✨ Financial Statements Notes
18 SEPTEMBER NEW ZEALAND GAZETTE 3213
ENERGYDIRECT ELECTRICITY BUSINESS
NOTE 3: TAXATION
| Year Ended 31 March 1995 | |
|---|---|
| Consolidated | |
| Electricity | |
| $000 |
(a) Current Period Taxation Charge
Profit before Taxation (including subsidiary) | 11,339 | 10,212 | 1,127 |
Prima facie taxation at 33% | 3,742 | 3,370 | 372 |
Permanent differences and non-deductible expenditure | 118 | 106 | 12 |
Adjustment due to under provision in earlier years | - | - | - |
| 3,860 | 3,476 | 384 |
The taxation charge is represented by:
Current taxation | 3,442 | 3,058 | 384 |
Deferred taxation | 418 | 418 | - |
Taxation Expense | 3,860 | 3,476 | 384 |
(b) Deferred Tax Reconciliation
Opening Balance | (1,749) | (1,749) | - |
Current period tax charge movement | (418) | (418) | - |
Prior period adjustments | - | - | - |
Closing Balance | (2,167) | (2,167) | - |
(a) The current period taxation charge for the Consolidated Electricity business is derived from the current period taxation charge of EnergyDirect Corporation Limited by an allocation process based upon the relative profits before taxation of the electricity and gas businesses.
(b) Deferred taxation has been allocated between the electricity and gas business activities based upon the cost values of the electricity and gas networks.
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VUW Te Waharoa —
NZ Gazette 1995, No 101
NZLII —
NZ Gazette 1995, No 101
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EnergyDirect Electricity Business Financial Statements Notes
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🏭 Trade, Customs & IndustryEnergyDirect, Electricity Business, Financial Statements, Taxation, Current Period Taxation Charge, Deferred Tax Reconciliation, Consolidated Electricity, Lines, Energy, Prima Facie Taxation, Permanent Differences, Non-Deductible Expenditure, Current Taxation, Deferred Taxation, Taxation Expense, Opening Balance, Closing Balance, Allocation Process, Cost Values, Electricity Networks, Gas Networks