2022 Corporate Report

Corporate Report for the year ended 30 June 2022

Introduction and overview

Business performance

Governance and risk

Directors’ report

Remuneration report

Financial statements

Sustainability supplement

Security holder information

Section B: Notes to the Group financial statements for the year ended 30 June 2022

Section B: Notes to the Group financial statements for the year ended 30 June 2022

B7 Income tax Income tax expense/(benefit)




$M 627 551

Current tax Deferred tax



(Over)/under provision in prior years





Income tax benefit attributable to continuing operations Income tax expense attributable to discontinued operations



1,374 1,181


Deferred income tax benefit included in income tax (benefit)/expense comprises: Increase in deferred tax assets



(Decrease)/increase in deferred tax liabilities

(165) (226)

623 551

Reconciliation of income tax expense/(benefit) to prima facie tax payable





Loss before income tax from continuing operations



Profit before income tax from discontinued operations (Note B24)

4,933 4,453 1,336

(Loss)/profit before income tax


Tax at the Australian tax rate of 30% (2021: 30%)


Tax effect of amounts which are not deductible/(taxable) in calculating taxable income: Trust income not subject to tax



Equity accounted results



Tax rate differential



(Non-assessable)/non-deductible interest Non-deductible depreciation Prior year tax losses recognised (Over)/under provision in prior years Gain on disposal of controlling interest in TC


12 34


(25) (11)



47 34 11

Foreign exchange


Other items


Income tax expense/(benefit)



Tax expense/(income) relating to items of other comprehensive income and equity Cash flow hedges



Foreign currency translation


2 2

Cost of hedging


Other equity transactions


— 36


Current tax assets and liabilities As at 30 June 2022 the current tax assets and liabilities of the Group relate to income tax receivable for the Transurban DRIVe Holdings LLC (DRIVe) and Transurban (USA) Holdings Inc (TUSAH) tax consolidated groups, and income tax payable for the Airport Motorway Pty Limited (AML) tax consolidated group and TU Cardinal Secondary Holdings Ltd as a standalone entity. Prior year tax losses recognised During the year ended 30 June 2022, the Group undertook a review of its unbooked tax losses in conjunction with updated forecast financial information of the relevant entities in the Group. As a result, the Group has determined it is probable that future taxable profit will be available to utilise previously unbooked tax losses in the TIL Australia tax consolidated group. Accordingly, an additional deferred tax asset of $25 million has been recognised as at 30 June 2022.

138 138

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