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Voluntary Tax Transparency Code (TTC)
ANI has complied with the requirements of the TTC as follows:
- A reconciliation of accounting profit to tax expense and to income tax paid or income tax payable: Being in a loss-making position, ANI is yet to pay income tax. The tax benefit, based on accounting losses, equals 30% and is further detailed in note 6(b) (6. Taxation) of the financial statements.
- Identification of material temporary and non-temporary differences: ANI’s net deferred tax balance of $28.1m comprises temporary differences, mainly attributable to revaluations of property, plant and equipment. This is further explained in note 6 (d)(iii) (6. Taxation) of the financial statements.
- Accounting effective company tax rates for Australian and global operations: ANI does not have a global presence and, from its Australian perspective, the tax benefit, based on accounting losses equals 30%.