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Income tax expense (Tables)
 12 Months Ended
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).