Apparently the most noticeable research on this subject of a rabbit's white behind has been done by Dr Dirk Semmann of the University of Goettingen. He proposes that
> these spots actually confuse predators because of their very noticeable nature. By focusing on the bright spot, the would-be predator ignores the larger body of the animal. Then, when the rabbit executes a sharp turn, the spot disappears and the predator has to readjust to focus on the camouflaged coat, losing vital seconds (reference 1, reference 2).
It could be the same reason for the white behind of a deer. As to why deer flag their tails, there is a paper on the subject which lists 4 possible reasons for the behaviour.
1) Flash behaviour
2) Alarm Signal
3) Cohesive signal
4) Detection signal
More can be read about it in this paper.