v3.25.2
Income tax expense (Tables)
 12 Months Ended
Jun. 30, 2025
Text block 1 [Abstract]  
Summary of Income Tax Expense
    
2025
     2024     2023  
    
US$M
     US$M     US$M  
Total taxation expense comprises:
       
Current tax expense
   
 
7,033
 
      7,435        6,690   
Deferred tax expense/(benefit)
   
 
177
 
     (988 )      387  
  
 
 
    
 
 
    
 
 
  
Total taxation expense
   
 
7,210
 
     6,447       7,077  
  
 
 
    
 
 
    
 
 
  
Summary of Factors Affecting Income Tax Expense
    
2025
     2024     2023  
    
US$M
     US$M     US$M  
Factors affecting income tax expense for the year
       
Income tax expense differs to the standard rate of corporation tax as follows:
       
Profit before taxation
   
 
18,353
 
     16,048       21,401  
  
 
 
    
 
 
    
 
 
  
Tax on profit at Australian prima facie tax rate of 30 per cent
   
 
5,506
 
     4,814       6,420  
  
 
 
    
 
 
    
 
 
  
Derecognition of deferred tax assets and current year tax losses
   
 
1,036
 
     666       526  
Tax on remitted and unremitted foreign earnings
   
 
354
 
     224       137  
Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses
1
   
 
78
 		     737       (37 ) 
Foreign exchange adjustments
   
 
21
 
     (79 )      94  
Amounts (over)/under provided in prior years
   
 
(57
)
 
     (25 )      (18 ) 
Recognition of previously unrecognised tax assets
   
 
(127
)
     (110 )      (109 ) 
Impact of tax rates applicable outside of Australia
   
 
(1,132
)
     (556 )      (558 ) 
Other
   
 
451
 
     344       236  
  
 
 
    
 
 
    
 
 
  
Income tax expense
   
 
6,130
 
     6,015       6,691  
  
 
 
    
 
 
    
 
 
  
Royalty-related taxation (net of income tax benefit)
2
   
 
1,080
 
     432       386  
  
 
 
    
 
 
    
 
 
  
Total taxation expense
   
 
7,210
 
     6,447       7,077  
  
 
 
    
 
 
    
 
 
  
 
1
 
This item removes the prima facie tax effect on profit/(loss) from equity accounted investments, related impairments and expenses that are net of tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’, which are taxable.
 
2
 
Includes the revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill, as presented in note 3 ‘Exceptional items’.
Summary of Income Tax Recognised in Other Comprehensive Income
Income tax recognised in other comprehensive income is as follows:
 
    
2025
     2024     2023  
    
US$M
     US$M     US$M  
Income tax effect of:
       
Items that may be reclassified subsequently to the income statement:
       
Hedges:
       
Gains/(losses) taken to equity
   
 
(104
)
 
         10       (29 ) 
(Gains)/losses transferred to the income statement
   
 
118
 
     (15 )          45  
Others
   
 
–
 
     –       (11 ) 
  
 
 
    
 
 
    
 
 
  
Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement
   
 
14
 
     (5 )      5  
  
 
 
    
 
 
    
 
 
  
Items that will not be reclassified to the income statement:
       
Re-measurement
(losses)/gains on pension and medical schemes
   
 
3
 
     (13 )      7  
  
 
 
    
 
 
    
 
 
  
Income tax credit/(charge) relating to items that will not be reclassified to the income statement
   
 
3
 
     (13 )      7  
  
 
 
    
 
 
    
 
 
  
Total income tax credit/(charge) relating to components of other comprehensive income
1
   
 
17
 
     (18 )      12  
  
 
 
    
 
 
    
 
 
  
 
1
 
Included within total income tax relating to components of other comprehensive income is US$17 million relating to deferred taxes and US$ nil relating to current taxes (2024: US$(18) million and US$ nil; 2023: US$12 million and US$ nil).