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Income tax expense (Tables) | 12 Months Ended
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Jun. 30, 2019
Text block [abstract] |
Summary of Income Tax Expense |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | US$M |  |  | US$M |  |  | US$M |
Total taxation expense comprises: |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 5,408 |  |  |  | 5,052 |  |  |  | 4,412 |
Deferred tax expense |  |  | 121 |  |  |  | 1,955 |  |  |  | 31 |
|  |  | 5,529 |  |  |  | 7,007 |  |  |  | 4,443 |
Summary of Factors Affecting Income Tax Expense |
| 2019 |  |  | 2018 |  |  | 2017 |
|  | US$M |  |  | US$M |  |  | US$M |
Total taxation expense comprises: |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 5,408 |  |  |  | 5,052 |  |  |  | 4,412 |
Deferred tax expense |  |  | 121 |  |  |  | 1,955 |  |  |  | 31 |
|  |  | 5,529 |  |  |  | 7,007 |  |  |  | 4,443 |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | 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 |  |  | 15,049 |  |  |  | 14,751 |  |  |  | 11,137 |
Tax on profit at Australian prima facie tax rate of 30 per cent |  |  | 4,515 |  |  |  | 4,425 |  |  |  | 3,341 |
Impact of US tax reform |  |  |  |  |  |  |  |  |  |  |  |
Tax rate changes |  |  | – |  |  |  | 1,390 |  |  |  | – |
Non-tax effected operating losses and capital gains |  |  | – |  |  |  | 834 |  |  |  | – |
Tax on remitted and unremitted foreign earnings (1) |  |  | – |  |  |  | 194 |  |  |  | – |
Recognition of previously unrecognised tax assets |  |  | – |  |  |  | (95 | ) |  |  | – |
Other |  |  | – |  |  |  | (3 | ) |  |  | – |
Subtotal |  |  | – |  |  |  | 2,320 |  |  |  | – |
Other items not related to US tax reform |  |  |  |  |  |  |  |  |  |  |  |
Non-tax effected operating losses and capital gains |  |  | 742 |  |  |  | 721 |  |  |  | 242 |
Tax on remitted and unremitted foreign earnings |  |  | 283 |  |  |  | 401 |  |  |  | 478 |
Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses (2) |  |  | 164 |  |  |  | (44 | ) |  |  | (82 | )
Tax rate changes |  |  | 6 |  |  |  | (79 | ) |  |  | 25 |
Recognition of previously unrecognised tax assets |  |  | (10 | ) |  |  | (170 | ) |  |  | (21 | )
Amounts over provided in prior years |  |  | (21 | ) |  |  | (51 | ) |  |  | 175 |
Foreign exchange adjustments |  |  | (25 | ) |  |  | (152 | ) |  |  | 88 |
Investment and development allowance |  |  | (94 | ) |  |  | (180 | ) |  |  | (53 | )
Impact of tax rates applicable outside of Australia |  |  | (312 | ) |  |  | (484 | ) |  |  | (136 | )
Other |  |  | 87 |  |  |  | 172 |  |  |  | 219 |
Income tax expense |  |  | 5,335 |  |  |  | 6,879 |  |  |  | 4,276 |
Royalty-related taxation (net of income tax benefit) |  |  | 194 |  |  |  | 128 |  |  |  | 167 |
Total taxation expense |  |  | 5,529 |  |  |  | 7,007 |  |  |  | 4,443 |
(1) | Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits.
(2) | The (loss)/profit from equity accounted investments, related impairments and expenses is net of income tax. This item removes the prima facie tax effect on such (loss)/profit, related impairments and expenses.
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | US$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 losses taken to equity |  |  | – |  |  |  | (3 | ) |  |  | – |
Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Gains/(losses) taken to equity |  |  | 98 |  |  |  | (25 | ) |  |  | (105 | )
(Gains)/losses transferred to the income statement |  |  | (90 | ) |  |  | 64 |  |  |  | 129 |
Income tax credit relating to items that may be reclassified subsequently to the income statement |  |  | 8 |  |  |  | 36 |  |  |  | 24 |
Items that will not be reclassified to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Remeasurement gains/(losses) on pension and medical schemes |  |  | 7 |  |  |  | (22 | ) |  |  | (12 | )
Employee share awards transferred to retained earnings on exercise |  |  | 12 |  |  |  | 8 |  |  |  | (14 | )
Income tax credit/(charge) relating to items that will not be reclassified to the income statement |  |  | 19 |  |  |  | (14 | ) |  |  | (26 | )
Total income tax credit/(charge) relating to components of other comprehensive income (1) |  |  | 27 |  |  |  | 22 |  |  |  | (2 | )
(1) | Included within total income tax relating to components of other comprehensive income is US$15 million relating to deferred taxes and US$12 million relating to current taxes (2018: US$17 million and US$5 million; 2017: US$12 million and US$(14) million).

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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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