Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
8. INCOME TAX
a) Tax Expense
Net Surplus / (deficit) before income tax Tax at the New Zealand tax rate applicable to MÄ ori Authorities (17.5%)
2017 $
2016 $
4,867,692
408,209
851,846
71,437
(932,176)
206,001
In calculating taxable income the following adjustments were made: Temporary differences - livestock
- depreciation - other temporary differences Permanent differences - livestock
268,845 (222,057)
-
(373,171)
- other permanent differences
(60,855)
48,946
Increase in tax losses to carry forward
114,715
-
-
-
2017 $
2016 $
9,942,193
12,670,292
(159,551)
2,075,742
Net tax expense
b) Deferred tax liabilities and assets
Taxation losses available for offset against future income Deductible temporary differences not recognised in the Balance Sheet
Net deferred tax (liability) or benefit including the benefit of the taxation losses above which have not been recognised (due to uncertainties about timing and certainty).
50
38,943 (12,473)