Creating a new energy future – a bold vision
15. Income tax expense/ (benefit)
2021 $M
2020 $M
Reconciliation of income tax expense/(benefit)
NOTE
255.6
Prof it/(loss) before income tax Tax at current rate of 28% Current tax adjustments: Non-deductible expenses
152.5
71.6
42.7
2.0
1.9 9.0 9.0
– –
Adjustment relating to sale of Kapuni gas interest
Impairment
(2.6)
(Over)/under provisions in prior periods
(1.6) (0.9)
–
Other permanent difference
Deferred tax adjustments: Impact from tax legislation amendment (Over)/under provisions in prior periods
–
16
(3.5) (1.4)
(10.0)
Income tax expense/(benefit)
61.0
55.2
Comprising: Current tax Deferred tax
33.4 27.6
27.8 27.4
Policies
Income tax expense/(benef it) comprises current and deferred tax and is calculated using rates enacted or substantively enacted at balance date. Current and deferred tax is recognised in prof it or loss unless the tax relates to items in other comprehensive income, in which case the tax is recognised as an adjustment in other comprehensive income against the item to which it relates.
Income tax asset
As at 30 June 2021, Vector recognised a current income tax asset of $28.7 million (2020: $33.7 million) and a non-current income tax asset of $102.8 million (2020: $110.0 million).
Imputation credits
There are no imputation credits available for use as at 30 June 2021 (2020: nil), as the imputation account has a debit balance as of that date.
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