Financial Sector (Collection of Data) determination No. 52 of 2005
4. Deferred tax assets4. Deferred tax assets
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4. Deferred tax assets
Deferred tax assets means the amounts of income taxes recoverable in future reporting periods in respect of:
(a) deductible temporary differences; and
(b) the carry forward of unused tax losses
determined in accordance with current Australian Accounting Standards.
Important!
Current tax assets are reported as part of item 8 below.
Important!
No adjustments should be made to the tax account balances on the Statement of Financial Position when separating contributions tax from income tax expense. The only adjustments in relation to contributions tax which should be made are to SRF 200.0 Statement of Financial Performance item 20 ‘Income tax expense on net operating performance’