27
21. Finance income
Recognised in profit or loss
2023
$000
2022
$000
Finance income
Bank interest received 48 14
Financial income on Olympic deposits - (4)
48 (10)
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 $5,672,000 (2022: $4,891,000) 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
2023
$000
2022
$000
Current tax credit
Current year - 39
- 39
2023
$000
2022
$000
Surplus / (deficit) for the year 373 (2,435)
Total tax credit - 39
Deficit excluding taxa on 373 (2,396)
Tax using Bahamas corpora on tax rate of 0% (2021: 0%) - -
Effect of tax rate in Australia - -
Witholding tax charge - -
Effect of tax rate in UK - -
Effect of prior year adjustments in UK - 39
Total tax (credit) / charge - 39
ITF Annual Report and Financial Statements 2023
