Note 4: Tax 2025 2024 US$m US$m a. Income tax expense recognised in the statement of comprehensive income Current tax expense Current year 785 584 Deferred tax (recovery)/expense Origination and reversal of temporary differences (194) 57 Total deferred tax (recovery)/expense (194) 57 (Over)/under provision in prior year (3) 20 Income tax expense 588 661 b. Reconciliation between tax expense and pre-tax net profit Accounting profit before income tax 3,724 3,375 Income tax calculated at 30% (2024: 30%) 1,117 1,013 Effects of different rates of tax on overseas income (403) (387) Research and development incentives (102) (67) (Over)/under provision in prior year (3) 20 Revaluation of deferred tax balances 21 (3) Other (non-assessable income)/non-deductible expenses (42) 85 Income tax expense 588 661 c. Income tax recognised directly in equity Share-based payments 1 — Income tax benefit recognised in equity 1 — d. Deferred tax assets and liabilities Deferred tax assets 1,091 911 Deferred tax liabilities (1,510) (1,514) Net deferred tax liabilities (419) (603) The composition of the Group’s net deferred tax assets and liabilities are attributable to: Inventories 206 148 Property, plant and equipment (420) (425) Intangible assets (770) (875) Trade and other payables 271 143 Recognised carry-forward tax losses 135 190 Retirement liabilities, net 53 56 Receivables and contract assets (74) (5) Interest-bearing liabilities 61 56 Provisions and other liabilities 75 63 Other 44 46 Net deferred tax liabilities (419) (603) e. Movement in net deferred tax liability during the year Opening balance (603) (562) Credit/(charged) to profit or loss 194 (57) Charged to OCI (11) 16 Credited to equity 1 — Closing balance (419) (603) 101 101 CSL Limited Annual Report 2024/25
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