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Below is the reconciliation of earnings before taxation to taxation expense:
Year ended June 2018 NZ$M
Year ended June 2017 NZ$M
Fletcher Building Group
(275)
Earnings/(loss) before taxation
162
(77)
Taxation at 28 cents per dollar
45
Adjusted for:
3
Difference in tax rates Non-assessable income Non-deductible expenses
(4)
(27)
(20)
22
50
5
Tax losses for which no deferred tax asset was recognised
5
(4)
Utilisation of previous unrecognised tax losses
2
Tax in respect of prior years
(1)
(5)
Effects of changes in US tax legislation
(15) (96)
Other permanent differences
(18)
57
(58) (38) (96)
Tax on earnings before significant items
82
Tax benefit on significant items
(25)
57
(87)
Total current taxation (benefit)/expense Total deferred taxation (benefit)/expense
56
(9)
1
(96)
57
Current tax assets/(liabilities) Included within the balance sheet as follows: Current tax assets
72
15
(26)
Current tax liabilities
(30) (15)
46
(15)
Opening provision for current tax assets/(liabilities)
(24)
Currency translation Taxation expense
87
(56) (42)
(120)
Transfer to deferred taxation
4 5
Non-controlling interest share of taxation expense
4 4
Tax recognised directly in reserves
85 46
Net tax payments
99
(15)
95 Fletcher Building Limited Annual Report 2018
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