✨ Taxation Financial Statement
2824 NEW ZEALAND GAZETTE No. 104
4. TAXATION
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
Accounting profit before taxation | 4,391 | 4,701 |
Prima facie taxation @ 33% | 1,449 | 1,551 |
Plus/(less) taxation effect of:
Over/(Under)estimation in prior year | 9 | (340) |
Non deductible expenses | 4 | 37 |
Other items treated as permanent differences | (653) | (312) |
Reversal of prior year deferred tax liability | (2,398) | — |
Income Tax Charge/(Credit) to Net Operating Surplus | (1,589) | 936 |
The deferred taxation adjustment arises from the change in accounting policy referred to in Note 1.
The taxation charge is represented by:
Current Taxation | 809 | 539 |
Deferred Taxation | (2,398) | 397 |
| (1,589) | 936 |
Deferred taxation is represented by:
Deferred taxation 1 April 2001 | 9,649 | 2,001 |
Current charge/(credit) | (2,398) | 397 |
Effect of revaluation of assets | — | 7,251 |
Reversal of deferred tax effect of revaluation | (7,251) | — |
Deferred taxation liability 31 March 2002 | — | 9,649 |
The Line Business has a potential deferred tax liability net of future tax benefits of $11,052,000 (2001 Nil). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business’s accounting policy.
Imputation credit account:
Balance as at 1 April 2001 | 2,285 | 433 |
Income tax payments made during the period:
Line Business | 463 | 1,436 |
Other Business | 337 | 416 |
Imputation credits attached to dividends paid to shareholders:
Line Business | (369) | — |
Other Business | (123) | — |
Balance as at 31 March 2002 | 2,593 | 2,285 |
Imputation credits are recorded for both the Line and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 104
Gazette.govt.nz —
NZ Gazette 2002, No 104
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Counties Power Limited Statement of Financial Notes
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