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Income tax expense (Tables) | 12 Months Ended
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Jun. 30, 2024
Text block 1 [Abstract] |
Summary of Income Tax Expense |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$M |  |  | US$M |  |  | US$M |
Total taxation expense comprises: |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 7,435 |  |  |  | 6,690 |  |  |  | 10,673 |
Deferred tax (benefit)/expense |  |  | (988 | ) |  |  | 387 |  |  |  | 64 |
Total taxation expense |  |  | 6,447 |  |  |  | 7,077 |  |  |  | 10,737 |
Summary of Factors Affecting Income Tax Expense |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$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 |  |  | 16,048 |  |  |  | 21,401 |  |  |  | 33,137 |
Tax on profit at Australian prima facie tax rate of 30 per cent |  |  | 4,814 |  |  |  | 6,420 |  |  |  | 9,941 |
Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses 1 |  |  | 737 |  |  |  | (37 | ) |  |  | (19 | )
Derecognition of deferred tax assets and current year tax losses 2 |  |  | 666 |  |  |  | 526 |  |  |  | 1,087 |
Tax on remitted and unremitted foreign earnings |  |  | 224 |  |  |  | 137 |  |  |  | 441 |
Amounts (over)/under provided in prior years |  |  | (25 | ) |  |  | (18 | ) |  |  | (80 | )
Foreign exchange adjustments |  |  | (79 | ) |  |  | 94 |  |  |  | (233 | )
Recognition of previously unrecognised tax assets |  |  | (110 | ) |  |  | (109 | ) |  |  | (3 | )
Impact of tax rates applicable outside of Australia |  |  | (556 | ) |  |  | (558 | ) |  |  | (801 | )
Other |  |  | 344 |  |  |  | 236 |  |  |  | 97 |
Income tax expense |  |  | 6,015 |  |  |  | 6,691 |  |  |  | 10,430 |
Royalty-related taxation (net of income tax benefit) 3 |  |  | 432 |  |  |  | 386 |  |  |  | 307 |
Total taxation expense |  |  | 6,447 |  |  |  | 7,077 |  |  |  | 10,737 |
1 | This item removes the prima facie tax effect on (loss)/profit from equity accounted investments, related impairments and expenses that are net of tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’, which are taxable.
2 | Includes the tax impacts related to the exceptional impairments of US deferred tax assets in the year ended 30 June 2022 as presented in note 3 ‘Exceptional items’.
3 | Includes the revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill, as presented in note 3 ‘Exceptional items’.
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$M |  |  | US$M |  |  | US$M |
Income tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Items that may be reclassified subsequently to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Hedges: |  |  |  |  |  |  |  |  |  |  |  |
(Losses)/gains taken to equity |  |  | 10 |  |  |  | (29 | ) |  |  | 274 |
Losses/(gains) transferred to the income statement |  |  | (15 | ) |  |  | 45 |  |  |  | (264 | )
Others |  |  | – |  |  |  | (11 | ) |  |  | – |
Income tax (charge)/credit relating to items that may be reclassified subsequently to the income statement |  |  | (5 | ) |  |  | 5 |  |  |  | 10 |
Items that will not be reclassified to the income statement: |  |  |  |  |  |  |  |  |  |  |  |
Re-measurement gains/(losses) on pension and medical schemes |  |  | (13 | ) |  |  | 7 |  |  |  | (9 | )
Income tax (charge)/credit relating to items that will not be reclassified to the income statement |  |  | (13 | ) |  |  | 7 |  |  |  | (9 | )
Total income tax (charge)/credit relating to components of other comprehensive income 1 |  |  | (18 | ) |  |  | 12 |  |  |  | 1 |
1 | Included within total income tax relating to components of other comprehensive income is US$(18) million relating to deferred taxes and US$ nil relating to current taxes (2023: US$12 million and US$ nil; 2022: US$1 million and US$ nil).

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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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