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 tax losses, equals 30% and is further detailed in note 6. Taxation of the financial statements.
- Identification of material temporary and non-temporary differences: ANI’s net deferred tax balance of $37.7m comprises temporary differences, mainly attributable to revaluations of property, plant and equipment. This is further explained in note 6(d) (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 tax losses, equals 30%.