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Income Tax
 9 Months Ended
Mar. 31, 2024
Income Tax [Abstract]  
Income Tax
18.
 
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
 
nine months ended March 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,
 
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 nine months
 
ended March 31,
 
2023, the Company’s effective tax
 
rate was impacted
 
by a reduction
 
in the
 
enacted
South African corporate income
 
tax rate from
28
% to
27
% from January
 
2023 (but backdated
 
to July 1,
 
2022), 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.
 
18.
 
Income tax (continued)
Uncertain tax positions
The
 
Company
 
had
no
 
significant
 
uncertain
 
tax
 
positions
 
during
 
the
 
three
 
months
 
ended
 
March
 
31,
 
2024,
 
and
 
therefore,
 
the
Company had
no
 
accrued interest related to uncertain tax positions
 
on its balance sheet. The Company does
no
t expect changes related
to its unrecognized tax benefits will have a significant impact on its results of operations
 
or financial position in the next 12 months.
The Company
 
has
no
 
unrecognized tax benefits.
 
The Company
 
files income tax
 
returns mainly
 
in South Africa,
 
Botswana and
in the U.S. federal jurisdiction. As
 
of March 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, 2019.
 
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.