✨ Financial Statements
3016 NEW ZEALAND GAZETTE No. 128
TRANSALTA NEW ZEALAND LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
FOR THE TWELVE MONTHS ENDED 31 MARCH 1997
| | LINE BUSINESS | ENERGY BUSINESS |
| | 31-Mar-97 | 31-Mar-96 | 31-Mar-97 | 31-Mar-96 |
| | $000 | $000 | $000 | $000 |
2 INCOME TAX EXPENSE
The Income Tax Expense has been calculated as follows:
Prima Facie Income Tax Expense at 33% of Net Surplus before Tax
| | 6,422 | 11,493 | 928 | (4,342) |
Increase in Income Tax Expense due to:-
Permanent Differences
| | 677 | (77) | 284 | (81) |
TOTAL INCOME TAX EXPENSE/(BENEFIT)
| | 7,099 | 11,416 | 1,212 | (4,423) |
Income Tax Expense Comprises:
Current Tax
| | 8,527 | 11,064 | 2,013 | (4,517) |
Deferred Income Tax
| | (1,428) | 352 | (801) | 94 |
TOTAL INCOME TAX EXPENSE/(BENEFIT)
| | 7,099 | 11,416 | 1,212 | (4,423) |
DEFERRED INCOME TAX
Balance at the Beginning of the Period
| | 4,526 | 4,174 | 231 | 137 |
Adjustment due to Amalgamation
| | (3,623) | - | 277 | - |
Transferred to Statement of Financial Performance
| | (1,428) | 352 | (801) | 94 |
BALANCE AT THE END OF THE PERIOD
| | (525) | 4,526 | (293) | 231 |
Deferred tax liabilities are not provided for if there is a reasonable probability that the deferred tax liability will not be payable in the foreseeable future.
The tax effect of timing differences which have not been provided for in the deferred tax account amount to $34,184,000. These timing differences are mainly attributable to the difference between the acquisition cost of network assets and the underlying historical cost used for tax purposes. There are income tax losses to be carried forward of $3,836,508 subject to the requirements of the Income Tax Act 1994.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1997, No 128
NZLII —
NZ Gazette 1997, No 128
✨ LLM interpretation of page content
🌾
Financial Statements of TransAlta New Zealand Limited
(continued from previous page)
🌾 Primary Industries & Resources28 August 1997
Electricity, Financial Statements, Accounting Policies, TransAlta