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Income tax expense | 6 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Income tax expense |
7. | Income tax expense
|  | Half year ended 31 Dec 2018 US$M |  |  | Half year ended 31 Dec 2017 US$M |  |  | Year ended 30 June 2018 US$M |
Total taxation expense comprises: |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 2,414 |  |  |  | 2,302 |  |  |  | 5,052 |
Deferred tax (benefit)/expense |  |  | (56 | ) |  |  | 1,799 |  |  |  | 1,955 |
|  |  | 2,358 |  |  |  | 4,101 |  |  |  | 7,007 |
|  | Half year ended 31 Dec 2018 US$M |  |  | Half year ended 31 Dec 2017 US$M |  |  | Year ended 30 June 2018 US$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 |  |  | 6,800 |  |  |  | 6,507 |  |  |  | 14,751 |
Tax on profit at Australian prima facie tax rate of 30 per cent |  |  | 2,040 |  |  |  | 1,952 |  |  |  | 4,425 |
Impact of US tax reform |  |  |  |  |  |  |  |  |  |  |  |
Tax rate changes |  |  | – |  |  |  | 1,390 |  |  |  | 1,390 |
Non-tax effected operating losses and capital gains |  |  | – |  |  |  | 834 |  |  |  | 834 |
Tax on remitted and unremitted foreign earnings(1) |  |  | – |  |  |  | 194 |  |  |  | 194 |
Recognition of previously unrecognised tax assets |  |  | – |  |  |  | (95 | ) |  |  | (95 | )
Other |  |  | – |  |  |  | (3 | ) |  |  | (3 | )
Subtotal |  |  | – |  |  |  | 2,320 |  |  |  | 2,320 |
Other items not related to US tax reform |  |  |  |  |  |  |  |  |  |  |  |
Non-tax effected operating losses and capital gains |  |  | 255 |  |  |  | 68 |  |  |  | 721 |
Tax on remitted and unremitted foreign earnings |  |  | 167 |  |  |  | 221 |  |  |  | 401 |
Foreign exchange adjustments |  |  | 68 |  |  |  | (98 | ) |  |  | (152 | )
Amounts under/(over) provided in prior years |  |  | 60 |  |  |  | (4 | ) |  |  | (51 | )
Tax rate changes |  |  | – |  |  |  | (16 | ) |  |  | (79 | )
Recognition of previously unrecognised tax assets |  |  | (13 | ) |  |  | (14 | ) |  |  | (170 | )
Tax effect of profit from equity accounted investments, related impairments and expenses(2) |  |  | (35 | ) |  |  | (62 | ) |  |  | (44 | )
Investment and development allowance |  |  | (40 | ) |  |  | (81 | ) |  |  | (180 | )
Impact of tax rates applicable outside of Australia |  |  | (128 | ) |  |  | (281 | ) |  |  | (484 | )
Other |  |  | (150 | ) |  |  | 52 |  |  |  | 172 |
Income tax expense |  |  | 2,224 |  |  |  | 4,057 |  |  |  | 6,879 |
Royalty-related taxation (net of income tax benefit) |  |  | 134 |  |  |  | 44 |  |  |  | 128 |
Total taxation expense |  |  | 2,358 |  |  |  | 4,101 |  |  |  | 7,007 |
(1) | Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits.
(2) | The profit from equity accounted investments and related expenses is net of income tax. This item removes the prima facie tax effect on such profits and related expenses.

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2018-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=12&date=2018-03-01&anchor=sect_Disclosure&doctype=Standard -URIDate 2018-03-16 + Details
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