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Deferred tax balances | 12 Months Ended
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Jun. 30, 2024
Text block 1 [Abstract] |
Deferred tax balances | 14 Deferred tax balances The movement for the year in the Group’s net deferred tax position is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$M |  |  | US$M |  |  | US$M |
Net deferred tax (liability)/asset |  |  |  |  |  |  |  |  |  |  |  |
At the beginning of the financial year |  |  | (4,243 | ) |  |  | (3,007 | ) |  |  | (1,402 | )
Acquisition of subsidiaries and operations 1 |  |  | – |  |  |  | (867 | ) |  |  | – |
Income tax credit/(charge) recorded in the income statement 2,3,4 |  |  | 988 |  |  |  | (387 | ) |  |  | (125 | )
Income tax (charge)/credit recorded directly in equity |  |  | (6 | ) |  |  | 6 |  |  |  | (42 | )
Divestment of subsidiaries and operations 5 |  |  | (3 | ) |  |  | – |  |  |  | (1,439 | )
Other movements |  |  | (1 | ) |  |  | 12 |  |  |  | 1 |
At the end of the financial year |  |  | (3,265 | ) |  |  | (4,243 | ) |  |  | (3,007 | )
1 | Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information.
2 | Includes US$1,125 million income tax credit in the year ended 30 June 2024 as a result of an impairment of Western Australia Nickel Assets.
3 | Includes US$(283) million revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill. Refer to note 3 ‘Exceptional items’ for more information.
4 | Includes Discontinued operations income tax charge to the income statement in 2022 of US$(61) million.
5 | Relates to the divestment of BMC and merger of Petroleum with Woodside in 2022. Refer to notes 3 ‘Exceptional items’ and 28 ‘Discontinued operations’ for more information.
For recognition and measurement refer to note 6 ‘Income tax expense’. The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense (credited)/charged to the income statement is as follows:
|  | Deferred tax assets |  |  | Deferred tax liabilities |  |  | (Credited)/charged to the income statement |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |
Type of temporary difference |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation 1 |  |  | (756 | ) |  |  | (629 | ) |  |  | 5,221 |  |  |  | 6,259 |  |  |  | (894 | ) |  |  | 452 |  |  |  | 554 |
Exploration expenditure |  |  | 14 |  |  |  | 11 |  |  |  | – |  |  |  | (1 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | 13 |
Employee benefits |  |  | 23 |  |  |  | 27 |  |  |  | (407 | ) |  |  | (425 | ) |  |  | 6 |  |  |  | (94 | ) |  |  | 20 |
Closure and rehabilitation |  |  | 155 |  |  |  | 143 |  |  |  | (1,770 | ) |  |  | (1,753 | ) |  |  | (29 | ) |  |  | (296 | ) |  |  | 24 |
Resource rent tax |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (129 | )
Other provisions |  |  | 55 |  |  |  | 64 |  |  |  | (196 | ) |  |  | (210 | ) |  |  | 23 |  |  |  | 4 |  |  |  | 49 |
Deferred income |  |  | – |  |  |  | 14 |  |  |  | (23 | ) |  |  | – |  |  |  | (9 | ) |  |  | 37 |  |  |  | (31 | )
Deferred charges |  |  | (55 | ) |  |  | (82 | ) |  |  | 522 |  |  |  | 644 |  |  |  | (148 | ) |  |  | 85 |  |  |  | 7 |
Investments, including foreign tax credits |  |  | 274 |  |  |  | 225 |  |  |  | 411 |  |  |  | 370 |  |  |  | (6 | ) |  |  | (54 | ) |  |  | (298 | )
Foreign exchange gains and losses |  |  | (9 | ) |  |  | (14 | ) |  |  | 80 |  |  |  | 190 |  |  |  | (115 | ) |  |  | 42 |  |  |  | 33 |
Tax losses |  |  | 364 |  |  |  | 276 |  |  |  | (84 | ) |  |  | (214 | ) |  |  | 40 |  |  |  | 37 |  |  |  | 28 |
Lease liability 1 |  |  | 9 |  |  |  | 18 |  |  |  | (730 | ) |  |  | (767 | ) |  |  | 45 |  |  |  | (83 | ) |  |  | (10 | )
Other |  |  | (7 | ) |  |  | 3 |  |  |  | 308 |  |  |  | 206 |  |  |  | 101 |  |  |  | 259 |  |  |  | (135 | )
Total |  |  | 67 |  |  |  | 56 |  |  |  | 3,332 |  |  |  | 4,299 |  |  |  | (988 | ) |  |  | 387 |  |  |  | 125 |
1 | Includes deferred tax associated with the recognition of right-of-use assets and lease liabilities on adoption of IFRS 16. Refer to note 22 ‘Leases’.
The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows:
|  | 2024 |  |  | 2023 |
|  | US$M |  |  | US$M |
Unrecognised deferred tax assets |  |  |  |  |  |  |  |
Tax losses and tax credits 1 |  |  | 9,126 |  |  |  | 8,572 |
Investments in subsidiaries 2 |  |  | 1,533 |  |  |  | 1,661 |
Mineral rights 3 |  |  | 3,216 |  |  |  | 3,287 |
Other deductible temporary differences 4 |  |  | 1,978 |  |  |  | 1,912 |
Total unrecognised deferred tax assets |  |  | 15,853 |  |  |  | 15,432 |
Unrecognised deferred tax liabilities |  |  |  |  |  |  |  |
Investments in subsidiaries 2 |  |  | 2,307 |  |  |  | 2,179 |
Total unrecognised deferred tax liabilities |  |  | 2,307 |  |  |  | 2,179 |
1 | At 30 June 2024, the Group had income and capital tax losses with a tax benefit of US$5,589 million (2023: US$5,709 million) and tax credits of US$3,537 million (2023: US$2,863 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits.
The gross amount of tax losses carried forward that have not been recognised is as follows:
Year of expiry |  | 2024 |  |  | 2023 |
|  | US$M |  |  | US$M |
Income tax losses |  |  |  |  |  |  |  |
Not later than one year |  |  | 28 |  |  |  | 22 |
Later than one year and not later than two years |  |  | 10 |  |  |  | 5 |
Later than two years and not later than five years |  |  | 43 |  |  |  | 47 |
Later than five years and not later than 10 years |  |  | 652 |  |  |  | 549 |
Later than 10 years and not later than 20 years |  |  | 1,003 |  |  |  | 1,317 |
Unlimited |  |  | 5,620 |  |  |  | 4,889 |
|  |  | 7,356 |  |  |  | 6,829 |
Capital tax losses |  |  |  |  |  |  |  |
Not later than one year |  |  | – |  |  |  | – |
Later than two years and not later than five years |  |  | – |  |  |  | – |
Unlimited |  |  | 13,494 |  |  |  | 13,870 |
Gross amount of tax losses not recognised |  |  | 20,850 |  |  |  | 20,699 |
Tax effect of total losses not recognised |  |  | 5,589 |  |  |  | 5,709 |
| Of the US$3,537 million of tax credits, US$2,792 million expires not later than 10 years (2023: US$2,405 million) and US$745 million expires later than 10 years and not later than 20 years (2023: US$458 million).
2 | The Group has 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. Where the Group has undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions.
3 | The Group has deductible temporary differences relating to mineral rights for which deferred tax assets have 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.
4 | The Group has other deductible temporary differences for which deferred tax assets have 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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