ITF Trust Annual Report and Financial Statements 2021 28
22. Taxa on
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
b) There is a deferred tax asset of $5,287,000 (2020: $2,068,000) 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.
Reconcilia on of effec ve tax rate
2021
$000
2020
$000
Current tax credit
Current year (440) (626)
(440) (626)
2021
$000
2020
$000
(Deficit) / surplus for the year (5,543) (6,928)
Total tax (credit) / charge (440) (626)
(Deficit) / surplus excluding taxa on (5,983) (7,554)
Tax using Bahamas corpora on tax rate of 0% (2020: 0%) - -
Effect of tax rate in Australia - -
Withholding tax charge - 38
Effect of tax rate in UK (440) (441)
Effect of prior year adjustments in UK - (223)
Total tax (credit) / charge (440) (626)
Notes (continued, forming part of the financial statements)
