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Income tax expense (Tables) | 12 Months Ended
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Jun. 30, 2021
Text block [abstract] |
Summary of Income Tax Expense |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$M |  |  | US$M |  |  | US$M |
Total taxation expense comprises: |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 9,825 |  |  |  | 5,109 |  |  |  | 5,408 |
Deferred tax expense/(benefit) |  |  | 1,325 |  |  |  | (335 | ) |  |  | 121 |
|  |  | 11,150 |  |  |  | 4,774 |  |  |  | 5,529 |
Summary of Factors Affecting Income Tax Expense |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$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 |  |  | 24,601 |  |  |  | 13,510 |  |  |  | 15,049 |
Tax on profit at Australian prima facie tax rate of 30 per cent |  |  | 7,380 |  |  |  | 4,053 |  |  |  | 4,515 |
Non-tax effected operating losses and capital gains (1) |  |  | 3,112 |  |  |  | 707 |  |  |  | 742 |
Tax on remitted and unremitted foreign earnings |  |  | 485 |  |  |  | 225 |  |  |  | 283 |
Tax effect of loss from equity accounted investments, related impairments and expenses (2) |  |  | 317 |  |  |  | 154 |  |  |  | 164 |
Investment and development allowance |  |  | – |  |  |  | (99 | ) |  |  | (94 | )
Tax rate changes |  |  | (1 | ) |  |  | (8 | ) |  |  | 6 |
Amounts (over)/under provided in prior years |  |  | (11 | ) |  |  | 64 |  |  |  | (21 | )
Recognition of previously unrecognised tax assets |  |  | (28 | ) |  |  | (30 | ) |  |  | (10 | )
Foreign exchange adjustments |  |  | (95 | ) |  |  | 20 |  |  |  | (25 | )
Impact of tax rates applicable outside of Australia |  |  | (603 | ) |  |  | (167 | ) |  |  | (312 | )
Other |  |  | 365 |  |  |  | (211 | ) |  |  | 87 |
Income tax expense |  |  | 10,921 |  |  |  | 4,708 |  |  |  | 5,335 |
Royalty-related taxation (net of income tax benefit) |  |  | 229 |  |  |  | 66 |  |  |  | 194 |
Total taxation expense |  |  | 11,150 |  |  |  | 4,774 |  |  |  | 5,529 |
(1) | Includes the tax impacts related to the exceptional impairments of NSWEC and Potash in the year ended 30 June 2021 and Cerro Colorado in the year ended 30 June 2020, as presented in note 3 ‘Exceptional items’. There were no exceptional impairments in the year ended 30 June 2019.
( 2) | The loss from equity accounted investments, related impairments and expenses is net of income tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’. This item removes the prima facie tax effect on such loss, related impairments and expenses, excluding the impact of the Samarco forward exchange derivatives which are taxable.
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | US$M |  |  | US$M |  |  | US$M |
Income tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Items that may be reclassified subsequently to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Hedges: |  |  |  |  |  |  |  |  |  |  |  |
Gains/(losses) taken to equity |  |  | (259 | ) |  |  | 94 |  |  |  | 98 |
(Gains)/losses transferred to the income statement |  |  | 252 |  |  |  | (89 | ) |  |  | (90 | )
Others |  |  | (1 | ) |  |  | – |  |  |  | – |
Income tax (charge)/credit relating to items that may be reclassified subsequently to the income statement |  |  | (8 | ) |  |  | 5 |  |  |  | 8 |
Items that will not be reclassified to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Remeasurement gains/(losses) on pension and medical schemes |  |  | (21 | ) |  |  | 25 |  |  |  | 7 |
Others |  |  | 1 |  |  |  | 1 |  |  |  | 12 |
Income tax (charge)/credit relating to items that will not be reclassified to the income statement |  |  | (20 | ) |  |  | 26 |  |  |  | 19 |
Total income tax (charge)/credit relating to components of other comprehensive income (1) |  |  | (28 | ) |  |  | 31 |  |  |  | 27 |
(1) | Included within total income tax relating to components of other comprehensive income is US$(28) million relating to deferred taxes and US$ nil relating to current taxes (2020: US$31 million and US$ nil; 2019: US$15 million and US$12 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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- 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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