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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
Annual Report 2015 131
Notes to the consolidated financial statements
30 June 2015
10 Income tax expense (continued)
(d) Deferred tax assets and liabilities
Balance Sheet
Profit or loss
Equity
2015
$'000
Restated*
2014
$'000
2015
$'000
Restated*
2014
$'000
2015
$'000
Restated*
2014
$'000
Deferred tax liabilities
Capitalised exploration, pre-production and
acquisition costs
(24,914)
(30,935)
(6,021)
(568)
-
-
Capitalised development expenditure
(44,443)
(25,592)
18,851
21,595
-
-
Deferred gains and losses on hedging contracts
(1,467)
(900)
(697)
885
1,264
(2,663)
Trade debtors
(1,377)
(2,885)
(1,508)
1,388
-
-
Consumable inventories
(1,748)
(1,259)
489
97
-
-
Other
(31)
(31)
-
(381)
-
-
Gross deferred tax liabilities
(73,980)
(61,602)
11,114
23,016
1,264
(2,663)
Deferred tax assets
Property, plant and equipment
20,640
24,019
3,379
2,649
-
-
Deferred losses on hedged commodity contracts
904
1,862
1,148
(741)
(190)
763
Capitalised development expenditure
-
-
-
2,312
-
-
Concentrate inventories
398
32
(366)
534
-
-
Business-related capital allowances
908
1,402
494
1,196
-
-
Provision for employee entitlements
2,700
2,387
(313)
(470)
-
-
Provision for rehabilitation
8,298
7,205
(1,093)
(997)
-
-
Mining information
1,392
2,680
1,288
8,696
-
-
Carry forward tax losses
92,958
110,299
17,341
(13,042)
-
-
Other
2,319
2,509
190
(1,034)
-
-
Gross deferred tax assets
130,517
152,395
22,068
(897)
(190)
763
Deferred tax expense (income)
56,537
90,793
33,182
22,119
1,074
(1,900)
(e) Tax losses
In addition to the above recognised tax losses, the Group also has the following capital tax losses for which no deferred
tax asset has been recognised:
2015
$'000
2014
$'000
Unrecognised capital tax losses
2,403
2,576
Potential tax benefit @ 30% (2014: 30%)
721
773
(f) Tax consolidation
Members of the tax consolidated group and the tax sharing arrangement
Independence Group NL and its wholly owned subsidiaries formed a tax consolidated group with effect from 1 July
2002. Independence Group NL is the head entity of the tax consolidated group. Tax expense/income, deferred tax
liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are
recognised in the separate financial statements of the members of the tax consolidated group using the “separate tax
payer within group” approach. Current tax liabilities and assets and deferred tax assets arising from unused tax losses
and tax credits of the members of the tax consolidated group are recognised by the Company, as head entity in the tax
consolidated group.
Independence Group NL
67