New Zealand Gazette – 1999 – No. 190

Page 4517

✨ Financial Statements



10 DECEMBER

NEW ZEALAND GAZETTE

4517

TRANSPOWER NEW ZEALAND LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1999

7. TAXATION

LINES BUSINESS GROUP
1999 1998
$000 $000
Operating surplus (deficit) before tax 136,611 (312,565)
Prima facie tax at 33% 45,082 (103,146)

Tax effect of:
Timing differences not recognised

- current period excluding revaluation adjustment (10,036) (6,479)
- current period revaluation adjustment 4,657 134,452
Permanent differences (858) (175)
Income tax charge in respect of the current year 38,845 24,652
Under/(over) provision in prior years 867 842
Tax expense 39,712 25,494

The income tax charge is represented by:

Tax payable in the current year 38,845 24,652
Deferred tax - -
38,845 24,652

Deferred tax liability memorandum account
Balance at the beginning of the year 104,606 231,920
Increase (reduction) in deferred tax liability 5,379 (127,314)
Balance at the end of the year 109,985 104,606

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
Balance at the beginning of the year 52,601 35,470
Transfer to subsidiaries - -
Imputation credits on dividends received - 191
Tax payments made 32,601 49,766
Imputation credits attached to dividends paid to shareholders (39,873) (32,826)
Balance at the end of the year 45,329 52,601


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