✨ 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.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1999, No 125
NZLII — 🌐 NZ Gazette 1999, No 125
✨ LLM interpretation of page content
💰
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