Hmmm. Looking a little deeper:
The IFN interim report 21 Feb shows it paid $10.9 in tax ($12.8m 1HFY18) - hence my statement.
The IFN Annual Report 27 Aug 2018 shows $35.6m in previously unrecognised tax losses brought to account (Note B5) which unwinds taxes in both halves in FY18 and $118m in unused tax losses (prev $237m).
I stand corrected. I had understood these were US losses unavailable to be offset on Australian taxes.
So a win: no tax payable this year and for a good while yet. The dividend will be unfranked. Thanks Baldy.
Ash
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