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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