62 ITF FINANCIAL STATEMENTS
NOTES
(FORMING PART OF THE FINANCIAL STATEMENTS)
2014 2013
$000 $000
Current tax expense
Current year 320 441
320 411
2014 2013
$000 $000
Surplus for the year 1,892 3,358
Total tax expense 320 441
Surplus excluding taxation 2,212 3,799
Tax using the Bahamas corporation tax rate of 0% (2013: 0%) - -
Effect of tax rate in Australia 110 212
Withholding tax charge 210 229
Total tax expense 320 441
b) There is a deferred tax asset of $781,434 (2013: $804,926), 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.
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
Reconciliation of effective tax rate
