6B DEFERRED T AX A S SET S AND LIABILITIES R ec ognised de f err ed t a x as se ts and liabilities De f err ed t a x as se ts and liabilities ar e a ttribut able t o the f ol lo wing C onsolida t ed A s se ts Liabilities N et In mil lions o f A UD 2019 2018 2019 2018 2019 2018 Pr oper t y plan t and equipmen t 66 58 64 70 02 12 Unr e alised FX los ses gains 31 86 47 60 16 26 Pr o visions and o ther pa y ables 175 168 175 168 Undeduc t ed equit y r aising c os ts 06 09 06 09 Une arned R e v enue 31 31 F air v alue deriv a tiv es 18 14 18 14 In v en t ories 01 63 48 62 48 Other it ems 59 17 21 21 38 04 T a x v alue o f los s carry f orw ar ds r ec ognised T a x as se ts liabilities 369 338 213 213 156 125 Se t o f f o f t a x 152 118 152 118 Ne t t a x as se ts liabilities 217 220 61 95 156 125 Unr ec ognised de f err ed t a x as se ts De f err ed t a x as se ts ha v e no t been r ec ognised in r espec t o f the f ol lo wing it ems In mil lions o f A UD C onsolida t ed De f err ed t a x as se ts ha v e no t been r ec ognised in r espec t o f these it ems because it is no t pr obable tha t futur e t a xable pr o ft wil l be a v ailable agains t which the Gr oup can utilise the bene fts 2019 2018 T a x los ses 348 348 Ac c oun ting polic y Inc ome t a x es Inc ome t a x on the pr o ft or los s f or the y e ar c omprises curr en t and de f err ed t a x Inc ome t a x is r ec ognised in the pr o ft and los s s t a t emen t e x c ep t t o the e xt en t tha t it r ela t es t o it ems r ec ognised dir ec tly in equit y or o ther c ompr ehen siv e inc ome in which case it is r ec ognised in equit y or o ther c ompr ehensiv e inc ome r espec tiv ely C urr en t t a x is the e xpec t ed t a x pa y able on the t a xable inc ome f or the y e ar using t a x r a t es enac t ed or subs t an tial ly enac t ed a t the balanc e shee t da t e and an y ad jus tmen t t o t a x pa y able in r espec t o f pr e vious y e ars De f err ed t a x is pr o vided using the balanc e shee t me thod pr o viding f or t empor ary dif f er enc es be tw een the carrying amoun ts o f as se ts and liabilities f or fnancial r epor ting purposes and the amoun ts used f or t a xa tion purposes T he f ol lo wing t empor ary dif f er enc es ar e no t pr o vided f or initial r ec ognition o f goodwil l initial r ec ognition o f as se ts or liabilities tha t a f f ec t neither ac c oun ting nor t a xable pr o ft and dif f er enc es r ela ting t o in v es tmen ts in subsidiaries t o the e xt en t tha t the y wil l pr obably no t r e v erse in the f or esee able futur e T he amoun t o f de f err ed t a x pr o vided is based on the e xpec t ed manner o f r e alis a tion or se ttlemen t o f the carrying amoun t o f as se ts and liabilities using t a x r a t es enac t ed or subs t an tiv ely enac t ed a t the balanc e shee t da t e A de f err ed t a x as se t is r ec ognised only t o the e xt en t tha t it is pr obable tha t futur e t a xable pr o fts wil l be a v ailable agains t which the as se t can be utilised De f err ed t a x as se ts ar e r e vie w ed a t e ach r epor ting da t e and ar e r educ ed t o the e xt en t tha t it is no longer pr obable tha t the r ela t ed t a x bene ft wil l be r e alised Additional inc ome t a x es tha t arise fr om the dis tribution o f dividends ar e r ec ognised a t the s ame time as the liabilit y t o pa y the r ela t ed dividend T a x c onsolida tion T he C ompan y and its whol ly o wned Aus tr alian r esiden t en tities ha v e f ormed a t a x c onsolida t ed gr oup with e f f ec t fr om 1 April 2003 and ar e ther e f or e t a x ed as a single en tit y fr om tha t da t e T he he ad en tit y within the t a x c onsolida t ed gr oup is ALS Limit ed Na tur e o f t a x funding arr angemen ts T he he ad en tit y in c onjunc tion with o ther members o f the t a x c onsolida t ed gr oup has en t er ed in t o a t a x funding arr angemen t which se ts out the funding obliga tions o f members o f the t a x c onsolida t ed gr oup in r espec t o f t a x amoun ts T he t a x funding arr angemen ts r equir e pa ymen ts t o fr om the he ad en tit y equal t o the curr en t t a x liabilit y as se t as sumed b y the he ad en tit y and an y t a x los s de f err ed t a x as se t as sumed b y the he ad en tit y r esulting in the he ad en tit y r ec ognising an in t er en tit y pa y able r ec eiv able equal in amoun t t o the t a x liabilit y as se t as sumed T he in t er en tit y pa y ables r ec eiv ables ar e a t cal l C on tributions t o fund the curr en t t a x liabilities ar e pa y able as per the t a x funding arr angemen t and r e fec t the timing o f the he ad en tit y s obliga tion t o mak e pa ymen ts f or t a x liabilities t o the r ele v an t t a x authorities 73 ALS LIMITED AND IT S SUBSIDIARIES A NNU AL F INANCIAL R EPOR T F OR THE Y EAR E NDED 31 M AR CH 2019 F INANCIAL REPOR T F INANCIAL S T A TEMENT S N O TES T O THE FINANCIAL S T A TEMENT S T a xa tion