✨ Financial Statements
25 NOVEMBER 2013 NEW ZEALAND GAZETTE, No. 155 4337
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
7. Income tax expense
| LINES BUSINESS | 2013 | 2012 |
|---|---|---|
| $M | $M |
Current tax expense
Current period | 17.0 | 16.7 |
Adjustment for prior periods | (0.5) | 3.7 |
| 16.5 | 20.4 |
Deferred tax expense
Origination and reversal of temporary differences | 53.9 | 5.4 |
Adjustment for prior periods | (3.3) | (2.9) |
| 50.6 | 2.5 |
Total income tax expense (credit) | (67.1) | 22.9 |
Reconciliation of effective tax
Operating surplus before tax
Income tax at 28c | 282.2 | 80.1 |
| (79.0) | 22.4 |
Tax effect of:
Non deductible expenses | 0.3 | - |
Tax exempt income | - | (0.3) |
Adjustment for prior periods | (3.8) | 0.8 |
Total income tax expense (credit) | (67.1) | 22.9 |
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NZ Gazette 2013, No 155
✨ LLM interpretation of page content
🏭
Transpower New Zealand Limited Statement of Accounting Policies
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Income Tax Expense, Current Tax, Deferred Tax, Operating Surplus, Non Deductible Expenses, Tax Exempt Income