✨ Financial Statements
3494
NEW ZEALAND GAZETTE, No. 143
26 AUGUST 2005
UNISON NETWORKS - LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2005
3 INCOME TAX
a) Taxation
| 2005 | 2004 | |
|---|---|---|
| Operating Surplus Before Taxation | 22,039 | 9,363 |
| Prima Facie Tax @ 33% | 7,273 | 3,090 |
| Permanent differences | (777) | (108) |
| Timing Differences not recognised | (3,353) | (4,525) |
| Prior Period Adjustments | 196 | (71) |
| Current Taxation (Benefit)/Expense | 3,339 | (1,614) |
Taxation Expense (Benefit) Is represented by:
| Current Taxation | 1,796 | (71) |
| Deferred Tax | 1,543 | (1,543) |
| 3,339 | (1,614) |
b) In respect of network assets there is a deferred tax liability for tax depreciation recoverable amounting to approximately $24.5 million (2004: $20.9million) which would crystallise if all network assets were disposed of at their carrying value.
The deferred tax account includes a tax loss benefit of nil (2004: $1.5 million). Subsequent realisation of this benefit is subject to the requirement of Income Tax Legislation being met.
c) Taxation (Refund)/Payable
| Opening Balance | (1,818) | (1,643) |
| Current year taxation expense (benefit) | 1,796 | (71) |
| Taxation paid | (3,400) | (357) |
| Taxation Refunded Prior Periods | 687 | 253 |
| Closing Balance | (2,735) | (1,818) |
d) Imputation Credit Account
| Opening Balance | 4,432 | 4,001 |
| Prior Period Adjustment | - | 366 |
| Taxation Paid | 3,400 | 357 |
| Taxation Refund Received | (687) | (253) |
| Imputation Credits attached to Dividends Paid in the reporting period | (1,496) | (39) |
| Closing Balance | 5,649 | 4,432 |
e) Deferred Tax (Asset)/Liability
| Opening Balance | (1,543) | - |
| Movement | 1,543 | (1,543) |
| Closing Balance | - | (1,543) |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 143
Gazette.govt.nz —
NZ Gazette 2005, No 143
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Unison Networks Limited - Notes to Financial Statements
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🏭 Trade, Customs & IndustryIncome tax, Taxation expense, Deferred tax, Imputation credits, Financial reporting