✨ Financial Statements
4512
NEW ZEALAND GAZETTE
No. 162
TRANSPower NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2003
- TAXATION
LINES BUSINESS LINES BUSINESS
2003 2002
$000 $000
Operating surplus before tax 34,809 161,579
Prima facie tax at 33% 11,487 53,321
Tax effect of:
Timing differences not recognised
- current period excluding revaluation adjustment (7,696) (6,780)
- current period revaluation adjustment 10,959 (21,215)
Permanent differences 468 (52)
Income tax charge in respect of
the current year 15,218 25,274
Under / (over) provision in prior years 1,142 (1,124)
Tax expense 16,360 24,150
The income tax charge is represented by:
Tax payable in the current year 16,566 24,660
Deferred tax (206) (510)
16,360 24,150
Deferred tax asset
Balance at the beginning of the year 1,665 1,155
Increase in deferred tax asset 206 510
Balance at the end of the year 1,871 1,665
Deferred tax liability memorandum account
Balance at the beginning of the year 151,310 123,315
Increase (reduction) in deferred tax liability (3,263) 27,995
Balance at the end of the year 148,047 151,310
These timing differences predominantly relate to depreciation and infrastructure asset
service potential adjustment in respect of fixed assets, and are not recognised in the
financial statements.
Imputation credit memorandum account
Balance at the beginning of the year 45,684 86,904
Tax payments made 25,901 (384)
Imputation credits attached to dividends
paid to shareholders (17,166) (40,836)
Balance at the end of the year 54,419 45,684
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 162
Gazette.govt.nz —
NZ Gazette 2003, No 162
✨ LLM interpretation of page content
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Transpower New Zealand Limited Lines Business Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Operating surplus, Taxation, Deferred tax, Imputation credits