✨ Financial Statements
26 JUNE NEW ZEALAND GAZETTE 1569
3. Taxation
| | 2000 $
000 | 1999 $
000 |
|----------------|---------------|---------------|
| Profit before taxation | 556 | 2,546 |
| Prime facie taxation at 33% | 183 | 840 |
| Plus / (less) | | |
| Timing differences not recognised | (339) | (619) |
| Benefit of tax (losses) | 156 | (221) |
| Taxation expense (benefit) | $- | $- |
The company has a potential deferred tax liability net of future tax benefits of $5,460,673 (1999 - $4,084,139) which is not recorded in the financial statements. This balance is made up of a deferred tax liability of $8,656,890 (1999 - $7,107,979) which arises mainly from the revaluation of assets for accounting purposes, and a future tax benefit of $3,196,217 (1999 - $3,023,840). These balances are not expected to crystallise and therefore have not been recorded in the financial statements.
The future tax benefit above comprises the benefit of tax losses available to carry forward of $3,150,518 (1999 - 2,937,990) and the benefit of other timing differences of $45,699 (1999 - $85,850).
The carrying forward of tax losses is subject to continuing to meet shareholder continuity requirements under the Income Tax Act 1994.
The company has no imputation credits to carry forward as at 31 March 2000 (1999 – Nil).
4. Dividend
| | 2000 $
000 | 1999 $
000 |
|----------------|---------------|---------------|
| Proposed dividend on ordinary shares | - | 9 |
| Interim dividend paid | 200 | 152 |
| Total dividend | $200 | $161 |
An interim dividend of $200,000 was paid in March 2000 and there is no proposed final dividend (1999 - $8,764).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 69
Gazette.govt.nz —
NZ Gazette 2000, No 69
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Taxation and Dividend Details
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💰 Finance & RevenueTaxation, Deferred Tax Liability, Tax Losses, Dividend, Financial Statements