New Zealand Gazette – 1998 – No. 193

Page 4541

✨ Financial Statements Notes



30 NOVEMBER NEW ZEALAND GAZETTE 4541

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

7. TAXATION

1998 1997
$000 $000
Operating surplus (deficit) before tax (312,565) 119,361
Prima facie tax at 33% (103,146) 39,389

Tax effect of:

  • timing differences not recognised
    • current period excluding revaluation adjustment | (6,479) | (9,344) |
    • current period revaluation adjustment | 134,452 | - |
  • permanent differences | (175) | 226 |

| Income tax charge in respect of the current year | 24,652 | 30,271 |
| Under/(over) provision in prior years | 842 | (3,806) |
| Tax Expense | 25,494 | 26,465 |

The income tax charge is represented by:

1998 1997
Tax payable in the current year 24,652 30,271
Deferred tax - -

| | 24,652 | 30,271 |

Deferred tax liability memorandum account

1998 1997
Balance at the beginning of the year 231,920 219,607
Increase (reduction) in deferred tax liability (127,314) 9,344
Deferred tax reversed from prior period - 2,969
Balance at the end of the year 104,606 231,920

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

1998 1997
Balance at the beginning of the year 35,470 20,584
Transfer to subsidiaries - -
Imputation credits on dividends received 191 -
Tax payments made 49,766 42,967
Imputation credits attached to dividends paid to shareholders (32,826) (28,081)
Balance at the end of the year 52,601 35,470


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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Taxation, Operating Surplus, Tax Expense, Deferred Tax, Imputation Credits