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Income Tax
6 Months Ended
Dec. 31, 2024
Income Tax [Abstract]  
Income Tax
19.
 
Income tax
Income tax in interim periods
For the purposes of interim
 
financial reporting, the Company
 
determines the appropriate income
 
tax provision by first
 
applying
the effective
 
tax rate
 
expected to
 
be applicable
 
for the
 
full fiscal
 
year to
 
ordinary income.
 
This amount
 
is then
 
adjusted for
 
the tax
effect
 
of
 
significant
 
unusual
 
items,
 
for
 
instance,
 
changes
 
in
 
tax
 
law,
 
valuation
 
allowances
 
and
 
non-deductible
 
transaction-related
expenses that
 
are reported
 
separately,
 
and have an
 
impact on the
 
tax charge.
 
The cumulative effect
 
of any change
 
in the enacted
 
tax
rate, if and when applicable, on the opening balance of deferred tax assets
 
and liabilities is also included in the tax charge as a discrete
event in the interim period in which the enactment date occurs.
For
 
the
 
three
 
and
 
six
 
months
 
ended
 
December
 
31,
 
2024,
 
the
 
Company’s
 
effective
 
tax
 
rate
 
was
 
impacted
 
by
 
the
 
tax expense
recorded by the
 
Company’s profitable South African operations,
 
non-deductible expenses (including transaction-related expenditures),
the on-going
 
losses incurred
 
by certain of
 
the Company’s
 
South African
 
businesses and the
 
associated valuation
 
allowances created
related to the deferred tax assets recognized regarding net operating losses incurred
 
by these entities.
For
 
the
 
three
 
and
 
six
 
months
 
ended
 
December
 
31,
 
2023,
 
the
 
Company’s
 
effective
 
tax
 
rate
 
was
 
impacted
 
by
 
the
 
tax expense
recorded by the Company’s
 
profitable South African operations,
 
non-deductible expenses, the
 
on-going losses incurred
 
by certain of
the Company’s South African businesses and the associated valuation allowances created related to the deferred tax assets recognized
regarding net operating losses incurred by these entities.
Uncertain tax positions
As of three months ended December 31, 2024 and June 30, 2023, the Company had
no
 
unrecognized tax benefits. The Company
files income
 
tax returns
 
mainly in
 
South Africa,
 
Botswana, Namibia
 
and in
 
the U.S.
 
federal jurisdiction.
 
As of
 
December 31,
 
2024,
the Company’s South African subsidiaries are no longer subject to income tax examination by the South African Revenue Service
 
for
periods before
 
June 30,
 
2020. The
 
Company is
 
subject to
 
income tax
 
in other
 
jurisdictions outside
 
South Africa,
 
none of
 
which are
individually material to its financial position, statement of cash flows, or results of operations.