New Zealand Gazette – 1992 – No. 97

Page 2246

✨ Financial Statements Notes



2246 NEW ZEALAND GAZETTE No. 97

TELECOM WELLINGTON LIMITED

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 | 31,372 | 60,602 |
Tax at current rate of 33% | 10,353 | 19,999 |
Adjustment for permanent differences: | | |
Dividends received | (5,019) | (287) |
Group tax loss offset | (3,221) | - |
Other | (1,133) | 219 |

Total income tax expense | 980 | 19,931 |

The income tax expense is represented by:

  • Current taxation | 2,926 | 16,268 |
  • Deferred taxation | (1,946) | 3,663 |
    | 980 | 19,931 |

The balance sheet provisions are:

1992 1991
$000's $000's

Current taxation:

  • Balance at beginning of year | 794 | 10,366 |
  • Total taxation in the current year | (2,926) | (16,268) |
  • Tax paid | 4,529 | 6,696 |
  • Other | 596 | - |

Prepaid income tax | 2,993 | 794 |

Deferred taxation:

  • Balance at beginning of year | 5,780 | 11,009 |
  • Provided in the current year | 1,946 | (3,663) |
  • Other | 151 | (1,566) |

Future tax benefit | 7,877 | 5,780 |

A deferred tax asset 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 Notes to Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Income Tax, Financial Statements, Tax Expense, Current Taxation, Deferred Taxation, Tax Provisions