✨ Financial Statements
23 NOVEMBER 2012 NEW ZEALAND GAZETTE, No. 140 4089
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
7. Income tax expense
| LINES BUSINESS | 2012 | 2011 |
|---|---|---|
| $M | $M |
Current tax expense
Current period | 16.7 | 14.9 |
Adjustment for prior periods | 3.7 | 6.5 |
| 20.4 | 21.4 |
Deferred tax expense
Origination and reversal of temporary differences | 5.4 | 5.9 |
Adjustment for prior periods | (2.9) | (5.8) |
Change in future tax rate | - | (0.4) |
| 2.5 | (0.3) |
Total income tax expense (credit) | 22.9 | 21.1 |
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 | 80.1 | 69.8 |
Income tax at 28c (2012) or 30c (2011) | 22.4 | 20.9 |
Tax effect of:
Change in future tax rate | - | (0.4) |
Non deductible expenses | - | 0.1 |
Tax exempt income | (0.3) | (0.2) |
Adjustment for prior periods | 0.8 | 0.7 |
Total income tax expense (credit) | 22.9 | 21.1 |
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.
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NZ Gazette 2012, No 140
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Transpower New Zealand Limited Financial Statements
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🏭 Trade, Customs & IndustryIncome tax expense, Current tax, Deferred tax, Tax reconciliation, Operating surplus