New Zealand Gazette – 2001 – No. 85

Page 2206

✨ Financial Statements



2206

NEW ZEALAND GAZETTE

No. 85

HAWKE’S BAY NETWORK LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2001

3 INCOME TAX

2001 2000
$000 $000
a) Taxation
Operating Surplus (Deficit) Before taxation 3,618 3,492
Prima Facie Tax @ 33% 1,194 1,152
Permanent differences (340) 777
Timing Differences not recognised 110 185
Current Taxation Expense 964 2,114
Timing Differences recognised - -
Previous years timing differences now not recognised - (2,094)
Current Taxation Expense (Tax Benefit) 964 20
Taxation Expense (Benefit) is represented by:
Current Taxation 964 2,114
Deferred Tax - (2,094)
Taxation Payable 964 20

b) Movement in Deferred Taxation Liability (Timing Differences)
Opening Balance - 10,477
Revaluation of Network Assets - (8,383)
Net movement in recognised timing differences - -
Previous years timing differences now not recognised - (2,094)
- -

The Company has not recognised deferred taxation liabilities on cumulative timing differences of $35,207,000
(2000:$29,767,000) as these are not expected to reverse in the foreseeable future. The tax effect of timing difference
not recognised is $11,618,310 (2000:$9,822,000). The Company changed to accounting for income tax using the part
basis for the calculation of deferred taxation from 31 March 2000.

c) Taxation (Loss) Payable
Opening Balance - 848
Current year taxation expense (benefit) 964 -
Taxation paid (4) (848)
960 -

d) Imputation Credit Account
Opening Balance 2,498 1,650
Taxation Paid 4 848
2,502 2,498


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 85


Gazette.govt.nz — PDF NZ Gazette 2001, No 85




✨ LLM interpretation of page content

🏗️ Hawke's Bay Network Limited Financial Statements Disclosure (continued from previous page)

🏗️ Infrastructure & Public Works
Financial Statements, Electricity, Information Disclosure, Hawke's Bay Network Limited