✨ Financial Statements
2228 NEW ZEALAND GAZETTE No. 97
TELECOM CENTRAL LIMITED AND SUBSIDIARY
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
4 INCOME TAX
| 1992 | 1991 | |
|---|---|---|
| $000's | $000's |
The income tax expense for the year is determined as follows:
Earnings before income tax | 114,383 | 94,492 |
Tax at current rate of 33% | 37,746 | 31,182 |
Adjustment for permanent differences | 459 | 956 |
Total income tax expense | 38,205 | 32,138 |
The income tax expense is represented by:
-Current taxation | 38,736 | 24,406 |
-Deferred taxation | (531) | 7,732 |
| 38,205 | 32,138 |
The balance sheet provisions are:
| 1992 | 1991 | |
|---|---|---|
| $000's | $000's |
Current taxation:
-Balance at beginning of year | 6,648 | (5,318) |
-Balance from acquired subsidiary | - | 4,527 |
-Total taxation in the current year | (38,736) | (24,406) |
-Tax paid | 26,183 | 31,845 |
-Other | (545) | - |
Prepaid income tax/(Taxation payable) | (6,450) | 6,648 |
Deferred taxation:
-Balance at beginning of year | 8,419 | (13,008) |
-Balance from acquired subsidiary | - | 1,688 |
-Provided in the current year | (531) | 7,732 |
-Other | (1,470) | 12,007 |
Deferred income tax | 6,418 | 8,419 |
A deferred tax asset of $2.3 million in respect of timing differences relating to depreciation on buildings has not been recognised.
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VUW Te Waharoa —
NZ Gazette 1992, No 97
NZLII —
NZ Gazette 1992, No 97
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Telecom Central Limited Financial Notes
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🏭 Trade, Customs & IndustryFinancial Statements, Income Tax, Current Taxation, Deferred Taxation, Earnings, Tax Expense