New Zealand Gazette – 2002 – No. 173

Page 4366

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 173

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2002

6. TAXATION

LINES BUSINESS 2002 $'000 LINES BUSINESS 2001 $'000
Operating surplus before tax 161,579 82,738
Prima facie tax at 33% 53,321 10,804

Tax effect of:

  • Timing differences not recognised
    • current period excluding revaluation adjustment | (6,780) | (10,087) |
    • current period revaluation adjustment | (21,215) | 19,508 |
  • Permanent differences | (52) | (212) |
    Income tax charge in respect of the current year | 25,274 | 20,013 |
    Under (over) provision in prior years | (1,124) | 884 |
    Tax expense | 24,150 | 20,897 |

Tax expense is represented by:

  • Tax payable in the current year | 24,860 | 20,883 |
  • Increase in deferred tax asset | (510) | (870) |
    Balance at the end of the year | 24,150 | 20,013 |

Deferred tax asset
Balance at the beginning of the year | 1,155 | 283 |
Increase in deferred tax asset | 510 | 870 |
Balance at the end of the year | 1,665 | 1,155 |

Deferred tax liability memorandum account
Balance at the beginning of the year | 123,315 | 132,736 |
Increase (reduction) in deferred tax liability | 27,995 | (19,421) |
Balance at the end of the year | 151,310 | 123,315 |

These timing differences predominantly relate to depreciation and infrastructure asset service potential adjustments in respect of fixed assets, and are not recognised in the financial statements.

Imputation credit memorandum account
Balance at the beginning of the year | 86,904 | 80,894 |
Net tax payments/transfers made/refunds received | (384) | 48,682 |
Imputation credits attached to dividends paid to shareholders | (40,836) | (42,672) |
Balance at the end of the year | 45,684 | 86,904 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 173


Gazette.govt.nz — PDF NZ Gazette 2002, No 173




✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation, Operating Surplus, Deferred Tax, Imputation Credits