New Zealand Gazette – 1992 – No. 205

Page 4604

✨ Financial Statements



4604
NEW ZEALAND GAZETTE
No. 205

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

4 INCOME TAX

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

Six months ended 30 September Year ended 31 March
1992 1991 1992
$000's $000's $000's
Earnings before income tax 34,326 44,886 90,381
Tax at current rate of 33% 11,327 14,812 29,826
Adjustment for permanent differences 57 64 29
Total income tax expense 11,384 14,876 29,855

The income tax expense is represented by:

  • Current taxation | 10,489 | 11,329 | 24,159 |
  • Deferred taxation | 895 | 3,547 | 5,696 |
    | | 11,384 | 14,876| 29,855 |

The balance sheet provisions are:

30 September 31 March
1992 1991 1992
$000's $000's $000's
Current taxation:
-Balance at beginning of period (3,296) 1,780 1,780
-Total taxation in the current period (10,489) (11,329) (24,159)
-Tax paid 7,376 1,299 20,403
-Other - - (1,320)
Taxation payable (6,409) (8,250) (3,296)
Deferred taxation:
-Balance at beginning of period (9,630) (5,651) (5,651)
-Provided in the current period (895) (3,547) (5,696)
-Other 94 (63) 1,717
Deferred income tax (10,431) (9,261) (9,630)

A deferred tax asset at 30 September 1992 of $0.5 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 South Limited Financial Statements (continued from previous page)

💰 Finance & Revenue
12 November 1992
Financial Statements, Notes, Income Tax, Earnings, Tax Expense, Deferred Taxation, Taxation Payable