Page 66 - OneVue Annual Report 2015

Notes to the financial statements

Note 5. Income tax (continued)

Research and development tax incentive

OneVue capitalises certain development expenses which can also give rise to a research and development tax
incentive. OneVue accounts for the Research and Development Tax Incentive as a tax credit, which means that the
Incentive reduces income tax payable and current tax expense. While it is outside of the scope of AASB 112 &
AASB 120, OneVue believes that is closer in nature to a reduction in taxes payable as it is a tax offset received from
the Australian Taxation Office rather than a government grant and therefore applies principles closer to AASB112.

OneVue accounts for the Tax Offset when it is clear that the eligibility criteria are met and the amount that can be
claimed is reliably measured. As such, OneVue accounts for the rebate once the annual tax return is lodged and
notice of assessment is received.

This treatment is consistent with all previous financial reports and any information presented to accompany
OneVue’s listing on the Australian Stock Exchange and the Initial Public Offer.

The refundable Research and Development Tax Incentive is available while OneVue has aggregate turnover below
$20 million. In light of the result for the current period it is anticipated that no cash refunds will be received in
future periods.

Note 6. Current assets - cash and cash equivalents

Cash at bank and in hand Consolidated 2014
2015 $'000
Reconciliation to cash and cash equivalents at the $'000 1,749
end of the financial year 6,843

The above figures are reconciled to cash and cash
equivalents at the end of the financial year as shown in
the statement of cash flows as follows:

Balances as above 6,843 1,749
Term deposits (note 7) 2,430 561
Balance as per statement of cash flows 9,273
2,310

Note 7. Current assets - deposits Consolidated 2014
2015 $'000
Term deposits $'000
2,430 561

66 - ONEVUE ANNUAL REPORT 2015