New Zealand Gazette – 1999 – No. 144

Page 3444

✨ Financial Statements Notes



3444 NEW ZEALAND GAZETTE No. 144

BAY OF PLENTY ELECTRICITY LIMITED

Financial Statements for the purposes of the Electricity (Information Disclosure) Regulations 1999

NOTES TO THE FINANCIAL STATEMENTS

4 INCOME TAX

Income Tax Expense

The taxation expense has been calculated as follows:

Lines Business 1999 $000 Lines Business 1998 $000
Operating Surplus before Taxation 5,772 4,758
Income Tax on Surplus for the year at 33% 1,905 1,570
Plus/(Less) Permanent Differences
Non-Deductible Depreciation on revalued portion of fixed assets 237 (61)
Non-Deductible Expenses 37
Non-Taxable Income (294)
1,885 1,509

Income Tax Expense comprises:

Lines Business 1999 $000 Lines Business 1998 $000
Tax Payable in respect of current year 1,479 1,235
Deferred Taxation 406 274
Income Tax Expense 1,885 1,509

Deferred Taxation
Opening Balance 598
Deferred tax in respect of current year 406
Balance as at 31 March 1,004

The Group has not recognised deferred taxation on cumulative timing differences on Revalued Assets of $12,718,494 (1998 $13,800,381) as these are not expected to reverse in the foreseeable future. The tax effect of these timing differences not recognised is $4,197,103 (1998 $4,554,126).

Taxation Payable

Income Tax Payable (Prepaid) comprises:

Lines Business 1999 $000
Opening Balance 91
Tax Payable in respect of current year 1,479
Income Tax Paid (2,000)
Balance as at 31 March (Asset) (430)
Lines Business 1998 $000
Opening Balance 169
Tax Payable in respect of current year 1,235
Income Tax Paid (1,313)
Balance as at 31 March (Asset) 91


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🏭 Financial Statements for Bay of Plenty Electricity Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Income Tax, Accounting Policies, Bay of Plenty