✨ Telecom South Limited Financial Statements Notes
NEW ZEALAND GAZETTE
No. 97
TELECOM SOUTH 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 | 90,381 | 75,281 |
Tax at current rate of 33% | 29,826 | 24,843 |
Adjustment for permanent differences | 29 | 214 |
Total income tax expense | 29,855 | 25,057 |
The income tax expense is represented by:
-Current taxation | 24,159 | 15,940 |
-Deferred taxation | 5,696 | 9,117 |
| 29,855 | 25,057 |
The balance sheet provisions are:
| 1992 | 1991 | |
|---|---|---|
| $000's | $000's |
Current taxation:
-Balance at beginning of year | 1,780 | 3,095 |
-Total taxation in the current year | (24,159) | (15,940) |
-Tax paid | 20,403 | 14,625 |
-Other | (1,320) | - |
Prepaid income tax/(Taxation payable) | (3,296) | 1,780 |
Deferred taxation:
-Balance at beginning of year | 5,651 | 3,891 |
-Provided in the current year | 5,696 | 9,117 |
-Other | (1,717) | (7,357) |
Deferred income tax | 9,630 | 5,651 |
A deferred tax asset of $1.3 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
✨ LLM interpretation of page content
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Telecom South Limited Financial Statements Notes
(continued from previous page)
🏭 Trade, Customs & Industry27 May 1992
Financial Statements, Income Tax, Current Taxation, Deferred Taxation, Tax Expense, Tax Paid, Tax Provisions