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Taxes | 6 Months Ended
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Jun. 30, 2024
Text Block [abstract] |
Taxes | A.5 Taxes
|  | 2024 US$m |  |  | 2023 US$m |
Reconciliation of income tax expense |  |  |  |  |  |  |  |
Profit before tax |  |  | 2,310 |  |  |  | 2,828 |
PRRT expense |  |  | (192 | ) |  |  | (778 | )
Profit before income tax |  |  | 2,118 |  |  |  | 2,050 |
Income tax expense calculated at 30% |  |  | 635 |  |  |  | 615 |
Effect of tax rate differentials |  |  | (15 | ) |  |  | 30 |
Effect of deferred tax assets not recognised |  |  | 35 |  |  |  | 67 |
Effect of tax benefits previously unrecognised 1 |  |  | (366 | ) |  |  | (340 | )
Reduction in deferred tax liability due to held for sale basis 1 |  |  | (91 | ) |  |  | — |
Foreign exchange impact on tax benefit |  |  | (11 | ) |  |  | (83 | )
Adjustment to prior years |  |  | (52 | ) |  |  | (16 | )
Other |  |  | 11 |  |  |  | 11 |
Income tax expense |  |  | 146 |  |  |  | 284 |
1. | Subsequent to achieving first oil on the Sangomar project in June 2024, the Group has recognised a net deferred tax asset of $305 million. The remaining $61 million relates to other tax benefits previously unrecognised. The expected sale of Woodside’s 15.1% share in the Scarborough Joint Venture resulted in the recognition of a net tax benefit of $91 million. These events have resulted in a reduction of the global effective income tax rate from 25.6% to 6.9%. In the prior period, as a result of the final investment decision to develop the Trion resource, the Group recognised deferred tax assets of $319 million, resulting in a reduction of the global effective income tax rate from 29.6% to 13.9%.
In May 2024, the Parliament of Australia enacted the Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024 for the PRRT deductions cap which takes effect from 1 July 2023. If an entity is an LNG producer and its petroleum projects meet the criteria of the deduction cap, the entity will have a taxable profit of 10% of the projects’ assessable receipts in the year of tax. The new legislation has impacted the Pluto and Wheatstone projects resulting in the Group recognising a $124 million current tax payable as at 30 June 2024.

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