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Deferred tax balances (Tables) | 12 Months Ended
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Jun. 30, 2020
Text block [abstract] |
Summary of Movement in Net Deferred Tax Position | The movement for the year in the Group’s net deferred tax position is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | US$M |  |  | US$M |  |  | US$M |
Net deferred tax asset |  |  |  |  |  |  |  |  |  |  |  |
At the beginning of the financial year |  |  | 530 |  |  |  | 569 |  |  |  | 2,023 |
Income tax credit/(charge) recorded in the income statement (1) |  |  | 335 |  |  |  | (81 | ) |  |  | (1,445 | )
Income tax credit recorded directly in equity |  |  | 34 |  |  |  | 15 |  |  |  | 17 |
Other movements |  |  | 31 |  |  |  | 27 |  |  |  | (26 | )
At the end of the financial year |  |  | 930 |  |  |  | 530 |  |  |  | 569 |
(1) | Includes Discontinued operations income tax credit to the income statement of US$ nil (2019: US$40 million; 2018: US$510 million).
Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement | The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense (credited)/charged to the income statement is as follows:
|  | Deferred tax assets |  |  | Deferred tax liabilities |  |  | (Credited)/charged to the income statement |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
|  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |
Type of temporary difference |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation (1) |  |  | (2,749 | ) |  |  | (1,717 | ) |  |  | 1,807 |  |  |  | 1,444 |  |  |  | 1,394 |  |  |  | (951 | ) |  |  | (752 | )
Exploration expenditure |  |  | 398 |  |  |  | 449 |  |  |  | – |  |  |  | – |  |  |  | 51 |  |  |  | 43 |  |  |  | 51 |
Employee benefits |  |  | 353 |  |  |  | 310 |  |  |  | (26 | ) |  |  | (6 | ) |  |  | (38 | ) |  |  | 14 |  |  |  | 31 |
Closure and rehabilitation |  |  | 2,100 |  |  |  | 1,671 |  |  |  | (109 | ) |  |  | (203 | ) |  |  | (334 | ) |  |  | (53 | ) |  |  | 218 |
Resource rent tax |  |  | 359 |  |  |  | 431 |  |  |  | 921 |  |  |  | 1,112 |  |  |  | (119 | ) |  |  | (179 | ) |  |  | (194 | )
Other provisions |  |  | 173 |  |  |  | 144 |  |  |  | (239 | ) |  |  | (1 | ) |  |  | (268 | ) |  |  | (2 | ) |  |  | (11 | )
Deferred income |  |  | (4 | ) |  |  | 24 |  |  |  | – |  |  |  | (5 | ) |  |  | 33 |  |  |  | (9 | ) |  |  | (13 | )
Deferred charges |  |  | (383 | ) |  |  | (416 | ) |  |  | 187 |  |  |  | 286 |  |  |  | (132 | ) |  |  | 56 |  |  |  | (119 | )
Investments, including foreign tax credits |  |  | 348 |  |  |  | 412 |  |  |  | 458 |  |  |  | 600 |  |  |  | (77 | ) |  |  | 70 |  |  |  | 615 |
Foreign exchange gains and losses |  |  | (134 | ) |  |  | (97 | ) |  |  | (61 | ) |  |  | (6 | ) |  |  | (18 | ) |  |  | (45 | ) |  |  | (20 | )
Tax losses |  |  | 2,759 |  |  |  | 2,611 |  |  |  | – |  |  |  | – |  |  |  | (148 | ) |  |  | 1,147 |  |  |  | 1,595 |
Lease liability (1) |  |  | 548 |  |  |  | – |  |  |  | (245 | ) |  |  | – |  |  |  | (793 | ) |  |  | – |  |  |  | – |
Other |  |  | (80 | ) |  |  | (58 | ) |  |  | 65 |  |  |  | 13 |  |  |  | 114 |  |  |  | (10 | ) |  |  | 44 |
Total |  |  | 3,688 |  |  |  | 3,764 |  |  |  | 2,758 |  |  |  | 3,234 |  |  |  | (335 | ) |  |  | 81 |  |  |  | 1,445 |
(1) | Includes deferred tax associated with the recognition of right-of-use assets and lease liabilities on adoption of IFRS 16. Refer to note 20 ‘Leases’.
Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities | The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows:
|  | 2020 |  |  | 2019 |
|  | US$M |  |  | US$M |
Unrecognised deferred tax assets |  |  |  |  |  |  |  |
Tax losses and tax credits (1) |  |  | 4,088 |  |  |  | 3,720 |
Investments in subsidiaries (2) |  |  | 1,575 |  |  |  | 1,656 |
Deductible temporary differences relating to PRRT (3) |  |  | 2,079 |  |  |  | 2,197 |
Mineral rights (4) |  |  | 2,244 |  |  |  | 2,230 |
Other deductible temporary differences (5) |  |  | 673 |  |  |  | 412 |
Total unrecognised deferred tax assets |  |  | 10,659 |  |  |  | 10,215 |
Unrecognised deferred tax liabilities |  |  |  |  |  |  |  |
Investments in subsidiaries (2) |  |  | 2,375 |  |  |  | 2,253 |
Future taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) |  |  | 624 |  |  |  | 659 |
Total unrecognised deferred tax liabilities |  |  | 2,999 |  |  |  | 2,912 |
(1) | At 30 June 2020, the Group had income and capital tax losses with a tax benefit of US$2,405 million (2019: US$2,265 million) and tax credits of US$1,683 million (2019: US$1,455 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits.
The gross amount of tax losses carried forward that have not been recognised is as follows:
Year of expiry |  | 2020 |
|  | US$M |
Income tax losses |  |  |  |
Not later than one year |  |  | 474 |
Later than one year and not later than two years |  |  | 240 |
Later than two years and not later than five years |  |  | 2,525 |
Later than five years and not later than 10 years |  |  | 679 |
Later than 10 years and not later than 20 years |  |  | 2,379 |
Unlimited |  |  | 2,262 |
|  |  | 8,559 |
Capital tax losses |  |  |  |
Not later than one year |  |  | – |
Later than two years and not later than five years |  |  | – |
Unlimited |  |  | 4,150 |
Gross amount of tax losses not recognised |  |  | 12,709 |
Tax effect of total losses not recognised |  |  | 2,405 |
Of the US$1,683 million of tax credits, US$1,637 million expires not later than 10 years and US$46 million expires later than 10 years and not later than 20 years.
(2) | The Group had deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future.
(3) | The Group had unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities. As PRRT payments are deductible for income tax purposes, to the extent these PRRT deferred tax assets are recognised this would give rise to a corresponding deferred tax liability for income tax (presented as the future taxable temporary differences relating to the unrecognised PRRT deferred tax assets).
(4) | The Group had deductible temporary differences relating to mineral rights for which deferred tax assets had not been recognised because it is not probable that future capital gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation.
(5) | The Group had other deductible temporary differences for which deferred tax assets had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation.

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