Notes to the financial statements
17. Deferred tax Deferred tax liability/ (asset)
PROVISIONS AND ACCRUALS $M
PPE AND INTANGIBLES $M
HEDGE RESERVES $M
OTHER $M
TOTAL $M
NOTE
Balance at 30 June 2021 Recognised in profit or loss
577.2
(15.3)
(13.6)
11.4
559.7
46.8
4.1
–
2.2
53.1 36.4
Recognised in other comprehensive income
–
–
36.4 22.8
–
Balance at 30 June 2022 Recognised in profit or loss
624.0
(11.2)
13.6
649.2
52.7
4.8
–
1.8
59.3
–
–
(1.1)
–
(1.1)
Recognised in other comprehensive income Deferred tax associated with discontinued operations
(20.3)
1.5
–
0.6
(18.2)
5
656.4
(4.9)
21.7
16.0
689.2
Balance at 30 June 2023
The group’s deferred tax position is presented in the balance sheet as follows:
2023 $M
2022 $M
(2.9)
Deferred tax asset Deferred tax liability
(2.4)
692.1 689.2
651.6 649.2
Total
Policies
Deferred tax is: — Recognised on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. — Not recognised for the initial recognition of goodwill. — Measured at tax rates that are expected to be applied to the temporary differences when they reverse.
18. Trade and other payables
2023 $M
2022 $M
Current Trade payables
233.4
159.7
11.8 26.0
Employee benefits Interest payable Balance at 30 June
14.8 25.1
271.2
199.6
Employee benefits
Vector accrues employee benefits which remain unused at balance date, and amounts expected to be paid under short-term incentive plans.
85
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