✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements - continued
For the year ended 31 March 2002
| 2002 | 2001 | |
|---|---|---|
| $'000 | $'000 |
4. INCOME TAX
Operating surplus before tax | 102,904 | 106,017
Prima facie tax at 33% | 33,958 | 34,985
Plus/(less) tax effect of permanent differences:
Non-deductible entertainment | 28 | 20
Non-deductible legal and consulting | 82 | 223
Prior period adjustment | 180 | 246
Other permanent differences | 5,796 | 6,871
Tax expense | 40,044 | 42,345
The tax charge is represented by:
Current tax | 22,347 | 36,111
Deferred tax | 17,697 | 6,234
| 40,044 | 42,345
Some tax benefits in VECTOR Limited are not included in the calculation of the line business tax expense as these losses arise from prior period transactions incurred by “other” activities. Only those taxation items directly attributable to the line business are taken into account in determining the income tax balances in these financial statements.
5. IMPUTATION BALANCES
| 2002 | 2001 | |
|---|---|---|
| $'000 | $'000 |
Balance at beginning of year | 4,582 | 768
Income tax payments during year | 23,525 | 4,200
Imputation credits attaching to dividends paid | (10,420) | (386)
Balance at end of year | 17,687 | 4,582
The tax paid above represents the amount actually paid by VECTOR Group, of which the lines business is the predominant activity. This differs from the tax paid in the statement of cash flows as that figure represents the lines business' allocation of the total tax payment, without taking into account the losses incurred by the other business. At balance date the imputation credits available to the shareholders of the VECTOR group of which the line business is the predominant activity were:
Through direct shareholding in VECTOR Limited of which the line business is the predominant activity | 17,687 | 4,582
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 124
Gazette.govt.nz —
NZ Gazette 2002, No 124
✨ LLM interpretation of page content
🏭
Vector Limited Statement of Accounting Policies
(continued from previous page)
🏭 Trade, Customs & IndustryElectricity, Financial Statements, Revenue, Expenses, Vector Limited