✨ Financial Statements
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
18. Deferred tax
LINES BUSINESS
| Balance 1 July 2009 | Recognised in profit or loss | Recognised in other comprehensive income | Balance 30 June 2010 | Recognised in profit or loss | Recognised in other comprehensive income | Balance 30 June 2011 | |
|---|---|---|---|---|---|---|---|
| $M | $M | $M | $M | $M | $M | $M | |
| Property, plant and equipment temporary differences | 174.5 | 38.2 | - | 212.7 | 22.6 | - | 235.3 |
| Fair value of net debt and derivatives | (5.4) | (30.1) | - | (35.5) | (19.7) | - | (55.2) |
| Revenue deferral | - | (3.9) | - | (3.9) | (0.1) | - | (4.0) |
| Dismantling provision | (5.2) | 0.6 | - | (4.6) | 0.8 | - | (3.8) |
| Impairment | - | (1.6) | - | (1.6) | (12.5) | - | (14.1) |
| Other | (5.1) | 2.4 | - | (2.7) | (1.4) | - | (4.1) |
| Total deferred tax | 158.8 | (4.4) | - | 154.4 | (0.3) | - | 154.1 |
There are no unrecognised deferred tax balances (2010: nil).
Deferred tax is shown net as the balances included in the Transpower Consolidated Tax Group and relate to the same counterparty, being the New Zealand Inland Revenue Department.
Property, plant and equipment temporary differences relate to the difference between tax and accounting book values.
Fair value of net debt and derivatives relates to deferred tax on these transactions.
Revenue deferral relates to deferred tax on new investment agreements and transmission line realignment. Note 3 Deferred income contains information on these transactions.
Dismantling provision relates to the HVDC Pole 1, refer to Note 15 Provisions for background.
Impairment relates to the NGIUP property, refer to Note 13 Non current assets for background.
Refer to Note 7 Income tax expense for the impact on deferred tax as a result of the 29 May 2010 budget tax changes.
Imputation credit memorandum account
| LINES BUSINESS | 2011 $M | 2010 $M |
|---|---|---|
| Balance at the beginning of the year | 325.9 | 290.3 |
| Imputation credits on dividends received | - | - |
| Net tax payments/transfers made/refunds received | - | - |
| Imputation credits attached to dividends paid to shareholders | 23.4 | 35.6 |
| Balance at the end of the year | 349.3 | 325.9 |
Dividend Withholding Payments
There were no dividend withholding payments during the year (2010: none).
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NZ Gazette 2011, No 184
✨ LLM interpretation of page content
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Provisions for Transpower New Zealand Limited
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💰 Finance & RevenueFinancial statements, Deferred tax, Imputation credits, Dividends, Transpower