Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 27

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 27
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                 877   565          666          ​        801
Recoveries                               (247)        (190)        (191)        (240)   ​      (184)
Impairment charges/(benefits)       424                 537   648          440          ​        475
of which relates to:                         ​    ​       ​   ​        ​   ​        ​   ​          ​
Loans and credit commitments        ​      427    ​     536   ​      647   ​      466   ​        469
Debt securities at amortised cost   ​      (3)    ​       -   ​        -   ​      (2)   ​          1
Debt securities at FVOCI                     -            1   1                   (1)   ​          1
Due from subsidiaries               ​        -    ​       -   ​        -   ​     (23)   ​          4
Impairment charges/(benefits)       424           ​     537   ​      648   ​      440   ​        475
​
Further details are included in Note 10.
​
​

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FINANCIAL   EXHIBITS INDEX   STRATEGIC   PERFORMANCE   EXHIBIT 15.4   ADDITIONAL 
REPORT                       REVIEW      REVIEW                       INFORMATION
​

Note 7.Income tax
Accounting policy​

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised directly in OCI, in which case it is recognised in the statement of comprehensive income. As the Bank levy is not a levy on income, it is not included in income tax. It is included in interest expense in Note 3.Current tax is the tax payable for the year using enacted or substantively enacted tax rates and laws for each jurisdiction. Current tax also includes adjustments to tax payable for previous years.Deferred tax accounts for temporary differences between the carrying amounts of assets and liabilities in the financial statements and their values for taxation purposes.Deferred tax is determined using the enacted or substantively enacted tax rates and laws for each jurisdiction which are expected to apply when the assets will be realised or the liabilities settled.Deferred tax assets and liabilities have been offset where they relate to the same taxation authority, the same taxable entity or group, and where there is a legal right and intention to settle