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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
132 Independence Group NL
Notes to the consolidated financial statements
30 June 2015
10 Income tax expense (continued)
(f) Tax consolidation (continued)
Due to the existence of a tax funding arrangement between entities in the tax consolidated group, amounts are
recognised as payable to or receivable by the Company and each member of the Group in relation to the tax
contribution amounts paid or payable between the parent entity and the other members of the tax consolidated group in
accordance with the arrangement.
The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the
head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also
require payment of interim funding amounts to assist with its obligations to pay tax instalments.
11 Dividends paid and proposed
(a) Ordinary shares
2015
$'000
2014
$'000
Final ordinary dividend for the year ended 30 June 2014 of 5 cents (2013: 1 cent) per
fully paid share
11,713
2,333
Interim dividend for the year ended 30 June 2015 of 6 cents (2014: 3 cents) per fully
paid share
14,055
7,000
Total dividends paid during the financial year
25,768
9,333
(b) Dividends not recognised at the end of the reporting period
2015
$'000
2014
$'000
In addition to the above dividends, since year end the Directors have established a
final dividend pool of $13,000,000 (2014: 5 cents per fully paid ordinary share), fully
franked based on tax paid at 30%. The aggregate amount of the proposed dividend
pool expected to be paid out of retained earnings at 30 June 2015, but not recognised
as a liability at year end, is
13,000
11,713
(c) Franked dividends
The franked portions of the final dividends recommended after 30 June 2015 will be franked out of existing franking
credits or out of franking credits arising from the payment of income tax in the year ended 30 June 2016.
2015
$'000
2014
$'000
Franking credits available for subsequent reporting periods based on a tax rate of 30%
(2014: 30%)
47,845
58,888
The above amounts are calculated from the balance of the franking account as at the end of the reporting period,
adjusted for:
(a) franking credits that will arise from the payment of the amount of the provision for income tax;
(b) franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
(c) franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
The impact on the franking account of the dividend pool established by the Company since the end of the reporting
period, but not recognised as a liability at the reporting date, will be a reduction in the franking account of up to
$5,571,000 (2014: $5,020,000).
Independence Group NL
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