NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 9. INCOME TAX (CONTINUED) (d) Recognised deferred tax assets and liabilities (e) Movements in tax balances Current  Income tax 31 Mar 2013  $000 Deferred  Income tax  31 Mar 2013  $000 Current  Income tax  31 Dec 2012  $000 Deferred  Income tax  31 Dec 2012  $000 Current  Income tax  31 Mar 2012  $000  (reviewed) Deferred  Income tax  31 Mar 2012  $000  (reviewed) Opening balance (101) (75,355) (192) (89,376) (191) (89,376) (Charged)/credited to the income statement (100) 27,512 (352) 3,680  191 4,402 (Charged)/credited to equity -  1,698 - 10,341 - - Prior period under provision  201 (101) 443 - - - Closing balance - (46,246) (101) (75,355) - (84,974) Statement of financial position Income statement Deferred income tax relates to the following: 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed) 3 months to 31 Mar 2013  $000 12 months to  31 Dec 2012  $000 3 months to  31 Mar 2012  $000  (reviewed) Deferred tax liabilities Accelerated depreciation for tax purposes (4) 24 74 28 81 31 Revaluations of land and buildings to fair value (41,255) (41,558) (51,638) - - - Revaluations of trading stock for tax purposes (23,494) (40,030) (40,004) (16,536) (338) (365) Other - - (55) - - 55 Offsetting deferred tax asset 18,507 6,209 6,649 - - - (46,246) (75,355) (84,974) Deferred tax assets Accruals and other 1,137 1,592  313 453  (1,226) 53 Tax losses carried forward 9,133 3,489 4,289 (5,643) (3,489) (4,289) Capitalised expenses accelerated for book  purposes 79 79 81 1 3 1 Impairment of property, plant and equipment - - - -  260 - Interest rate swaps 235 (103) 453 (339) 849 293 Cash flow hedges 1,395 - - - - - Investments 8 8 8 - - - Leave entitlements 1,050 1,018 851 (32) (192) (25) Franking deficit tax 5,388 - - (5,388) - - Other employee costs 82  126 654 44 372 (156) Total deferred tax asset (offset against  deferred tax liability) 18,507 6,209 6,649 (27,412) (3,680) (4,402) Annual Report 2013 79