Notes to the financial statements (continued) Section 3: Operational assets and liabilities (continued) 16. Deferred tax equivalent liabilities A. Accounting policy Refer to note 7(a) for details of Western Power’s ‘Deferred tax equivalent’ accounting policy.
B. Amounts recognised in statement of financial position The temporary differences attributable to deferred tax equivalent assets and liabilities as at the reporting dates presented, are shown in table 32 below.
Table 32: Amounts recognised in statement of financial position
2024/25
2023/24
Net (liability less asset) $M
Net (liability less asset) $M
Deferred tax liability $M
Deferred tax asset $M
Deferred tax liability $M
Deferred tax asset $M
Non-current
Property, plant and equipment ( PPE ), and intangible assets Derivative financial instruments Provisions for employee benefits Other temporary differences Total deferred tax equivalent Set-off deferred tax equivalent assets pursuant to set-off provisions
1,339 (4) (37) 14 1,312 -
1,339 - - - 1,339 (27)
- 4 37 (14) 27 (27)
1,447 (17) (42) (16) 1,372 -
1,447 - - - 1,447 (75)
- 17 42 16
75 (75)
Net deferred tax equivalent
-
1,372
1,372
-
1,312
1,312
Net deferred tax equivalent Expected to be realised within 12 months Expected to be realised after more than 12 months
59 16
- 1,447
(59) 1,431
39 (12)
- 1,339
(39) 1,351
75
1,447
1,372
27
1,339
1,312
Western Power Annual Report 2025
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