✨ Financial Statements
NEW ZEALAND GAZETTE, No. 186
28 NOVEMBER 2008
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
7. Income tax expense
| LINES BUSINESS | 2008 | 2007 |
|---|---|---|
| $000 | $000 |
Current tax expense
Current period | 40,330 | 44,652 |
Adjustment for prior periods | 1,358 | (3,612) |
| 41,688 | 41,040 |
Deferred tax expense
Origination and reversal of temporary differences | (4,535) | 27,637 |
Change in unrecognised temporary differences | - | - |
Recognition of previously unrecognised tax losses | - | - |
| (4,535) | 27,637 |
Total income tax expense (credit) | 37,153 | 68,677 |
Reconciliation of effective tax
Operating surplus before tax | 117,358 | 255,168 |
Income tax at 33c | 38,728 | 84,206 |
Tax effect of:
Non deductible expenses | 564 | 509 |
Tax exempt income | - | - |
Recognition of previously unrecognised tax losses | - | - |
Current year losses for which no deferred tax asset was recognised | - | -
Change in unrecognised temporary differences | (2,139) | (16,038)|
Under/(over) provided in prior periods | - | - |
Total income tax expense (credit) | 37,153 | 68,677 |
Income tax recognised directly in equity
Available for sale financial assets | (258) | 91 |
Total income tax recognised directly in equity | (258) | 91 |
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NZ Gazette 2008, No 186
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Transpower New Zealand Limited Lines Business Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Income Tax Expense, Current Tax, Deferred Tax, Operating Surplus, Tax Effects, Equity