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Whitehaven Coal Limited : Annual Report 2011
68 noteS to the Financial StatementS 30 june 2011 3. summARy Of siGNifiCANT ACCOuNTiNG POLiCiEs (CONTiNuEd) v) income tax (continued) (ii) Nature of tax funding arrangements and tax sharing arrangements The head entity, in conjunction with other members of the tax-consolidated group, has entered into a tax funding arrangement which sets out the funding obligations of members of the tax-consolidated group in respect of tax amounts The tax funding arrangements require payments to/from the head entity equal to the current tax liability/(asset) assumed by the head entity and any tax-loss deferred tax asset assumed by the head entity, resulting in the head entity recognising an inter-entity receivable/(payable) equal in amount to the tax liability/(asset) assumed The inter-entity receivables/(payables) are at call Contributions to fund the current tax liabilities are payable as per the tax funding arrangement and reflect the timing of the head entity’s obligation to make payments for tax liabilities to the relevant tax authorities The head entity, in conjunction with other members of the tax-consolidated group, has also entered into a tax sharing agreement The tax sharing agreement provides for the determination of the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote w) Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense Receivables and payables are stated with the amount of GST included The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position Cash flows are included in the Statement of Cash Flows on a gross basis and the GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows
Annual Report 2010
Annual Report 2012