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
(Deficit) / surplus for the year
Total tax expense
(Deficit) / surplus excluding taxa on
Tax using Bahamas corpora on tax rate of 0% (2017: 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 $1,012,000 (2017: $975,000) 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 considered probable.
2018
$000
2017
$000
109
109
195
195
2018
$000
2017
$000
(5,489)
109
(5,380)
-
97
12
-
109
5,263
195
5,458
-
85
105
5
195
ITF ANNUAL REPORT AND FINANCIAL STATEMENTS / 25
Notes
(Forming part of the financial statements)
