New Zealand Gazette – 1997 – No. 165

Page 3909

✨ Financial Statements Notes



26 NOVEMBER NEW ZEALAND GAZETTE 3909

TRANSPOWER NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1997

  1. TAXATION
1997 1996
Earnings before tax 119,361 143,142
Prima facie tax at 33% 39,389 47,237
Tax effect of:
timing differences not recognised (9,344) (11,611)
permanent differences 226 (526)
Income tax charge in respect of
the current year 30,271 35,100
Under/(over) provision in prior years (3,806) 11,647
Tax Expense 26,465 46,747

The income tax charge is represented by:

1997 1996
Tax payable in the current year 30,271 32,131
Deferred tax - 2,969
30,271 35,100

Deferred tax liability memorandum account

1997 1996
Balance at the beginning of the year 219,607 207,996
Deferred tax liability not recognised in this year 9,344 11,611
Deferred tax reversed from prior period 2,969 -
Balance at the end of the year 231,920 219,607

These timing differences predominantly relate to depreciation and infrastructure asset service potential adjustment in respect of fixed assets, and are not recognised in the financial statements.

Imputation credit memorandum account

1997 1996
Balance at the beginning of the year 20,584 22,812
Tax payments made 42,967 29,125
Imputation credits attached to dividends paid to shareholders (28,081) (31,353)
Balance at the end of the year 35,470 20,584


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1997, No 165


NZLII — PDF NZ Gazette 1997, No 165




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Taxation, Financial Statements, Transpower New Zealand Limited, Earnings, Tax Expense, Deferred Tax, Imputation Credits