24
22. TAXATION
a) The ITF Trust is domiciled in the Bahamas and is therefore not subject to income tax. Two subsidiaries are subject to income tax: ITF Licensing
(UK) Ltd and Hopman Cup Pty Ltd.
Recognised in the income statement
Current tax expense
Current year
Reconcilia on of effec ve tax rate
Surplus for the year
Total tax expense
Surplus excluding taxa on
Tax using Bahamas corpora on tax rate of 0% (2016: 0%)
Effect of tax rate in Australia
Withholding tax charge
Effect of tax rate in UK
Total tax expense
b) There is a deferred tax asset of $975,000 (2016: $1,238,000), in respect of brought forward tax losses and decelerated capital allowances which
has not been recognised in the balance sheet since the ability to use it against future profits is not certain.
2017
$000
195
195
2017
$000
5,263
195
5,458
-
85
105
5
195
2016
$000
294
294
2016
$000
1,549
294
1,843
-
83
209
2
294
NOTES
(forming part of the financial statements)
