LYC - My FY2018 Forecast, page-7

Goofy, Lynas has an income tax exemption in Malaysia for 12 years from date operations commenced.

Also significant tax losses in Australia during NC period when HQ based in Sydney.

While there will be current taxable profits being recorded from MW operations I would not expect Lynas to incur any Australian income tax obligations in the next few years. Maybe we will see a note explaining this in the FY17 FS?

Who knows, we might even see a deferred tax asset recorded which will recognise the future tax benefit of currently available tax losses. This could happen if directors believe Lynas can generate taxable profits in the foreseeable future.