✨ Financial Statements
NEW ZEALAND GAZETTE
No. 163
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2001
7. TAXATION
| LINES BUSINESS | LINES BUSINESS |
|---|---|
| 2001 | 2000 |
| $000 | $000 |
Operating surplus before tax
| | 32,738 | 191,375 |
Prima facie tax at 33%
| | 10,804 | 63,155 |
Tax effect of:
Timing differences net recognised
| - current period excluding revaluation adjustment | (10,087) | (4,869) |
| - current period revaluation adjustment | 19,508 | (17,852) |
| Permanent differences | (212) | (1,947) |
Income (tax charge) in respect of:
| the current year | 20,013 | 38,457 |
| Under provision in prior years | 84 | 411 |
| Tax expense | 20,097 | 38,868 |
The income tax charge is represented by:
Tax payable in the current year:
| | 20,883 | 38,457 |
| Deferred tax | (870) | — |
| | 20,013 | 38,457 |
Deferred tax asset
Balance at the beginning of the year
| | 870 | — |
Increase in deferred tax asset
| | 285 | — |
Under provision in prior years
| | — | — |
Balance at the end of the year
| | 1,155 | — |
Deferred tax liability memorandum account
Balance at the beginning of the year
| | 122,736 | 109,985 |
Increase (reduction) in deferred tax liability
| | (9,421) | 22,751 |
Balance at the end of the year
| | 123,315 | 132,736 |
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
| | 81,894 | 45,329 |
Tax payments made
| | 48,682 | 51,978 |
Imputation credits attached to dividends paid to shareholders
| | (42,672) | (16,413) |
Balance at the end of the year
| | 87,904 | 80,894 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 163
Gazette.govt.nz —
NZ Gazette 2001, No 163
✨ LLM interpretation of page content
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Transpower New Zealand Limited Lines Business Financial Position
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Taxation, Operating Surplus, Tax Expense, Deferred Tax, Imputation Credits