✨ Financial Statements and Taxation
3892
NEW ZEALAND GAZETTE, No. 157
30 NOVEMBER 2004
iv) Taxation
NGC recognises deferred taxation using the liability method and on a comprehensive basis. Income tax expense is recognised on the surplus before taxation. It is then adjusted for permanent differences between taxable and accounting income. The tax effect of all timing differences, which arise from items being brought to account in different periods for income tax and accounting purposes, is recognised in the statement of financial position as a future tax benefit or as deferred tax. The future tax benefit or deferred tax is stated at the income tax rates prevailing at balance date. Future tax benefits are not recognised unless realisation of the asset is virtually certain. Future tax benefits and deferred tax is offset.
v) Changes in Accounting Policy and Comparatives
There have been no changes in accounting policies. The presentation of certain comparatives has been restated to ensure consistency with current year disclosures.
- Surplus before Taxation
$Thousands
2004 2003
Surplus before Taxation is stated after charging:
Audit fees and expenses 10 10
- Taxation
$Thousands
2004 2003
The Income Tax Expense has been calculated as follows:
Surplus before Taxation 6,896 19,316
Income tax at 33% 2,276 6,374
Adjustments to tax for:
Non-deductible expenditure - -
Tax Charge 2,276 6,374
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 157
Gazette.govt.nz —
NZ Gazette 2004, No 157
✨ LLM interpretation of page content
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Certification of NGC Gas Transmission Performance Measures
(continued from previous page)
🏭 Trade, Customs & Industry26 November 2004
Financial Performance, Efficiency Performance, Gas Transmission, Auditor Certification, Taxation, Deferred Taxation, Income Tax, Accounting Policy