New Zealand Gazette – 2004 – No. 171

Page 4268

✨ Financial Statements



NEW ZEALAND GAZETTE, No. 171

22 DECEMBER 2004

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2004

6. TAXATION

LINES BUSINESS 2004 $000 LINES BUSINESS 2003 $000
Operating surplus before tax — —
Prima facie tax at 33% 28,739 34,869

Tax effect of:

Timing differences not recognised:

  • current period excluding revaluation adjustment | (5,154) | (7,696) |
  • current period revaluation adjustment | 1,607 | 10,959 |
    Permanent differences | (444) | 468 |
    Income tax charge in respect of:
  • the current year | 25,497 | 15,218 |
  • under / (over) provision in prior years | 1,933 | 1,142 |
    Tax expense | 27,430 | 16,360 |

The income tax charge is represented by:
Tax payable in the current year by:
- Current tax 26,997 16,566
- Deferred tax 433 (206)
Deferred tax 27,430 16,360

Deferred tax asset
Balance at the beginning of the year 1,871 1,665
Increase in deferred tax asset (531) 206
Balance at the end of the year 1,338 1,871

Deferred tax liability non-memorandum account
Balance at the beginning of the year 148,047 151,310
Increase (reduction) in deferred tax liability 3,347 (3,263)
Balance at the end of the year 151,394 148,047

These timing differences predominantly relate to depreciation and previous infrastructure asset service potential adjustments in respect of fixed assets, and are not recognised in the financial statements.

Imputation credit memorandum account
Balance at the beginning of the year 54,419 45,684
Tax payments made 32,354 25,901
Imputation credits attached to dividends — —
paid to shareholders (8,138) (17,166)
Balance at the end of the year 78,635 54,419


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 171


Gazette.govt.nz — PDF NZ Gazette 2004, No 171




✨ LLM interpretation of page content

🏭 Financial Performance of Transpower New Zealand Limited Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
22 December 2004
Financial Statements, Operating Expenses, Depreciation, Asset Management, Transmission Services, Remuneration, Auditors, Net Finance Costs