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CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
6. INCOME TAX (EXPENSE) / BENEFIT
12 months to
December 2016
$m
12 months to
December 2015
$m
Income tax (expense) / benefit recognised in the statement of profit or loss
Current tax expense
(116.3)
(123.9)
Deferred tax (expense) / benefit
(97.7)
(113.3)
(Under) / over provision in prior periods
26.0
16.6
Total income tax (expense) / benefit in statement of profit or loss
(188.0)
(220.6)
Deferred tax recognised directly in equity
Revaluation of cash flow and net investment hedges
6.2
8.8
Revaluation of available-for-sale assets
-
2.6
Recycling of reserves
8.6
-
Total deferred tax (expense) / benefit recognised in equity
14.8
11.4
Reconciliation of prima facie tax to income tax (expense) / benefit
Profit / (loss) from continuing operations
740.4
735.0
Profit / (loss) before tax
740.4
735.0
Prima facie income tax (expense) / benefit at 30% (31 December 2015: 30%)
(222.1)
(220.5)
The following items have affected income tax (expense) / benefit for the year:
Gain on fair value of option to acquire shares
22.5
(3.2)
Tax losses not recognised
(18.7)
(6.0)
Overseas income tax differential
9.4
(26.3)
Research and development credit
3.5
9.6
Movement in provision for taxes on retained earnings of controlled entities
(7.0)
0.5
Equity accounted and joint venture income tax differential
(21.6)
(7.0)
Other
20.0
15.7
Current period income tax (expense) / benefit
(214.0)
(237.2)
(Under) / over provision in prior periods
26.0
16.6
Income tax (expense) / benefit
(188.0)
(220.6)
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