47
2017 WEL Networks
|
Annual Report
wel.co.nz
2017
$’000
2016
$’000
(a)
Income tax expense
Current tax
Current tax on profits for the year
1,759
2,915
Deferred tax
4,750
1,892
Total current tax
6,509
4,807
(b)
Numerical reconciliation of income tax expense to prima facie tax payable
Profit from continuing operations before income tax expense
112,374
15,686
Income tax @ 28%
31,465
4,392
Tax effects of:
Non assessable income
(24,628)
-
Non deductible expenses
15
2
Convertible note interest
(685)
(686)
Prior period deferred tax adjustment
140
494
Share of loss in joint venture
202
605
Income tax expense
6,509
4,807
(c)
Imputation credits
Imputation credits available for subsequent reporting periods based on a
tax rate of 28% (2016: 28%)
32,231
30,389
32,231
30,389
(d)
Tax receivable/(payable)
Opening balance
540
884
Current tax on profits for the year
(1,759)
(2,915)
Taxation paid
3,732
2,571
Closing balance
2,513
540
WEL NETWORKS LIMITED
Notes to the financial statements
For the year-ended 31 March 2017
(continued)
6 INCOME TAX
