.
@Red BaronFigures in the P/L & BS are taxable. Income tax expense has been calculated on the current reported figures re NOTE 8. There’s three items to look at ‘Income Tax Expense’, ‘Deferred Tax Liability’ and ‘Income Tax Benefits’. Income Tax Benefits have not been booked re NOTE 8. The Auditor calculates these numbers for each and every Annual Financial Report.
Profits from the demerger have been applied to accumulated losses. Company Profits/Losses are reported for tax purposes adjusted for both permanent and temporary timing differences; google.
The ATO ruling you have quoted is applicable at the individual SH level not at FFX level.
The tax ruling we are waiting from the ATO is about the return of capital re DEC’23 report - Auditor’s notes and Director’s comments.
Consolidated Accumulated Losses as at 31 Dec 2023 is $ 200,108,986. You have misquoted the carried forward
(1 January 2023 opening balance) Consolidate Accumulated Losses as at 31 Dec 2022.
Accumulated Losses of the Parent Entity
(FFX) is $ 194,598,448, as
@fooca advised. The Auditors have not reported on the remaining Accumulated Losses of $ 5,510,538 i.e. makeup.
SOFFX Accumulated losses
(unconsolidated figure) as at Dec’23 $ 194,598,448.
Issue Capital $ 303,823,417.
Substantial wriggle room to play with Tranche 1 & 2.
ANDWe wait on LEO’s future and the ATO return of capital ruling pending which way LLL falls.
… clear as mud.
