Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 29

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 29
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-assessable items                                                                           (1)           (4)           (9)          (1)            (3)
Other non-deductible items                                                                            24            25            49           16             23
Adjustment for overseas tax rates                                                                   (15)          (27)          (25)            6            (4)
Income tax (over)/under provided in prior years                                                        -          (20)             7            -           (13)
Other itemsa                                                                                        (40)          (28)         (130)         (62)            (3)
Total income tax expense                                                                           3,111         3,117         3,104        2,489          2,525
Income tax expense comprises:                                                                                                                                   
Current income tax                                                                                 3,128         3,125         3,009        2,559          2,520
Movement in deferred tax                                                                            (17)            12            88         (70)             18
Income tax (over)/under provision in prior years                                                       -          (20)             7            -           (13)
Total income tax expense                                                                           3,111         3,117         3,104        2,489          2,525
Total Australia                                                                                    2,614         2,632         2,637        2,449          2,480
Total Overseas                                                                                       497           485           467           40             45
Total income tax expense                                                                           3,111         3,117         3,104        2,489          2,525
​

a.   2023 included $86 million (Parent Entity: nil) related to the sale of Advance Asset Management Limited.
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The effective tax rate was 30.97% in 2025 (2024: 30.84%, 2023: 30.12%).
International Tax Reform – Pillar Two Model Rules
Pillar Two introduces new ‘top-up’ taxes for multinational enterprises (MNEs) within the scope of the rules to ensure that these MNEs pay a minimum effective rate of tax of 15% on profits in all jurisdictions.
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which Westpac operates and became effective for the Group for the financial year beginning 1 October 2024.
The Group has recognised a current tax expense for Pillar Two