✨ Financial Statements
3604
NEW ZEALAND GAZETTE
No. 133
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2003
| Notes | 2003 | 2002 |
|---|---|---|
| $000 | $000 |
3. INCOME TAX
Operating surplus before income tax
63,133
102,904
Prima facie tax at 33%
20,834
33,958
Plus/(less) tax effect of permanent differences:
Prior period adjustment
(223)
180
Other permanent differences for non-deductible expenses
11,000
5,906
Income tax expense
31,611
40,044
The income tax expense is represented by:
Current tax
46,044
22,347
Deferred tax
5
(14,433)
17,697
31,611
40,044
Some tax benefits in VECTOR Limited are not included in the calculation of the line business tax expense as these 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.
4. IMPUTATION CREDIT BALANCES
Balance at beginning of year
17,687
4,582
Purchase of subsidiary
(19,106)
Prior year adjustment
176
Income tax payments during year
21,275
23,525
Imputation credits received
1,996
Imputation credits attaching to dividends paid
(17,687)
(10,420)
Balance at end of year
4,341
17,687
The income tax payments above represent the amount actually paid by the VECTOR Group, of which the electricity lines business is the predominant activity. This differs from the income tax paid in the statements of cash flows as that figure represents the electricity lines business' allocation of the total income tax payment.
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 the parent company VECTOR Limited of which the electricity line business is the predominant activity
3,752
17,687
Through indirect shareholding in subsidiaries
589
4,341
17,687
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 133
Gazette.govt.nz —
NZ Gazette 2003, No 133
✨ LLM interpretation of page content
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Vector Limited Financial Position Statements
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🏭 Trade, Customs & Industry31 March 2003
Electricity, Financial Statements, Operating Expenses, Governance Expenses, Auditors Fees, Interest Expense, Income Tax