✨ Financial Statements Notes
4556
NEW ZEALAND GAZETTE
TRANS POWER NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1996
No. 173
- NET FINANCE COSTS (cont.)
Interest is capitalised on capital work in progress in accordance with the accounting policy outlined in Note 1(f). The gain on the cross border lease arises from the net settlement of the lease liability which arose in respect of the HVDC submarine cables. This gain is net of any associated costs.
- TAXATION
| 1996 | 1995 | |
|---|---|---|
| $000 | $000 | |
| Earnings before tax | 143,142 | 110,029 |
| Prima facie tax at 33% | 47,237 | 36,310 |
| Tax effect of: | ||
| Timing differences not recognised | (11,611) | (13,355) |
| Permanent differences | (526) | (1,090) |
| Income tax charge in respect of the current year | 35,100 | 21,865 |
| Under provision in prior years | 11,647 | 3,641 |
| Tax Expense | 46,747 | 25,506 |
The income tax charge is represented by:
| 1996 | 1995 | |
|---|---|---|
| Tax payable in the current year | 32,131 | 21,878 |
| Deferred tax | 2,969 | (13) |
| 35,100 | 21,865 |
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VUW Te Waharoa —
NZ Gazette 1996, No 173
NZLII —
NZ Gazette 1996, No 173
✨ LLM interpretation of page content
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Notes to the Financial Statements for Trans Power New Zealand Limited
(continued from previous page)
🏭 Trade, Customs & Industry5 November 1996
Financial Statements, Net Finance Costs, Taxation, Capital Work, Cross Border Lease, Earnings, Tax Expense