✨ Financial Statements
2670
NEW ZEALAND GAZETTE
No. 97
3. Taxation
| 2002 $000 | 2001 $000 | |
|---|---|---|
| Profit before taxation | 1,996 | 1,029 |
| Prime facie taxation at 33% | 659 | 340 |
| Plus/(less) | ||
| Taxation effect of permanent differences | (41) | 8 |
| Timing differences not recognised | (470) | (371) |
| Benefit of tax losses | (148) | 23 |
| Taxation expense (benefit) | $- | $- |
The company has a potential deferred tax liability net of future tax benefits of $7,744,453 (2001 - $6,265,810) which is not recognised in the financial statements. This balance is made up of a deferred tax liability of $10,415,574 (2001 - $9,404,141) which arises mainly from the revaluation of assets for accounting purposes, and a future tax benefit of $2,671,121 (2001 - $3,138,331). These balances are not expected to crystallise and have therefore have not been recorded in the financial statements.
The future tax benefit above comprises the benefit of tax losses available to carry forward of $2,612,057 (2001 - $3,178,281) and the benefit of other timing differences of $59,064 (2001 - $93,143).
The carrying forward of tax losses is subject to continuing to meet shareholder continuity requirements under the Income Tax Act 1994.
The company has no imputation credits to carry forward as at 31 March 2002 (2001 - Nil)
4. Dividend
| 2002 $000 | 2001 $000 | |
|---|---|---|
| Dividend Paid | 190 | 50 |
Dividends were paid, during the year to the Horowhenua Energy Trust. There is no proposed final dividend (2001 - $Nil).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 97
Gazette.govt.nz —
NZ Gazette 2002, No 97
✨ LLM interpretation of page content
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Electra Limited Taxation Details
(continued from previous page)
💰 Finance & RevenueTaxation, Profit, Deferred Tax Liability, Tax Losses, Financial Statements
💰 Electra Limited Dividend Information
💰 Finance & RevenueDividends, Horowhenua Energy Trust, Financial Statements