Abacus Property Group – Annual Financial Report 2018

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ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 4. INCOME TAX 2018 2017 $'000 $'000 (a) Income tax expense The major components of income tax expense are: Income Statement Current income tax Current income tax charge 26,989 10,851 Adjustments in respect of current income tax of previous years 1,271 1,209 Deferred income tax Relating to origination and reversal of temporary differences 553 (1,920) Income tax expense reported in the income statement 28,813 10,140 (b) Numerical reconciliation between aggregate tax expense recognised in the income statement and tax expense calculated per the statutory income tax rate A reconciliation between tax expense and the product of the accounting profit before income tax multiplied by the Group's applicable income tax rate is as follows: Profit before income tax expense 275,771 302,228 Prima facie income tax expense calculated at 30% (AU) 81,775 89,176 Prima facie income tax expense calculated at 28% (NZ) 893 833 Less prima facie income tax expense on profit from Trusts (56,327) (80,187) Prima Facie income tax of entities subject to income tax 26,340 9,822 Adjustment of prior year tax applied 1,271 1,209 Unrecognised tax losses brought to account 7 (400) Other items (net) 1,195 (491) Income tax expense reported in the income statement 28,813 10,140 49
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 4. INCOME TAX (continued) (c) Recognised deferred tax assets and liabilities 2018 2017 $'000 $'000 Deferred income tax relates to the following: Deferred tax liabilities Revaluation of investment properties at fair value 10,675 8,540 Capital allowances 1,976 1,080 Other 2,209 4,948 Gross deferred income tax liabilities 14,860 14,568 Set off against deferred tax assets (2,642) (4,210) Net deferred income tax liabilities 12,218 10,358 Deferred tax assets Revaluation of investments and financial instruments at fair value 6,024 6,451 Provisions - other 1,500 1,500 Provisions - employee entitlements 2,272 2,929 Derecognition of deferred tax asset (losses - AHF) (607) (600) Losses available for offset against future taxable income 655 682 Other 1,034 202 Gross deferred income tax assets 10,878 11,164 Set off of deferred tax liabilities (2,642) (4,210) Net deferred income tax assets 8,236 6,954 Tax consolidation AGHL and its 100% owned Australian resident subsidiaries, ASOL and its 100% owned Australian resident subsidiaries and AHL and its 100% owned Australian resident subsidiaries have formed separate tax consolidated groups. AGHL, ASOL and AHL are the head entity of their respective tax consolidated groups. The head entity and the controlled entities in the tax consolidated group continue to account for their own current and deferred tax amounts. These amounts are measured in a manner that is consistent with the broad principles in AASB 112 Income Taxes. The nature of the tax funding agreements are discussed further below. Nature of the tax funding agreement Members of the respective tax consolidated groups have entered into tax funding agreements. The tax funding agreements require payments to/from the head entity to be recognised via an inter-entity receivable (payable) which is at call. To the extent that there is a difference between the amount allocated under the tax funding agreement and the allocation under UIG 1052, the head entity accounts for these as equity transactions. The amounts receivable or payable under the tax funding agreements 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. 50
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Abacus Property Group ANNUAL FINANC
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DIRECTORS’ REPORT 30 June 2018 AB
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Abacus Property Group – Annual Financial Report 2018

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