✨ Financial Statements Notes
4 SEPTEMBER NEW ZEALAND GAZETTE
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1996
15 TAXATION
Taxation for the year ended 31 March 1996
| Line | Energy | Other | Total |
|---|---|---|---|
| 1996 | 1996 | 1996 | |
| $000 | $000 | $000 | |
| Operating surplus (deficit) before taxation | 11,567 | (1,149) | 6,067 |
| Prima facie taxation @ 33% | 3,817 | (379) | 2,002 |
| Plus/(less) tax effect of permanent timing differences: | (214) | 21 | 216 |
| Taxation expense (benefit) | $3,603 | ($358) | $2,218 |
Taxation for the year ended 31 March 1995
| Line | Energy | Other | Total |
|---|---|---|---|
| 1995 | 1995 | 1995 | |
| $000 | $000 | $000 | |
| Operating surplus (deficit) before taxation | 11,786 | 654 | 3,516 |
| Prima facie taxation @ 33% | 3,889 | 216 | 1,161 |
| Plus/(less) tax effect of permanent timing differences: | (158) | (4) | (18) |
| Taxation expense (benefit) | $3,731 | $212 | $1,143 |
Imputation Credit Account
| 1996 | 1995 | |
|---|---|---|
| $000 | $000 | |
| Balance as at 31 March 1995 | - | 2,863 |
| Imputation credits attached to dividends received during the year: | 295 | (434) |
| Imputation credits attached to dividends paid during the year: | - | (1,689) |
| Income tax payments made during the year: | 5,261 | 5,713 |
| Balance as at 31 March 1996 | 5,556 | 6,453 |
Imputation credit account balances as at 30 September 1995 of Powerco Limited, and Taranaki Energy Limited were lost on the amalgamation of the two companies due to the inability to satisfy the continuity threshold as per Sections ME 29(1) and ME 5(1)(i) of the Income Tax Act 1994.
Deferred Tax Contingent Liability
Deferred tax liabilities are not provided for if there is a reasonable probability that the deferred tax liability will not crystallise in the foreseeable future. The tax effect of timing differences which have not been provided for in the deferred tax account amount at $1,527,622. There are no income tax losses carried forward.
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VUW Te Waharoa —
NZ Gazette 1996, No 104
NZLII —
NZ Gazette 1996, No 104
✨ LLM interpretation of page content
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Notes to and Forming Part of the Financial Statements for the Year Ended 31 March 1996
(continued from previous page)
💰 Finance & RevenueTaxation, Imputation Credit Account, Deferred Tax, Financial Statements