✨ Financial Statements
2210 NEW ZEALAND GAZETTE No. 83
Wairarapa Electricity Limited and Subsidiary Companies
Notes to the Financial Statements
6) Taxation
| Line Business | Energy and Other Business | Line Business | Energy and Other Business | |
|---|---|---|---|---|
| 1996 | 1996 | 1995 | 1995 | |
| $000's | $000's | $000's | $000's |
| Operating surplus before taxation | 3,550 | (2,080) | 2,731 | 773 |
| Prima facie taxation @ 33% | 1,172 | (686) | 901 | 255 |
| Adjusted by taxation effect of: | | | | |
| Permanent differences | (376) | 965 | (271) | (53) |
| add: Under provision of taxation in previous period | - | - | - | (23) |
| Taxation Charge | 796 | 279 | 630 | 179 |
| Taxation Charge is represented by: |
| Current Tax | 791 | 257 | 633 | 191 |
| Deferred Tax | 5 | 22 | (3) | (12) |
| Taxation Refund (provision) |
| Opening Balance | 138 | (44) | - | 43 |
| Current Tax Charge | (791) | (257) | (633) | (191) |
| less Payments made | 800 | 400 | 771 | 104 |
| Closing Balance | 147 | 99 | 138 | (44) |
| Future Income Tax Benefit |
| Opening Balance | 120 | 12 | 117 | - |
| Current Period Timing Differences | (5) | (22) | 3 | 12 |
| Closing Balance | 115 | (10) | 120 | 12 |
| Imputation Credit Account |
| Opening Balance | (623) | (79) | (189) | (32) |
| Credits Attached to Dividends Paid | - | - | 337 | 57 |
| Taxes paid | (800) | (400) | (771) | (104) |
| Closing Balance | (1,423) | (479) | (623) | (79) |
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VUW Te Waharoa —
NZ Gazette 1996, No 83
NZLII —
NZ Gazette 1996, No 83
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