McConnell Dowell 2020 Annual Review

82 McConnell Dowell Group All figures are in A$ 000’s 2020 2019 12. Deferred tax asset Deferred tax asset 65,522 60,734 Deferred tax liability (12,932) (7,426) Net deferred tax asset 52,590 53,308 Net deferred tax asset represented by; At beginning of year 53,308 52,966 Foreign exchange impact on opening balance (121) 263 Transfer (to) / from statement of profit or loss (597) 79 Closing balance 52,590 53,308 Balance at end of year comprises: Provisions / accruals 9,777 42,213 Property, plant and equipment 1,750 4,471 Lease liabilities 1,078 - Withholding tax on future dividends (5,896) (6,311) Tax losses available for future utilisation 45,958 10,683 Joint operation temporary differences (44) - Other (33) 2,252 Closing balance 52,590 53,308 The Group offsets its deferred tax liabilities against deferred tax assets relating to temporary differences in the same taxation jurisdictions and periods. All movements in deferred tax balances have been charged to deferred tax expense as recognised in the statement of profit or loss. The gross value of unbooked tax losses available for future utilisation within the Group are $488.4 million (2019: $465.0 million). Deferred tax assets have not been recognised in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group and are not presently considered probable of recovery. Unbooked tax losses at 30 June 2020 is excess over the amount of tax losses that were deemed recoverable. Consolidated Notes to the annual financial statements (continued) for the year ended 30 June 2020