ACR 5.88% 16.0¢ acrux limited

ACR Income Tax

  1. 23 Posts.
    I have a question for anyone who can help me to understand ACR's reported income tax. Their 2015 annual report states the following:
    "Income tax expense for the financial year was $5.7 million (2014: $15.9 million) representing approximately 33.8% of profit before income tax. Acrux Limited is a Pooled Development Fund (PDF). The income tax expense recorded is the result of the tax effect particular to a PDF. PDFs are taxed at 15% on operating income. Subsidiaries of a PDF are taxed at 30% on operating income."

    The notes to their financial statements also state:
    "The parent entity, Acrux Limited is a Pooled Development Fund (PDF):
    „„ PDFs are taxed at 15% on income and gains from investments in small to medium enterprises; „„ PDFs are taxed at 25% on other income; and „„ PDFs are not permitted to consolidate for tax purposes."

    My question is why was tax for FY2015 33.8% of profit before tax?
    Why wasn't it closer to 15%?
 
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