New Zealand Gazette – 1993 – No. 94

Page 1760

✨ Telecom Financial Statements



1760 NEW ZEALAND GAZETTE No. 94

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

4 INCOME TAX

1993 1992
$000's $000's

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

Earnings before income tax | 54,306 | 114,383 |
Tax at current rate of 33% | 17,921 | 37,746 |
Adjustment for permanent differences: | | |

  • Group tax loss offset | (3,901) | - |
  • Other | 381 | 459 |

Total income tax expense | 14,401 | 38,205 |

Income tax attributable to the abnormal redundancy and restructuring costs amounts to a credit of $29.9 million in the year ended 31 March 1993. This consists of a credit of $31.2 million (being tax at the rate of 33% on the gross abnormal charge of $94.4 million) less permanent differences of $1.3 million, which are principally related to the costs associated with the rationalisation of properties.

The income tax expense is represented by:

  • Current taxation | 32,624 | 38,736 |
  • Deferred taxation | (18,223) | (531) |
    | 14,401 | 38,205 |

The balance sheet provisions are:

1993 1992
$000's $000's

Current taxation:

  • Balance at beginning of period | (6,450) | 6,648 |
  • Total taxation in the current period | (32,624) | (38,736) |
  • Tax paid | 36,392 | 26,183 |
  • Other | 407 | (545) |

Taxation payable | (2,275) | (6,450) |

Deferred taxation:

  • Balance at beginning of period | (6,418) | (8,419) |
  • Provided in the current period | 18,223 | 531 |
  • Other | - | 1,470 |

Future tax benefit/(Deferred income tax) | 11,805 | (6,418) |

A deferred tax asset at 31 March 1993 of $2.4 million (1992: $2.3 million) in respect of timing differences relating to depreciation on buildings has not been recognised.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1993, No 94


NZLII — PDF NZ Gazette 1993, No 94




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Telecommunications, Financial Statements, Income Tax, Tax Expense, Deferred Taxation, Current Taxation, Tax Payable, Tax Benefit