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## Tax consolidation 

IOOF Holdings Ltd and its wholly owned entities have implemented the tax consolidation legislation. 

The entities have entered into tax sharing and funding agreements. Under the terms of the tax funding agreement, the wholly owned entities fund or are reimbursed by IOOF Holdings Ltd for their share of the income tax expense / benefit arising in respect of their activities. This is recognised as a current tax related payable / receivable by IOOF Holdings Ltd and is either funded or reimbursed by the wholly owned entities. 

In the opinion of the directors, the tax sharing agreement is also a valid agreement under the tax consolidation legislation and limits the joint and several liability of the wholly owned entities in the case of a default by IOOF Holdings Ltd. 

Taxable income for the tax consolidated group includes the profit generated by IOOF Ltd benefit funds, which is distributable to policyholders of the Benefit Fund. The profit of these funds forms part of the consolidated profit for the calculation of the tax expense. 

## 11 Cash and cash equivalents 

<img src='content_image/278989.jpg'>

The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in Note 4 Risk management. 

## 12 Receivables 

<img src='content_image/278990.jpg'>

The Group’s exposure to credit and currency risks, and impairment losses related to trade and other receivables, is disclosed in Note 4 Risk management. 

