VECTOR ANNUAL REPORT 2021 /
Notes to the Financial Statements
16. Deferred tax Deferred tax liability/(asset)
PROVISIONS AND ACCRUALS $M
PPE AND INTANGIBLES $M
HEDGE RESERVES $M
OTHER $M
TOTAL $M
Balance at 30 June 2019 Recognised in prof it or loss
535.3
(25.5)
(23.7)
1.5 9.4
487.6
23.1
(1.6)
–
30.9
Recognised in other comprehensive income
–
–
(8.0)
– – –
(8.0)
Deferred tax associated with sale of Kapuni gas interests
1.0
6.0
– –
7.0
Impact from tax legislation amendment
(3.5)
–
(3.5)
Balance at 30 June 2020 Recognised in prof it or loss
555.9
(21.1)
(31.7)
10.9
514.0
21.3
5.8
–
0.5
27.6 18.1
–
–
18.1
–
Recognised in other comprehensive income
Balance at 30 June 2021
577.2
(15.3)
(13.6)
11.4
559.7
The group’s deferred tax position is presented in the balance sheet as follows:
2021 $M
2020 $M
(2.1)
Deferred tax asset Deferred tax liability
(0.4)
561.8 559.7
514.4 514.0
Total
Policies
Deferred tax is: — Recognised on temporary differences between the carrying amounts of assets and liabilities for f inancial 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.
17. Trade and other payables
2021 $M
2020 $M
Current Trade payables
174.7
154.4
22.7 24.3
Employee benef its Interest payable Balance at 30 June
17.8 28.6
221.7
200.8
Employee benef its
Vector accrues employee benef its which remain unused at balance date, and amounts expected to be paid under short-term cash bonus plans.
72
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