✨ Financial Statements
28 NOVEMBER 2011 NEW ZEALAND GAZETTE, No. 184 5321
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
7. Income tax expense
| LINES BUSINESS | 2011 | 2010 |
|---|---|---|
| $M | $M |
Current tax expense
Current period | 14.9 | 32.1 |
Adjustment for prior periods | 6.5 | (0.5) |
| 21.4 | 31.6 |
Deferred tax expense
Origination and reversal of temporary differences | 5.9 | (14.4) |
Adjustment for prior periods | (5.8) | - |
Removal of depreciation on buildings | (0.4) | 22.3 |
Change in future tax rate | (0.3) | (4.4) |
| — | — |
Total income tax expense (credit) | 21.1 | 27.2 |
Amounts charged or credited to other comprehensive income
Unrealised gain on available for sale investments | — | — |
Income tax expense (credit) reported in other comprehensive income | — | — |
Reconciliation of effective tax
Operating surplus before tax | 69.8 | 56.9 |
Income tax at 30c | 20.9 | 17.1 |
Tax effect of:
Change in future tax rate | (0.4) | (12.3) |
Removal of depreciation on buildings | — | 22.3 |
Non deductible expenses | 0.1 | 0.2 |
Tax exempt income | (0.2) | — |
Adjustment for prior periods | 0.7 | (0.1) |
Total income tax expense (credit) | 21.1 | 27.2 |
On 20 May 2010, the Government announced its budget tax changes. These changes included reducing the company tax rate from 30% to 28% which was effective 1 July 2011 for the Transpower Lines Business. In addition, there were changes in the building depreciation rules.
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NZ Gazette 2011, No 184
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Income Tax Expense for Transpower New Zealand Limited
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💰 Finance & RevenueIncome tax expense, Financial Statements, Transpower, Lines Business