New Zealand Gazette – 1991 – No. 97

Page 2134

✨ Financial Statements



2134 NEW ZEALAND GAZETTE No. 97

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

1991 1990
$000's $000's

4 INCOME TAX

The income tax expense for the year is determined as follows:

| Earnings before income tax | 66,146 | 94,622 |
| Tax at current rate of 33% | 21,828 | 31,225 |
| Adjustment for permanent differences | (1,312) | 517 |
| Other | 3 | - |

| Total income tax expense | 20,519 | 31,742 |

The income tax expense is represented by:

  • Current taxation | 11,874 | 18,236 |
  • Deferred taxation | 8,645 | 13,506 |

| | 20,519 | 31,742 |

The balance sheet provisions as at 31 March are:

Current taxation:

  • Balance at beginning of year | 23,290 | - |
  • Total taxation in the current year | (11,874) | (18,236) |
  • Tax paid | 8,384 | 41,526 |

| Prepaid income tax | 19,800 | 23,290 |

Deferred taxation:

  • Balance at beginning of year | (1,264) | 12,242 |
  • Provided in the current year | (8,645) | (13,506) |
  • Other movements | 7,809 | - |

| Deferred income tax | (2,100) | (1,264) |

1991 1990
$000's $000's

5 ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

| Accounts receivable, net | 73,542 | 91,278 |
| Unbilled rentals and tolls | 29,724 | 33,838 |
| Due from fellow subsidiary companies | 3,314 | 1,324 |
| Prepaid expenses and other | 5,883 | 1,602 |

| | 112,463 | 128,042 |

6 OTHER ASSETS

Other assets include certain deferred expenditure amounting to $5.3 million (1990: $4.4 million) incurred in relation to the installation of a major computer system. The deferred costs relating to each phase of the system are charged to earnings over a period of two years from the date upon which that phase of the system becomes fully operational. Deferred costs amortised during the year ended 31 March 1991 amounted to $2.3 million (1990: $0). Also included in other assets as at 31 March 1990 were house mortgage loans to employees of $0.2 million.



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✨ LLM interpretation of page content

🏭 Telecom Auckland Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
7 June 1994
Telecommunications, Income Tax, Accounts Receivable, Prepaid Expenses, Other Assets, Deferred Expenditure, Computer System, Mortgage Loans, Financial Reporting