29 NOVEMBER 2010 NEW ZEALAND GAZETTE, No. 159

21. Deferred tax

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

| | Recognised in profit or loss |
| | Balance 30 June 2009 $000 |
| | Deprival value of net debt and derivatives | 128,848 |
| | Fair value of net debt and derivatives (25,874) |
| | Revaluing provision 5,195 |
| | Disallowing provision (5,334) |
| | Impairment (8,963) |
| | Other 176,014 |
| Total deferred tax 170,886 |

| | Recognised in profit or loss |
| | Balance 30 June 2010 $000 |
| | Recognised in other comprehensive income | 38,175 |
| | Deprival value of net debt and derivatives | (30,102) |
| | Fair value of net debt and derivatives 13,256 |
| | Revaluing provision (11,965) |
| | Disallowing provision 2,566 |
| | Impairment (7,374) |
| | Other - |
| 4,541 |

| | Recognised in other comprehensive income |
| | Balance 30 June 2010 $000 |
| | 212,577 |
| | Deprival value of net debt and derivatives | (95,512) |
| | Fair value of net debt and derivatives (3,860) |
| | Revaluing provision (4,573) |
| | Disallowing provision (1,055) |
| | Impairment (2,724) |
| | Other 153,351 |

Deferred tax is shown net as the balance relates to companies included in the Transpower Consolidated Tax Group and relate to the same court territory, being the New Zealand Inland Revenue Department.

Fair value differences relate to the difference between tax and accounting depreciation.

Revenue deferral relates to deferred tax on new investment taggings and transmission line realignment.

These transactions.

Dismantling provision relates to the HVDC Pole 1, refer to Note 14 Provisions Plant and Equipment for background.

Impairment relates to the NGLUP property, refer to Note 7 Income Tax Expense for the impact on deferred tax as a result of the 20 May 2010 budget tax changes.

Refer to Note 1. Income Tax Expense for additional details.

LINES BUSINESS

Dividend Withholding Payments

There were no dividend withholding payments during the year (2009: none).