New Zealand Gazette – 1995 – No. 108

Page 3450

✨ Financial Accounts



3450 No. 108

NEW ZEALAND GAZETTE

Wairarapa Electricity Limited and Subsidiary Companies

Notes to the Accounts (continued)

3. Taxation

Consolidated Parent Line business Energy and other business
1995 1995 1995 1995
$000s $000s $000s $000s
Net profit before taxation 3,183 3,250 2,731 452
Prima facie taxation @ 33% 1,050 1,072 901 149
Adjusted by taxation effect of:
Permanent differences (324) (324) (271) (53)
Add:
Under provision of taxation in previous period (23) (23) - (23)

| Taxation charge | 703 | 725 | 630 | 73 |

| Taxation charge is represented by: |
| Current tax | 718 | 740 | 633 | 85 |
| Deferred tax | (15) | (15) | (3) | (12) |

| Taxation refund/(provision for taxation): |
| Opening balance | 43 | 43 | - | 43 |
| Current tax charge | (718) | (741) | (633) | (85) |
| Less payments made | 875 | 875 | 771 | 104 |

| Closing balance | 200 | 177 | 138 | 62 |

| Future income tax benefit: |
| Opening balance | 117 | 117 | 117 | - |
| Current period timing differences | 15 | 15 | 3 | 12 |

| Closing balance | 132 | 132 | 120 | 12 |

| Imputation credit account: |
| Opening balance | (221) | (221) | (189) | (32) |
| Credits attached to dividend paid | 394 | 394 | 337 | 57 |
| Taxes paid | (875) | (875) | (771) | (104) |

| Closing balance | (702) | (702) | (623) | (79) |

For the purposes of these financial statements, the future income tax benefit balance brought forward at 1 April 1994 has been attributed to Lines division.



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✨ LLM interpretation of page content

💰 Notes to the Accounts of Wairarapa Electricity Limited and Subsidiary Companies (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Financial Allocations, Directors' Fees, Audit Fees, Transmission Charges, Revenue, Expenses, Depreciation, Merger Costs, Taxation