✨ Financial Statements
10 DECEMBER NEW ZEALAND GAZETTE 4521
TRANSPower NEW ZEALAND LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1999
- CURRENT LIABILITIES (cont...)
Reconciliation of provision for
current tax payable:
Tax payable in the current year (refer Note 7) 38,845 24,652
Provisional tax payments made during the year (37,164) (28,988)
Under provision in prior years 867 1,752
Total provision for current tax payable (receivable) 2,548 (2,584)
- LONG TERM LEASE LIABILITIES
Long term lease liabilities payable:
One to two years - -
Two to five years - -
Later than five years - -
The Transpower Lines Business has two cross border leases.
The HVDC converter plant at the Haywards and Benmore substations were previously
leased to a subsidiary company Haywards Limited, by ECNZ. The equipment was then
sub-leased by Haywards Limited to Transpower. The head lease arrangement was renegotiated
in the year ended 30 June 1997 with a third party and became subject to a cross border lease.
The sub-lease arrangement between Haywards Limited and Transpower is unchanged, with
the lease liability due by Transpower to Haywards Limited disclosed in the table above.
The submarine cables are subject to a cross border lease arrangement entered into by Oteranga
Bay Limited in the period ended 30 June 1996.
The Transpower Lines Business does not recognise a lease liability with respect to either of these
cross border leases as Haywards Limited and Oteranga Bay Limited have prepaid their
obligations to the respective lessors for all rental payments in respect of the primary period.
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VUW Te Waharoa —
NZ Gazette 1999, No 190
NZLII —
NZ Gazette 1999, No 190
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