FINANCIAL STATEMENTS 76 Notes to the annual financial statements (continued) for the year ended 30 June 2021 12. Deferred tax assets All figures are in A$000's 2021 2020 Deferred tax asset 64,198 65,522 Deferred tax liability (11,807) (12,932) Net deferred tax asset 52,391 52,590 Net deferred tax asset represented by; At beginning of year 52,590 53,308 Foreign exchange impact on opening balance (168) (121) Transfer to statement of profit or loss (31) (597) Closing balance 52,391 52,590 Balance at end of year comprises: Provisions / accruals 12,535 9,777 Property, plant and equipment 1,637 1,750 Lease liabilities 1,165 1,078 Withholding tax on future dividends (5,168) (5,896) Tax losses available for future utilisation 42,220 45,958 Joint operation temporary differences 795 (44) Other (793) (33) Closing balance 52,391 52,590 Consolidated 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 $491.8 million (2020: $488.4 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 2021 is excess over the amount of tax losses that were deemed recoverable.
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