New Zealand Gazette – 2012 – No. 82

Page 2234

✨ Financial Statements



Otago Community Trust

Notes to the financial statements

in New Zealand Dollars (000’s)

11 Investment property

Group Parent
2012 2011 2012 2011
Balance at 1 April 1,620 1,670 - -
Acquisitions - - - -
Change in fair value (10) (50) - -
Total fair value balance at 31 March 1,610 1,620 - -

Investment property comprises the property at 229 Moray Place, Dunedin. The property was valued by Macpherson Valuation on 5 March 2012.

12 Other investments

Group Parent
2012 2011 2012 2011
Non-current investments
Financial assets designated at fair value through profit or loss 208,535 201,422 208,535 201,422

13 Taxation

Otago Community Trust is exempt from income tax pursuant to section CW52 of the Income Tax Act 2007. Fillmor House Limited is the only taxable entity in the Group.

Group Parent
2012 2011 2012 2011
Current Tax
(Deficit)/Surplus before tax 7,504 9,376 7,518 9,469
(Deficit)/Surplus attributable to tax exempt parent 7,518 9,469 7,518 9,469
(Deficit)/Surplus attributable to tax exempt subsidiaries - - - -
(14) (93) - -
Change in fair value of investment property 10 50 - -
Tax depreciation (8) (24) - -
Tax surplus/(loss) (12) (67) - -
Current tax using company tax rate of 28% (2011: 30%) (3) (20) - -

| Deferred Tax | | | | |
| Tax loss | (3) | (20) | - | - |
| Change in fair value of investment property | 2 | (4) | - | - |
| Adjustment in tax losses following change in tax rate | 2 | - | - | - |
| Applying tax rate of 28%| 1 | (24) | - | - |

Tax expense per Income Statement

| | 1 | (24) | - | - |

The effective tax rate is 0.008% (2011: 0.02%).



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2012, No 82




✨ LLM interpretation of page content

💰 Otago Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Investment Property, Taxation, Fair Value, Dunedin