New Zealand Gazette – 2000 – No. 109

Page 2724

✨ Financial Statements Notes



2724
NEW ZEALAND GAZETTE
No. 109

HAWKE'S BAY NETWORK LIMITED - LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ending 31 March 2000

  1. INCOME TAX

a) Taxation

Operating Surplus (Deficit) Before taxation 3,492 5,633
Prima Facie Tax @ 33% 1,152 1,859
Permanent differences 777 1,084
Timing Differences not recognised 185 -
Current Taxation Expense 2,114 2,943

Timing Differences recognised - (362)

Current Taxation Expense 2,114 2,581
Previous years timing differences now not recognised (2,094) -

Total Charge (Tax Benefit) 20 2,581
Taxation Payable Brought Forward 828 (103)
Taxation Paid (848) (1,650)
Taxation Payable - 828

b) Taxation Expense (Benefit) is represented by:

Current Taxation 2,114 2,581
Deferred Tax (2,094) 362
20 2,943

c) Movement in Deferred Taxation Liability (Timing Differences)

Opening Balance 1 April 10,477 1,732
Revaluation Of Network Assets (8,383) 8,383
Net movement in recognised timing differences - 362
Previous years timing differences now not recognised (2,094) -

  •  10,477

The tax effect of timing differences arising from network asset revaluations
approximating $9,822,000, which would only crystallise on disposal, have not been
recognised in the Financial Statements.

The tax effect of other timing differences which have not been provided for in the
deferred tax account amount to approximately $1,910,000. These timing differences
are not expected to crystallise in the foreseeable future.

d) Imputation Credit Account

Opening Balance 1,650 -
Taxation Paid 848 1,650
Imputation Credits attached to Dividends paid in the year - -
Imputation Credits attached to Dividends received in the year - -
2,498 1,650



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 109


Gazette.govt.nz — PDF NZ Gazette 2000, No 109




✨ LLM interpretation of page content

💰 Notes to and forming part of the financial statements for Hawke’s Bay Network Limited (continued from previous page)

💰 Finance & Revenue
Financial statements, Income tax, Taxation expense, Deferred tax, Imputation credit, Hawke’s Bay Network Limited