New Zealand Gazette – 1983 – No. 198

Page 4125

✨ Financial Notes to Accounts



25 NOVEMBER THE NEW ZEALAND GAZETTE 4125

NOTES TO THE ACCOUNTS

Six Months Six Months
Ended Ended
30 September 30 September
1983 1982
$(000) $(000)

  1. Income Tax
    Income tax is net of refunds.
    Refunds to exporters in terms of the Income Tax Act 1976 were
    112,683 90,869

  2. State Services Commission
    In terms of section 52A of the Public Finance Act 1977 a revolving fund was opened from 1 April 1983 for the functions of the Computer Services Division of the State Services Commission. Thus receipts and payments in respect of this division are now included in the Trust Account.

  3. Miscellaneous Payments
    This item includes a payment made this financial year of $2,130 made under a guarantee given by the Government in terms of section 86 (2) of the Public Finance Act 1977 in respect of Halfmoon and Horseshoe Bays Harbour Board.

  4. Ministry of Energy
    The Consolidated Account receipts and payments relate only to the non-trading activities of the Ministry. The Loans Account payments relate to the Ministry’s trading activities.

  5. Special Receipts
    The repayment is in respect of an overclaim of concessions on interest for general lending in 1982–83.

  6. Accounting Treatment of Flexible Financing Facilities
    The presentation of these items has been changed by omitting transactions for periodic drawdowns and repayments of principal which occur during the life of a flexible financing facility and which have no effect on the outstanding public debt. However, the comparative figures for the six months ended 30 September 1982 have not been adjusted for the item in the Loans Account “Loans raised—Overseas—Cash loans” and the item in the Loans Redemption Account “Loans repaid—Overseas—Cash loans”, both of which remain unadjusted by $380,806,000.

  7. Loan Receipts Unallocated
    With reference to the Statement of Accounting Policies, receipts for loan moneys paid into the Public Account are cleared from the Suspense Account and credited to the item loan receipts unallocated, as a means of clearing the Suspense Account of moneys which are identifiable as loan moneys but for which no final accounting documentation was received in Treasury at the end of the quarter.

  8. Discount on Government Stock
    This discount is the difference between the purchase price and the nominal value of Government stock purchased from the Reserve Bank of New Zealand. The nominal value of the stock is included in this Account under loans repaid in New Zealand.

  9. Receipts from and Purchases of Land and Property
    Details of these were not separately identified before 1 April 1983.

  10. Suspense Account
    As set out in the Particular Accounting Policy pertaining to recognition of receipts and payments the Suspense Account contains moneys received but not yet allocated to a particular fund or account.

B. V. GALVIN, C. F. SPROULE,
Secretary to the Treasury. Director, Financial Management, Treasury.
27 October 1983. 27 October 1983.



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✨ LLM interpretation of page content

💰 Notes to the Accounts for Six Months Ended 30 September 1983 (continued from previous page)

💰 Finance & Revenue
27 October 1983
Income Tax, Refunds, State Services Commission, Miscellaneous Payments, Ministry of Energy, Special Receipts, Flexible Financing Facilities, Loan Receipts, Discount on Government Stock, Land and Property, Suspense Account
  • B. V. Galvin, Secretary to the Treasury
  • C. F. Sproule, Director, Financial Management, Treasury