62 I ITF FINANCIAL STATEMENTS
INTERNATIONAL TENNIS FEDERATION • ANNUAL REPORT AND ACCOUNTS 2015
20. Finance income
2015 2014
$000 $000
Bank interest received 58 159
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
2015 2014
$000 $000
Current tax expense
Current year 150 320
150 320
Reconciliation of effective tax rate
2015 2014
$000 $000
(Defi cit) / surplus for the year (2,877 1,892
Total tax expense 150 320
(Defi cit) / surplus excluding taxation (2,727 2,212
Tax using Bahamas corporation tax rate of 0% (2014: 0%) - -
Effect of tax rate in Australia 67 110
Withholding tax charge 132 210
UK Tax Rebate (63 -
PY UK Tax Adjustment 14 -
Total tax expense 150 320
)
)
)
b) There is a deferred tax asset of $1,020,000 (2014: $781,000), 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 profi ts is not certain.
Notes (forming part of the fi nancial statements)
