Cardno Limited (ASX:CDD) has advised that the passing of the Tax Cuts and Jobs Act by the US government is expected to reduce Cardno’s Deferred Tax Assets by the Australian dollar equivalent of US$28 million.
Deferred tax assets for FY17 were just over $142 million.
The business will reflect this tax cut as a reduction in deferred tax assets and associated charge to income tax expense.
The infrastructure business has indicated its preliminary view is that no other measure in either of the acts is expected to have a material financial impact on the company.
Shares in Cardno Limited (ASX:CDD) are trading 0.69 per cent higher at $1.47