✨ Financial Statements Notes
17 SEPTEMBER NEW ZEALAND GAZETTE 3003
2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 1999
| | 1999
| ($000) | 1998
| ($000) |
|----------------|---------|--------|
4) Taxation
Current year taxation charge:
Operating surplus before taxation | 46,521 | 57,395
Taxation at 33% | 15,352 | 18,940
Permanent differences | 2,248 | 230
Timing differences not recognised | - | -
Correction to prior year charge | - | (1,775)
Amount due to change in accounting policy | 11,334 | (8,615)
| 28,934 | 8,780
The taxation charge is represented by:
Current taxation | 17,336 | 18,275
Deferred taxation | 264 | 895
Correction to prior year charge | - | (1,775)
Change in accounting policy | 11,334 | (8,615)
| 28,934 | 8,780
Deferred taxation reconciliation:
Opening balance 1 April | 7,280 | 11,123
Deferred tax relating to revaluation | (8,110)| -
Current year tax charge movement | 264 | 895
Amount due to change in accounting policy | 11,334 | (8,615)
Correction to prior year balance | - | 3,877
Closing balance 31 March | 10,768 | 7,280
Imputation credit account:
Opening balance 1 April | 15,549 | 17,029
Imputation credits attached to -
Dividends received | 1,551 | 3,718
Taxation paid | 18,284 | 10,657
Dividends paid | (33,129)| (15,855)
Imputation credits available to shareholders | 2,255 | 15,549
In respect of the valuation, there is a deferred tax liability for tax depreciation recovered amounting to approximately $41 million (1998: $31 million), which would crystallise if all the revalued assets were disposed of for their carrying value. This liability has not been recognised in the financial statements.
A deferred tax liability of $8.1 million, previously recognised in respect of the revaluation of a sub-network, has been written back, as this liability is not expected to crystallise in the foreseeable future.
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VUW Te Waharoa —
NZ Gazette 1999, No 125
NZLII —
NZ Gazette 1999, No 125
✨ LLM interpretation of page content
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Notes to Financial Statements for the year ended 31 March 1999
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Taxation, Operating Surplus, Current Taxation, Deferred Taxation, Imputation Credits, Tax Liability