120: Reserved/non-reserved services for
Page 121 and 122: Australian Postal Corporation Act 1
Page 123 and 124: Statutory reporting requirements fo
Page 125 and 126: Consultative arrangements The Stake
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Australia Post - the statistics for
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5 Mail delivery network Private hou
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9 Overall letter service performanc
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Index Australia Post Annual Report
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I (continued) interest 11, 57 inter
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Contact details Australia Post Head
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Stamp gallery 2008-09 Australia Pos
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AAT: International Polar Year 2007-
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Australia Post Annual Report 2008–09

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