20.Finance income and expense
Recognised in profit or loss
2012
2011
$000$000
Finance income
Bank interest received
2188
2012
2011
$000$000
Finance expense
-6
Bank interest paid
21.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
2012
2011
$000$000
Current tax expense
Current year
Total tax expense
374471
374471
Reconciliation of effective tax rate
2012
2011
$000$000
Surplus for the year
Total tax expense
374471
Surplus excluding taxation
3,3241,649
3,6982,120
--
Tax using the Bahamas corporation tax rate of 0% (2011: 0%)
Effect of tax rate in Australia
Effect of tax rate in the United Kingdom
54207
176217
--
Irrecoverable withholding tax
Non-deductible expenses
Total tax expense
14447
374471
b) There is a deferred tax asset of $683,139 (2011: $711,102), in respect of decelerated capital allowances which has not been
recognised in the balance sheet since the ability to use it against future profits is not certain.
ITF FINANCIAL STATEMENTS
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