New Zealand Gazette – 1998 – No. 109

Page 2696

✨ Financial Statements Notes



2696 NEW ZEALAND GAZETTE No. 109

HAWKE'S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For The Year Ended 31 March 1998

3 INCOME TAX

Lines Business Other Business
1998 1997 1998 1997
$000 $000 $000 $000

a) Taxation

Operating Surplus before Taxation
| (1,471) | 3,913 | 3,707 | 3,916 |

Prima Facie Tax @ 33%
| (485) | 1,291 | 1,223 | 1,292 |

PLUS: Permanent differences
| 80 | 75 | - | (30) |

Taxation Expense
| (405) | 1,366 | 1,223 | 1,262 |

PLUS(LESS):Timing Differences
| (581) | (624) | - | 6 |

Current Year Charge (Tax Loss)
| (986) | 742 | 1,223 | 1,268 |

Taxation Payable Brought Forward
| 597 | - | 326 | (105) |

LESS: Taxation Paid
| - | 122 | (1,035) | (837) |

PLUS: Taxation Refunded
| - | 199 | - | - |

PLUS: Payment for Intra Group Tax Offset
| 286 | - | (286) | - |

LESS: Tax Losses Brought Forward
| - | (466) | - | - |

Taxation Payable
| (103) | 597 | 228 | 326 |

b) Taxation Expense (Benefit) is represented by:

Current Taxation Payable (Tax loss)
| (986) | 742 | 1,223 | 1,268 |

Deferred Taxation Liability
| 581 | 624 | - | (6) |

              | (405)    | 1,366  | 1,223   | 1,262  |

c) Movement in Deferred Taxation Benefits (Tax Losses Carried Forward)

Opening Balance
| - | 466 | 13 | - |

LESS: Current Year Charge Offset By Losses
| - | (466) | (13) | - |

d) Movement in Deferred Taxation Liability (Timing Differences)

Opening Balance
| 1,151 | 527 | 13 | 7 |

PLUS: Net Movement in Timing Differences
| 581 | 624 | - | 6 |

Closing Balance
| 1,732 | 1,151 | 13 | 13 |

e) Imputation Credit Account

Opening Balance
| - | - | 1,182 | 345 |

PLUS: Taxation Paid
| - | - | 1,035 | 837 |

Imputation Credits from Dividend Received
| - | - | 286 | - |

              | -        | -      | 2,503   | 1,182  |


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✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Hawke's Bay Power Distribution Limited (continued from previous page)

🏭 Trade, Customs & Industry
14 July 1998
Financial Statements, Notes, Income Tax, Accounting Policies, Electricity, Hawke's Bay