Transurban FY26 Corporate Report Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2026
B6
Income tax
Income tax benefit
2026
2025
$M (42) (33)
$M 152
Current tax (benefit)/expense
Deferred tax benefit
(215)
(Over)/under provision in prior years
(4)
3
Net income tax benefit
(79)
(60)
Deferred income tax benefit included in income tax benefit comprises: Decrease/(increase) in deferred tax assets
9
(145)
Decrease in deferred tax liabilities
(42) (33)
(70)
(215)
Reconciliation of income tax benefit and the accounting profit multiplied by Australian income tax rate 2026
2025
$M 353 106
$M 118
Profit before income tax
Income tax at the Australian income tax rate of 30% (2025: 30%)
35
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income: Trust income not subject to income tax 1
(244)
(149)
Equity accounted results
49
36
Tax rate differential
(3)
(1)
Non-deductible interest
2 8 2
—
Non-deductible depreciation
8
Loss on disposal of equity accounted investment
—
Under provision in prior years
(4)
3 8
Sundry items
5
(79)
(60)
Tax expense/(benefit) relating to items of other comprehensive income and equity Cash flow hedges
105
(13)
Foreign currency translation
10
(5) (9)
Cost of hedging
(5)
110 (27) 1. THT operates as a flow-through trust, and is not liable to pay income tax. Security holders, therefore, pay tax on the distributions they receive from THT at their individual marginal tax rates. The Group is structured in this way because the initial heavy capital investment and associated debt funding required for infrastructure investments results in accounting losses being generated in the initial years which would otherwise prevent the Group from paying dividends. THT allows distributions to be made to security holders throughout the life of the assets. Current tax assets and liabilities As at 30 June 2026, the current tax liabilities of the Group primarily relate to income tax payable by the Airport Motorway Pty Limited (AML), Transurban (USA) Holdings and Transurban DRIVe Holdings tax consolidated groups, and Transurban Cardinal Holdings as a standalone entity.
130
Made with FlippingBook Digital Publishing Software