New Zealand Gazette – 1993 – No. 94

Page 1778

✨ Financial Statements



1778 NEW ZEALAND GAZETTE No. 94

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

4 INCOME TAX

1993 1992
$000's $000's

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

Earnings/(loss) before income tax | (67,712) | 31,372 |
Tax at current rate of 33% | (22,345) | 10,353 |
Adjustment for permanent differences:| | |
Dividends received | (5,280) | (5,019) |
Group tax loss offset | - | (3,221) |
Other | 7,985 | (1,133) |

Total income tax (credit)/expense | (19,640) | 980 |

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

  • Current taxation | (4,407) | 2,926 |
  • Deferred taxation | (15,233) | (1,946) |
    | (19,640) | 980 |

Income tax attributable to the abnormal redundancy and restructuring costs amounts to a credit of $21.4 million in the year ended 31 March 1993. This consists of a credit of $30.2 million (being tax at the rate of 33% on the gross abnormal charge of $91.4 million) less permanent differences of $8.8 million, which are principally related to the costs associated with the rationalisation of properties.

The balance sheet provisions are:

1993 1992
$000's $000's

Current taxation:

  • Balance at beginning of year | 2,993 | 794 |
  • Total taxation in the current year | 4,407 | (2,926) |
  • Tax paid | - | 4,529 |
  • Other | 221 | 596 |

Prepaid income tax | 7,621 | 2,993 |

Deferred taxation:

  • Balance at beginning of year | 7,877 | 5,780 |
  • Provided in the current year | 15,233 | 1,946 |
  • Other | (4) | 151 |

Future tax benefit | 23,106 | 7,877 |

A deferred tax asset at 31 March 1993 and 31 March 1992 of $0.4 million in respect of timing differences relating to depreciation on buildings has not been recognised.



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

🏭 Trade, Customs & Industry
Telecommunications, Financial Statements, Notes, Income Tax, Earnings, Tax Credits, Deferred Taxation, Redundancy Costs, Restructuring