New Zealand Gazette – 1993 – No. 94

Page 1742

✨ Telecom Financial Statements



1742
NEW ZEALAND GAZETTE
No. 94

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

4 INCOME TAX

The income tax (credit)/expense for the period is determined as follows:

1993 $000's 1992 $000's
Earnings/(loss) before income tax (88,204) 49,401
Tax at current rate of 33% (29,107) 16,302
Adjustment for permanent differences 3,724 (5,043)
Total income tax (credit)/expense (25,383) 11,259

The income tax (credit)/expense is represented by:

  • Current taxation | 19,669 | 2,932
  • Deferred taxation | (45,052) | 8,327
    | | (25,383) | 11,259

Income tax attributable to the abnormal redundancy and restructuring costs amounts to a credit of $50.3 million in the year ended 31 March 1993. This consists of a credit of $54.3 million (being tax at the rate of 33% on the gross abnormal charge of $164.6 million) less permanent differences of $4.0 million, which are principally related to the costs associated with the rationalisation of properties.

The balance sheet provisions are:

1993 $000's 1992 $000's
Current taxation:
-Balance at beginning of period 23,435 19,800
-Total taxation in the current period (19,669) (2,932)
-Tax paid - 4,176
-Other 1,212 2,391
Prepaid income tax 4,978 23,435
Deferred taxation:
-Balance at beginning of period (9,076) (2,100)
-Provided in the current period 45,052 (8,327)
-Other - 1,351
Future tax benefit/(Deferred income tax) 35,976 (9,076)

A deferred tax liability at 31 March 1993 of $0.4 million (1992: $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

🏭 Financial Statements under Telecommunications (Disclosure) Regulations 1990 (continued from previous page)

🏭 Trade, Customs & Industry
13 May 1993
Telecommunications, Financial Statements, Income Tax, Taxation, Deferred Taxation, Redundancy Costs, Restructuring