Consolidated 2014  $m  Consolidated 2013  $m  Company  2014  $m  Company  2013  $m  Note 4  Income tax expense  (i) Income tax (expense)/benefit  Current tax expense  (321)  (255)  (21)  (4)  Deferred tax (expense)/benefit  (506)  (278)  36  27  Total  (827)  (533)  15  23  (ii) Numerical reconciliation of income tax  (expense)/benefit to prima facie tax payable  Prima facie income tax expense on operating profit (1) (632)  (422)  (314)  (352)  Tax effect of amounts which are (not deductible)/non-assessable  in calculating taxable income:  Rate differential on offshore income  (179)  (77)  4  2  Intra-group dividend  –  –  338  379  Other items  (16)  (34)  (13)  (6)  Total income tax (expense)/benefit  (827)  (533)  15  23  (iii) Tax (expense)/benefit relating to items of other  comprehensive income  Available for sale reserve  (38)  (99)  –  –  Cash flow hedges  (11)  5  –  –  Foreign currency translation reserve  (31)  (52)  –  –  Share of other comprehensive income of associates and joint  ventures  (6)  (7)  –  –  Total tax (expense)/benefit relating to items of other  comprehensive income  (86)  (153)  –  –  (iv) Deferred tax (expense) represents movements in  deferred tax assets/liabilities  Investments in subsidiaries, associates, securities available for sale  and joint ventures  (111)  93  –  –  Fixed assets  5  (23)  –  –  Leasing and financial instruments  (198)  (170)  (77)  (84)  Intangible assets  (15)  (19)  –  –  Other assets and liabilities  (22)  (203)  27  (9)  Tax Losses  (165)  44  86  120  Total deferred tax (expense)/benefit represents movements in  deferred tax assets/liabilities  (506)  (278)  36  27  (1) Prima facie income tax on operating profit is calculated at the rate of 30 per cent (2013: 30 per cent).  Revenue authorities undertake risk reviews and audits as part of their normal activities. During the current and prior years, Macquarie Group received amended assessments from the Australian Tax Office (ATO), which  cover a range of items. A number of these matters have been resolved.  In accordance with ATO practice, the Group has paid a portion of the primary tax and interest covered by these amended  assessments and this amount has been included in these financial statements as part of tax receivables, pending resolution.  Macquarie has considered its position with respect to the unresolved matters and other tax claims, including seeking advice, and  considers that it holds appropriate provisions. 121 