New Zealand Gazette – 2005 – No. 27

Page 644

✨ Financial Statements



Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2004

Notes 2004 $'000 2003 $'000

4. INCOME TAX

Operating surplus before income tax | | 93,774 | 63,133 |
Prima facie tax at 33% | 30,945 | 20,834 |
Plus / (less) tax effect of permanent differences:

  • Prior period adjustment | (1,463) | (223) |
  • Other permanent differences | 19,661 | 11,000 |

Income tax expense | 49,143 | 31,611 |

The income tax expense is represented by:

  • Current tax | 25,481 | 46,044 |
  • Deferred tax | 23,662 | (14,433) |
    | 49,143 | 31,611 |

Some tax benefits in Vector Limited, of which the electricity lines business is the predominant activity, are not included in the calculation of the lines business tax expense as these arise from prior period transactions incurred by "other" activities. Only those taxation items directly attributable to the lines business are taken into account in determining the income tax balances in these financial statements.

5. IMPUTATION CREDIT BALANCES

2004 $'000 2003 $'000
Balance at beginning of year 4,341 17,687
Purchase of subsidiary - (19,106)
Prior year adjustment 838 176
Net income tax payments during year 9,603 21,275
Imputation credits received 1,089 1,996
Imputation credits attaching to dividends paid (15,860) (17,687)
Balance at end of year 11 4,341

At balance date the imputation credits available to the shareholders of the Vector group, of which the lines business is the predominant activity were:

Through the parent company Vector Limited, of which the electricity lines business is the predominant activity | 11 | 3,752 |
Through indirect shareholding in subsidiaries | - | 589 |
| 11 | 4,341 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 27


Gazette.govt.nz — PDF NZ Gazette 2005, No 27




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Vector Limited – Electricity Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Expenditure, Interest Expense, Vector Limited, Electricity Lines Business