New Zealand Gazette – 1992 – No. 205

Page 4586

✨ Financial Statements



4586

NEW ZEALAND GAZETTE

No. 205

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

4 INCOME TAX

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

Earnings before income tax Six months ended 30 September Year ended 31 March
1992 $000's 1991 $000's 1992 $000's
Tax at current rate of 33% 858 4,792 10,353
Adjustment for permanent differences:
Dividends received (2,895) (1,739) (5,019)
Group tax loss offset (1,965) (1,265) (3,221)
Other 40 (111) (1,133)
Total income tax expense (3,962) 1,677 980

The income tax expense is represented by:

  • Current taxation | (4,847) | 173 | 2,926
  • Deferred taxation | 885 | 1,504 | (1,946)
    | (3,962) | 1,677 | 980

The balance sheet provisions are:

30 September 31 March
1992 $000's 1991 $000's 1992 $000's
Current taxation:
-Balance at beginning of period 2,993 794 794
-Total taxation in the current period 4,847 (173) (2,926)
-Tax paid - 351 4,529
-Other - - 596
Prepaid income tax 7,840 972 2,993
Deferred taxation:
-Balance at beginning of period (7,877) (5,780) (5,780)
-Provided in the current period 885 1,504 (1,946)
-Other 5 (153) (151)
Deferred income tax (6,987) (4,429) (7,877)

A deferred tax asset at 30 September 1992 of $0.4 million in respect of timing differences relating to depreciation on buildings has not been recognised.



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✨ LLM interpretation of page content

💰 Telecom Wellington Limited Financial Statements (continued from previous page)

💰 Finance & Revenue
12 November 1992
Financial Statements, Income Tax, Tax Expense, Deferred Taxation, Prepaid Income Tax