✨ Financial Statements Notes
UNISON NETWORKS - LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2006
3. INCOME TAX
| 2006 | 2005 | |
|---|---|---|
| $'000 | $'000 |
a) Taxation
Operating surplus/(deficit) before taxation | (40,350) | 22,039 |
Prima facie tax @ 33% | (13,315) | 7,273 |
Permanent differences | 18,241 | (777) |
Timing differences not recognised | (4,716) | (3,353) |
Prior period adjustments | 220 | 196 |
Current taxation expense/(benefit) | 1,430 | 3,339 |
Taxation expense/(benefit) is represented by:
Current taxation | 1,430 | 1,796 |
Deferred tax | - | 1,543 |
| 1,430 | 3,339 |
b) In respect of network assets there is a deferred tax liability for tax depreciation recoverable amounting to approximately $31 million (2005: $24.5 million) which would crystallise if all network assets were disposed of at their carrying value.
c) Taxation (Refund)/Payable
| 2006 | 2005 | |
|---|---|---|
| $'000 | $'000 | |
| Opening balance | (2,735) | (1,818) |
| Current year taxation expense/(benefit) | 1,430 | 1,796 |
| Taxation paid | (2,800) | (3,400) |
| Taxation refunded prior periods | - | 687 |
| Closing balance | (4,105) | (2,735) |
d) Deferred Tax (Asset)/Liability
| 2006 | 2005 | |
|---|---|---|
| $'000 | $'000 | |
| Opening balance | - | (1,543) |
| Movement | - | 1,543 |
| Closing balance | - | - |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 157
Gazette.govt.nz —
NZ Gazette 2006, No 157
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Notes to Financial Statements for Unison Networks Limited
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