New Zealand Gazette – 1993 – No. 94

Page 1796

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 94

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

4. INCOME TAX

1993 1992
$000's $000's

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

Earnings before income tax | 29,433 | 90,381 |
Tax at current rate of 33% | 9,713 | 29,826 |
Adjustment for permanent differences | 1,308 | 29 |

Total income tax expense | 11,021 | 29,855 |

Income tax attributable to the abnormal redundancy and restructuring costs amounts to a credit of $25.9 million in the year ended 31 March 1993. This consists of a credit of $27.3 million (being tax at the rate of 33% on the gross abnormal charge of $82.7 million) less permanent differences of $1.4 million, which are principally related to the costs associated with the rationalisation of properties.

The income tax expense is represented by:

  • Current taxation | 20,601 | 24,159 |
  • Deferred taxation | (9,580) | 5,696 |
    | 11,021 | 29,855 |

The balance sheet provisions are:

1993 1992
$000's $000's

Current taxation:

  • Balance at beginning of period | (3,296) | 1,780 |
  • Total taxation in the current period | (20,601) | (24,159) |
  • Tax paid | 17,687 | 20,403 |
  • Other | - | (1,320) |

Taxation payable | (6,210) | (3,296) |

Deferred taxation:

  • Balance at beginning of period | (9,630) | (5,651) |
  • Provided in the current period | 9,580 | 5,696 |
  • Other | - | 1,717 |

Deferred income tax | (50) | (9,630) |

A deferred tax asset at 31 March 1993 of $0.6 million (1992: $1.3 million) in respect of timing differences relating to depreciation on buildings has not been recognised.



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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Telecom South Limited (continued from previous page)

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