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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
92 Independence Group NL
Notes to the consolidated financial statements
30 June 2016
(continued)
19 Dividends paid and proposed
(a) Ordinary shares
2016
$'000
2015
$'000
Final ordinary dividend for the year ended 30 June 2015 of 2.5 cents (2014: 5 cents)
per fully paid share
12,786
11,713
Interim dividend for the year ended 30 June 2016 of nil cents (2015: 6 cents) per fully
paid share
-
14,055
Total dividends paid during the financial year
12,786
25,768
(b) Dividends not recognised at the end of the reporting period
2016
$'000
2015
$'000
In addition to the above dividends, since year end the Directors have recommended
the payment of a final dividend of 2 cents (2015: 2.5 cents) per fully paid ordinary
share, fully franked based on tax paid at 30%. The aggregate amount of the proposed
dividend expected to be paid on 23 September 2016 out of retained earnings at 30
June 2016, but not recognised as a liability at year end, is:
11,734
12,786
(c) Franked dividends
2016
$'000
2015
$'000
Franking credits available for subsequent reporting periods based on a tax rate of 30%
(2015: 30%)
42,373
47,845
The above amounts are calculated from the balance of the franking account as at the end of the reporting period,
adjusted for:
(a)
franking credits that will arise from the payment of the amount of the provision for income tax;
(b)
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
(c)
franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
The impact on the franking account of the dividend recommended by the Directors since the end of the reporting period,
but not recognised as a liability at the reporting date, will be a reduction in the franking account of $5,029,000 (2015:
$5,480,000).
(d) Recognition and measurement
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
A provision for dividends is not recognised as a liability unless the dividends are declared, determined or publicly
recommended on or before the balance sheet date.
Independence Group NL
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