✨ Financial Statements
4014 NEW ZEALAND GAZETTE, No. 163 14 DECEMBER 2004
3. Taxation
| | 2004
| $000 | 2003
| $000 |
|----------------|-------|------------------|-------|
| Profit before taxation | 328 | 1,337 |
| Prime facie taxation at 33% | 108 | 441 |
| Plus/(less): | | |
| Taxation effect of permanent differences | (229) | 36 |
| Timing differences not recognised | (49) | (509) |
| Benefit of tax losses | 170 | 32 |
| Taxation expense (benefit) | $- | $- |
The company has a potential deferred tax liability net of future tax benefits of $9,911,628 (2003 - $8,466,673), which is not recognised in the financial statements. This balance is made up of a deferred tax liability of $12,020,253, (2003 - $11,008,966) which arises mainly from the revaluation of assets for accounting purposes, and a future tax benefit of $2,108,625 (2003 - $2,542,293). These balances are not expected to crystallise and 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 $2,051,964 (2003 - $2,496,994) and the benefit of other timing differences of $56,661 (2002 - $45,299).
The carrying forward of tax losses is subject to continuing to meet shareholder continuity requirements under the Income Tax Act 1994.
The company has imputation credits to carry forward as at 31 March 2004 of $394,029 (2003 – $98,507)
4. Dividend
| | 2004
| $000 | 2003
| $000 |
|----------------|-------|------------------|-------|
| Dividend Paid | 130 | 160 |
Dividends were paid, during the year to the Electra Trust. There is no proposed final dividend (2003 - $Nil).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 163
Gazette.govt.nz —
NZ Gazette 2004, No 163
✨ LLM interpretation of page content
💰
Electra Limited - Notes to Financial Statements
(continued from previous page)
💰 Finance & Revenue14 December 2004
Taxation, Profit, Deferred Tax Liability, Tax Losses, Imputation Credits, Dividends