New Zealand Gazette – 2000 – No. 111

Page 2795

✨ Financial Statements



28 AUGUST NEW ZEALAND GAZETTE 2795

2.5 UnitedNetworks Limited

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

(continued)

For the year ended 31 March 2000

4 Taxation

2000 ($'000) 1999 ($'000)
Current Year Taxation Charge:
Operating Surplus Before Taxation 94,759 46,521
Taxation @ 33% 31,270 15,352
Permanent Differences 2,978 2,248
Benefit of tax losses transferred from group companies purchased via subvention payments (7,920) -
Amount Due to Change in Accounting Policy 26,328 11,334

The Taxation Charge is represented by:

2000 ($'000) 1999 ($'000)
Current Taxation 7,867 17,336
Deferred Taxation 18,461 264
Change in Accounting Policy - 11,334
26,328 28,934

Deferred Taxation Reconciliation:

2000 ($'000) 1999 ($'000)
Opening Balance 1 April 10,768 7,280
Sale of subsidiary (1,004) -
Deferred Tax Relating to Revaluation written back - (8,110)
Current Year Tax Charge Movement 18,461 264
Amount Due to Change in Accounting Policy - 11,334
Closing Balance 28,225 10,768

Imputation Credit Account:

2000 ($'000) 1999 ($'000)
Opening Balance 1 April 2,255 15,549
Imputation Credits Attached to - - -
Dividends Received 5,072 1,551
Sale of subsidiary (2,140) -
Correction to prior year balance 2,315 -
Taxation Paid 8,373 18,284
Dividends Paid (15,875) (33,129)
Imputations Credits Available to Shareholders - 2,255

In respect of the valuation, there is a deferred tax liability for tax depreciation recovered amounting to approximately $35.9 million (1999: 41 million), which would crystallise if all the revalued assets were disposed of for their carrying value. This liability has not been recognised in the financial statements.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 111


Gazette.govt.nz — PDF NZ Gazette 2000, No 111




✨ LLM interpretation of page content

🏭 Notes to Financial Statements of UnitedNetworks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial, Statements, Notes, Taxation, Deferred Taxation, Imputation Credit Account, UnitedNetworks Limited