✨ Financial Statements
NEW ZEALAND GAZETTE, No. 166
3 DECEMBER 2010
2. Surplus Before Taxation
| Distribution | 2010 $ | 2009 $ |
|---|---|---|
| Surplus/(Deficit) before income tax | 2,099,143 | 1,737,182 |
After charging:
| 2010 $ | 2009 $ | |
|---|---|---|
| Adult fees | 22,532 | 21,315 |
| Adult fees other services | 3 | - |
| Interest from short term deposits | - | - |
| Depreciation: Distribution network | 784,683 | 795,896 |
| Leasehold improvements | 19,912 | 19,810 |
| Vehicles | 20,332 | 29,166 |
| Office equipment | 648 | 24 |
| Furniture & fittings | 1,695 | 3,421 |
| Plant & equipment | 24,417 | 38,855 |
| Customer Acquisitions | - | - |
| Computer hardware & software | 35,198 | 58,042 |
| 880,785 | 942,824 | |
| Directors’ fees | 70,400 | 72,500 |
| Interest: fixed loans | 566,156 | 675,127 |
| Rental & operating lease costs | 78,403 | 79,711 |
| Movements in provision for doubtful debts | - | - |
| Bad debts written off | - | - |
After crediting:
| 2010 $ | 2009 $ | |
|---|---|---|
| Interest from short term deposits | 1,181 | 9,068 |
| Profit on sales of assets | - | - |
| Dividends received | - | - |
3. Taxation
| 2010 $ | 2009 $ | |
|---|---|---|
| Current tax | 197,035 | (120,830) |
| Deferred tax on temporary differences | - | - |
| Deferred tax on change in tax rates | (344,973) | - |
| Tax expense | (157,944) | (120,830) |
Relationship between tax expense and accounting profit
| Surplus/(Deficit) before income tax | 2,099,143 | 1,737,182 |
| Prima facie taxation at 30% | 629,743 | 521,155 |
Non deductible items | - | - |
| Non taxable income | - | - |
| Deferred tax adjustment | (344,973) | (641,985) |
| Group loss offset | (442,708) | - |
| Taxation expense/(benefit) | (157,944) | (120,830) |
Deferred Tax Liability
| PPE $ | Provisions $ | Losses $ | Total $ | |
|---|---|---|---|---|
| Balance at 1 July 2008 | (5,126,042) | 18,389 | - | (5,107,653) |
| Charged to income | (8,108) | (5,115) | 134,052 | 120,830 |
| Charged to equity | - | - | - | - |
| Balance at 30 June 2009 | (5,134,149) | 13,274 | 134,052 | (4,986,823) |
| Charged to income | 304,440 | (12,444) | (134,052) | 157,944 |
| Charged to equity | - | - | - | - |
| Balance at 30 June 2010 | (4,829,709) | 830 | - | (4,828,879) |
The deferred tax liability recognises all taxable temporary timing differences between the carrying amounts of assets and liabilities in financial statements and the corresponding tax bases used in the computation of taxable profit. This amount is not expected to reverse in the foreseeable future and is not a tax liability owed to the Inland Revenue Department.
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NZ Gazette 2010, No 166
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GasNet Limited Financial Statements
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