v3.24.2.u1
Taxation
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Notes and other explanatory information [abstract]    
Taxation

9. Taxation

 

  (a) Tax (charge)/credit

 

The Company is subject to income tax for the period ended December 31, 2023, at rates of 19%, 21%, 26% and 30% in the United Kingdom, the U.SA., Netherlands, and Australia, respectively, and it uses estimates in determining its provision for income taxes.

 

  (b) Deferred tax

 

Deferred tax assets have increased $0.9 million to $6.0 million at end of December 31, 2023, due to recognition of development phase recoverable tax losses in Electric Vehicles.

 

Deferred tax has been recognized in the current period using the tax rates applicable to each of the tax jurisdictions in which the Group operates. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities.

 

11. Taxation

 

(a) Tax (charge)/credit

(US dollars in thousands)  Continuing   Discontinued   Total   Continuing   Discontinued   Total   Continuing   Discontinued   Total 
   Year Ended June 30 
   2023   2022   2021 
(US dollars in thousands)  Continuing   Discontinued   Total   Continuing   Discontinued   Total   Continuing   Discontinued   Total 
Current tax                                             
UK corporation tax   -         -    -    (52)   -    (52)   -    -    - 
Foreign tax   (924)   -    (924)   818    -    818    (825)   (24)   (849)
Total current tax   (924)   -    (924)   766    -    766    (825)   (24)   (849)
                                              
Deferred tax                                             
Current year                                             
UK tax   -    -    -    (96)   -    (96)   (51)   -    (51)
Foreign tax   382    -    382    1,297    149    1,446    1,014    -    1,014 
Total deferred tax   382    -    382    1,201    149    1,350    963    -    963 
                                              
Total income tax   (541)   -    (541)   1,968    149    2,117    138    (24)   114 

 

The difference between the total tax charge and the amount calculated by applying the weighted average corporation tax rates applicable to each of the tax jurisdictions in which the Group operates to the profit before tax is shown below.

(US dollars in thousands)  2023   2022   2021 
   Year Ended June 30 
(US dollars in thousands)  2023   2022   2021 
Loss before income tax before continuing operations   (17,604)   (23,397)   (8,165)
Group weighted average corporation tax rate   29.1%   26.6%   22.2%
Tax at standard rate   5,118    6,224    1,813 
Effects of:               
Expenses that are not deductible for tax purposes             (833)
Adjustment to prior year tax provisions             137 
Deferred tax assets not recognized on tax losses   (5,660)   (4,256)   (979)
Total income tax from continuing operation for the period recognized in the               
Consolidated Statement of Comprehensive Income   (541)   1,968    138 

 

 

(b) Deferred tax

(US dollars in thousands)  2023   2022   2021 
   Year Ended June 30 
(US dollars in thousands)  2023   2022   2021 
Deferred tax assets   5,136    4,668    2,495 
Deferred tax liabilities   (2,232)   (1,234)   (411)
Net deferred tax asset   2,904    3,434    2,084 

 

The deferred tax assets are analyzed as follows:

Deferred tax assets  Tax losses  

Other timing

differences

   Total 
             
June 30, 2020   814    533    1,347 
Credit to comprehensive income   776    109    885 
Acquisitions   263    -    263 
June 30, 2021   1,853    642    2,495 
Credit/(charged) to comprehensive income   2,227    (54)   2,173 
June 30, 2022   4,080    588    4,668 
Credit to comprehensive income   196    272    468 
June 30, 2023   4,276    860    5,136 

 

The deferred tax liabilities are analyzed as follows:

 

Deferred tax liabilities  Accelerated allowances   Other timing differences   Total 
June 30, 2020   -    -    - 
Charged to comprehensive income   -    78    78 
Acquisition of subsidiary        -    (489)   (489)
June 30, 2021   -    (411)   (411)
Charged to comprehensive income   -    (823)   (823)
June 30, 2022   -    (1,234)   (1,234)
Charged to comprehensive income   -    (998)   (998)
June 30, 2023   -    (2,232)   (2,232)

 

Deferred tax has been recognized in the current period using the tax rates applicable to each of the tax jurisdictions in which the Group operates. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities.