IGO Interactive Annual Report 2018

Notes to the consolidated financial statements 30 June 2018 (continued) 19 Dividends paid and proposed (continued) (b) Dividends not recognised at the end of the reporting period 2018 $'000 2017 $'000 In addition to the above dividends, since year end the Directors have recommended the payment of a final dividend of 2 cents (2017: 1 cent) 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 27 September 2018 out of retained earnings at 30 June 2018, but not recognised as a liability at year end, is: 11,807 5,867 (c) Franked dividends 2018 $'000 2017 $'000 Franking credits available for subsequent reporting periods based on a tax rate of 30% (2017: 30%) 29,799 34,829 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 $5,060,000 (2017: $2,515,000). (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 reporting date. Independence Group NL 35 IGO ANNUAL REPORT 2018— 99 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2018