New Zealand Gazette – 1995 – No. 108

Page 3435

✨ Financial Statements Notes



29 SEPTEMBER NEW ZEALAND GAZETTE

NOTES TO THE FINANCIAL STATEMENTS

4. TAXATION RECONCILIATION STATEMENT

i) The difference between the effective tax rate and the income tax rate of 33% is attributed to the following items:
Net Earnings Before Taxation 2,348 2,109 -239
Prima Facie Tax Payable at 33% 775 696 79
Tax Effect of Permanent Differences
- Expenses not deductible 2 2 0
- Prior Year Adjustments (26) (26) 0
INCOME TAX EXPENSE 751 672 79

ii) The taxation charge comprises:-
- Current Taxation 760 681 79
- Future Tax Benefit (9) (9) 0
INCOME TAX EXPENSE 751 672 79

iii) Tax reconciliation statement:
Income Tax Expense per accounts 751 672 79
Liability brought forward 47 47 0
Tax effect of timing differences 10 10 0
Prior period adjustments 301 301 0
Terminal & Provisional tax paid (890) (833) (57)
CURRENT INCOME TAX PAYABLE 219 197 22

iv) Future Tax Benefit:
Opening Balance 248 248 0
Future Benefit of current tax 10 10 0
FUTURE TAX BENEFIT 258 258 0

Subsequent realisation of the Future Tax Benefit is subject to compliance with the Income Tax Act 1976.

v) IMPUTATION CREDITS

The following imputation credits are available for distribution to shareholders:
Opening Balance 752 656 96
Prior year adjustment (90) (90) 0
Tax Paid During the Year 607 664 (57)
Less Credits attached to Dividends Paid (123) (106) (17)
Closing Balance 1,146 1,124 22

5. INVENTORIES
Construction Stock 814 668 146
Garage Stock 41 32 9
Appliance Stock 393 0 393
Work in progress 90 58 32
Total Inventories 1,338 758 580


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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Eastland Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Taxation, Reconciliation, Earnings, Tax Expense, Future Tax Benefit, Imputation Credits, Inventories, Construction Stock, Garage Stock, Appliance Stock, Work in Progress