New Zealand Gazette – 1991 – No. 97

Page 2182

✨ Telecom Financial Statements



2182 NEW ZEALAND GAZETTE No. 97

TELECOM SOUTH 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 | 75,281 | 39,218 |
Tax at current rate of 33% | 24,843 | 12,942 |
Adjustment for permanent differences | 214 | (1,912) |

Total income tax expense | 25,057| 11,030|

The income tax expense is represented by:

  • Current taxation | 15,940 | 5,911 |

  • Deferred taxation | 9,117 | 5,119 |

                                                            | **25,057**| **11,030**|

The balance sheet provisions as at 31 March are:

Current taxation:

  • Balance at beginning of year | 3,095 | - |
  • Total taxation in the current year | (15,940) | (5,911) |
  • Tax paid | 14,625 | 9,006 |

Prepaid income tax | 1,780 | 3,095 |

Deferred taxation:

  • Balance at beginning of year | (3,891) | 1,228 |
  • Provided in the current year | (9,117) | (5,119) |
  • Other movements | 7,357 | - |

Deferred income tax | (5,651)| (3,891)|

1991 1990
$000's $000's

5 ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

Accounts receivable, net | 37,672 | 31,439 |
Unbilled rentals and tolls | 16,825 | 28,351 |
Due from fellow subsidiary companies | 3,130 | 32,319 |
Prepaid expenses and other | 906 | 647 |
| 58,533| 92,756|



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✨ LLM interpretation of page content

🏭 Telecom South Limited Notes to Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Telecommunications, Financial Statements, Income Tax, Accounts Receivable, Prepaid Expenses