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Income tax expense (Tables) | 12 Months Ended
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Jun. 30, 2018
Text block1 [abstract] |
Summary of Income Tax Expense |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | US$M |  |  | US$M |  |  | US$M |
Total taxation expense comprises: |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 5,052 |  |  |  | 4,412 |  |  |  | 2,621 |
Deferred tax expense/(benefit) |  |  | 1,955 |  |  |  | 31 |  |  |  | (518 | )
|  |  | 7,007 |  |  |  | 4,443 |  |  |  | 2,103 |
Summary of Factors Affecting Income Tax Expense |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | US$M |  |  | US$M |  |  | US$M |
Factors affecting income tax expense for the year |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense differs to the standard rate of corporation tax as follows: |  |  |  |  |  |  |  |  |  |  |  |
Profit before taxation |  |  | 14,751 |  |  |  | 11,137 |  |  |  | 1,791 |
Tax on profit at Australian prima facie tax rate of 30 per cent |  |  | 4,425 |  |  |  | 3,341 |  |  |  | 537 |
Impact of US tax reform |  |  |  |  |  |  |  |  |  |  |  |
Tax on remitted and unremitted foreign earnings (1) |  |  | 194 |  |  |  | – |  |  |  | – |
Non-tax effected operating losses and capital gains |  |  | 834 |  |  |  | – |  |  |  | – |
Tax rate changes |  |  | 1,390 |  |  |  | – |  |  |  | – |
Recognition of previously unrecognised tax assets |  |  | (95 | ) |  |  | – |  |  |  | – |
Other |  |  | (3 | ) |  |  | – |  |  |  | – |
Subtotal |  |  | 2,320 |  |  |  | – |  |  |  | – |
Other items not related to US tax reform |  |  |  |  |  |  |  |  |  |  |  |
Tax on remitted and unremitted foreign earnings |  |  | 401 |  |  |  | 478 |  |  |  | (376 | )
Non-tax effected operating losses and capital gains |  |  | 721 |  |  |  | 242 |  |  |  | 457 |
Tax rate changes |  |  | (79 | ) |  |  | 25 |  |  |  | 14 |
Amounts (over)/under provided in prior years |  |  | (51 | ) |  |  | 175 |  |  |  | (4 | )
Foreign exchange adjustments |  |  | (152 | ) |  |  | 88 |  |  |  | 125 |
Investment and development allowance |  |  | (180 | ) |  |  | (53 | ) |  |  | (36 | )
Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses (2) |  |  | (44 | ) |  |  | (82 | ) |  |  | 631 |
Recognition of previously unrecognised tax assets |  |  | (170 | ) |  |  | (21 | ) |  |  | (36 | )
Impact of tax rates applicable outside of Australia |  |  | (484 | ) |  |  | (136 | ) |  |  | 5 |
Other |  |  | 172 |  |  |  | 219 |  |  |  | 541 |
Income tax expense |  |  | 6,879 |  |  |  | 4,276 |  |  |  | 1,858 |
Royalty-related taxation (net of income tax benefit) |  |  | 128 |  |  |  | 167 |  |  |  | 245 |
Total taxation expense |  |  | 7,007 |  |  |  | 4,443 |  |  |  | 2,103 |
(1) | Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits.
(2) | The profit/(loss) from equity accounted investments, related impairments and expenses is net of income tax. This item removes the prima facie tax effect on such profits, related impairments and expenses.
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | US$M |  |  | US$M |  |  | US$M |
Income tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Items that may be reclassified subsequently to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |
Net valuation gains/(losses) taken to equity |  |  | (3 | ) |  |  | – |  |  |  | (1 | )
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Gains/(losses) taken to equity |  |  | (25 | ) |  |  | (105 | ) |  |  | 170 |
(Gains)/losses transferred to the income statement |  |  | 64 |  |  |  | 129 |  |  |  | (199 | )
Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement |  |  | 36 |  |  |  | 24 |  |  |  | (30 | )
Items that will not be reclassified to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Remeasurement gains/(losses) on pension and medical schemes |  |  | (22 | ) |  |  | (12 | ) |  |  | 5 |
Employee share awards transferred to retained earnings on exercise |  |  | 8 |  |  |  | (14 | ) |  |  | (22 | )
Income tax charge relating to items that will not be reclassified to the income statement |  |  | (14 | ) |  |  | (26 | ) |  |  | (17 | )
Total income tax credit/(charge) relating to components of other comprehensive income (1) |  |  | 22 |  |  |  | (2 | ) |  |  | (47 | )
(1) | Included within total income tax relating to components of other comprehensive income is US$17 million relating to deferred taxes and US$5 million relating to current taxes (2017: US$12 million and US$(14) million; 2016: US$(25) million and US$(22) million).

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- Definition The disclosure of income tax expense benefits. + References No definition available. + Details
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- Definition Disclosure of income tax relating to components of other comprehensive income. + References No definition available. + Details
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- Definition This is a reconciliation between tax that would have been paid at the Australian tax rate of 30% and the actual tax charge for the period. + References No definition available. + Details
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