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Notes to the consolidated fnancial statements (continued)

for the year ended 30 June 2011

11. Income tax (continued)

11.2 Current tax liabilities

CURRENT TAX RECEIVABLE 1 CURRENT TAX LIABILITY

2011 2010 2011 2010 $m $m $m $m

Consolidated

Current tax receivable (liability) relating to:

Australian tax consolidated group – 2 (144) –

Entities outside of the Australian tax consolidated group:

New Zealand subsidiaries 9 – – (1) Other – – (1) – Balance at the end of the fnancial year 9 2 (145) (1)

Note

1 Current tax receivables are included in other assets in note 17.

11.3 Deferred tax assets and liabilities

11.3.1 Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

CONSOLIDATED

Assets Liabilities Net 2011 2010 2011 2010 2011 2010 $m $m $m $m $m $m

Property, plant and equipment 23 17 – – 23 17 Intangible assets – – (206) (258) (206) (258) Employee benefts 55 47 – – 55 47 Provisions 289 312 (2) (18) 287 294 Other items 85 71 (96) (70) (11) 1 Tax assets (liabilities) 452 447 (304) (346) 148 101 Set-off of tax (304) (346) 304 346 – – Net tax assets 148 101 – – 148 101

Assets Liabilities 2011 2010 2011 2010 $m $m $m $m

Movements

Balance at the beginning of the fnancial year 447 643 (346) (383) (Charged) credited to proft or loss 27 (193) 40 97 Credited (charged) to equity (23) – 2 (60) Acquisition/disposal of subsidiaries 1 (3) – – Balance at the end of the fnancial year 452 447 (304) (346)

There are no unrecognised deferred tax assets and liabilities.

11.3.2 Deferred tax recognised directly in equity

CONSOLIDATED

2011 2010 $m $m

Deferred tax recognised directly in equity

Relating to cash fow hedges 15 56 Relating to available-for-sale fnancial assets 9 4 Relating to other (3) – 21 60