✨ Financial Statements
26 JANUARY NEW ZEALAND GAZETTE 153
TRANSALTA NEW ZEALAND LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
FOR THE TWELVE MONTHS ENDED 31 MARCH 1997
■ STATEMENT OF ACCOUNTING POLICIES (continued)
(k) Financial Instruments
The Company has various financial instruments for the primary purpose of reducing its exposure to interest rates. The hedging contracts are accounted for on the same basis as the underlying transactions.
Changes in Accounting Policies
There have been no changes in accounting policies during the period.
| DISTRIBUTION | RETAIL |
|---|---|
| 31-Mar-97 | 31-Mar-97 |
| $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
| 2,261 | 912 |
Increase in Income Tax Expense due to:-
Permanent Differences
| | 249 | 101 |
TOTAL INCOME TAX EXPENSE
| | 2,510 | 1,013 |
Income Tax Expense Comprises:
| Current Tax | 2,067 | 835 |
| Deferred Income Tax | 443 | 178 |
TOTAL INCOME TAX EXPENSE
| | 2,510 | 1,013 |
DEFERRED INCOME TAX
Balance at the Beginning of the Period
| | 594 | 239 |
Transferred to Statement of Financial Performance
| | (433) | (178) |
BALANCE AT THE END OF THE PERIOD
| | 151 | 61 |
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. This amount is for TransAlta New Zealand Limited group and has not been allocated to the business segments. 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.
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VUW Te Waharoa —
NZ Gazette 1998, No 5
NZLII —
NZ Gazette 1998, No 5
✨ LLM interpretation of page content
🏭
Notes to Financial Statements for TransAlta New Zealand Limited
(continued from previous page)
🏭 Trade, Customs & Industry19 December 1997
Financial Statements, Accounting Policies, Financial Instruments, Income Tax Expense, Deferred Income Tax