Axiom 2014 Annual Report - page 99

Notes to the Financial Statements
for the year ended 30 September 2014
97
2014 Annual Report
7. Income tax
No provision for Hong Kong profits tax has been made as the Company did not generate any assessable profits arising in
Hong Kong during the year (2013: Nil).
2014
$000
2013
$000
Prima facie tax payable on loss before tax at the statutory tax rate of 30% in
Australia (2013: 30%)
(4,453)
(2,715)
Add tax effect of:
Non-allowable items
– share options expensed during year
211
9
– impairment of inter-company loan
1,451
1,384
– overseas exploration and other expenditure
1,705
(28)
Less:
– tax losses and deferred tax not recognised
1,086
1,350
Income tax attributable to entity
–
–
8. Cash and cash equivalents
2014
$000
2013
$000
Cash at bank and on hand
2,075
359
Non-pledged time deposits with original maturity of less than 3 months
11
11
Funds held in trusts
121
269
2,207
639
The effective interest rate on short-term bank deposits was 3.54%
(2013: 2.57%); these deposits have an average maturity of 90 days.
9. Other receivables
2014
$000
2013
$000
Prepayments
43
65
Other receivables
336
88
379
153
None of the above assets are either past due or impaired. The financial assets included in the above balances relate to
receivables for which there was no recent history of default and are repayable between 30 to 90 days.
10. Inter-company receivables
2014
$000
2013
$000
Amounts receivable from subsidiaries
19,759
14,922
Provision for impairment of receivables from subsidiaries
(19,759)
(14,922)
–
–
The amounts due from subsidiaries are unsecured, non-interest bearing and have no fixed terms of repayment.
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