AnnuAl REPORT 10/11 - Grow Wellington

46
8. INCOME TAX EXPENSE
PARENT GROUP
2011 2010 2011
$ $ $
Net Surplus Before Tax - - -
Tax at 30% (2010: 30%) - - -
Plus (Less) tax Effect of:
Non-deductible Expenditure 25,713 15,623 26,790
Grant for Fixed Assets (17,473) (7,714) (17,473)
Tax Loss not recognised - (865) -
Group Tax Loss recognised (8,240) (7,044) (9,317)
TAX EXPENSE - - -
The Group has made a taxable profit of $31,056 but after the utilisation of group tax losses of $31,056 from the Greater Wellington
Regional Council the Group has no tax charge under the income payable method. (2010: $23,481).
Calculation of Taxable Income 2011 2010 2011
$ $ $
Net Surplus Before Tax - - -
Permanent Differences
Less non-assessable revenue:
Council contributions 4,314,230 4,006,989 4,314,230
Grant Revenue - NZTE 41,160 960,569 641,160
Grant Revenue - FORST - - -
Plus non-deductible expenditure
(4,355,390) (4,967,558) (4,955,390)
Operating expenditure relating to grant revenue 4,297,148 4,941,846 4,897,148
Depreciation, amortisation and loss on disposal of assets 53,217 52,569 53,217
Non-deductible Entertainment 18,701 21,197 22,292
4,369,066 5,015,612 4,972,657
TOTAL PERMANENT DIFFERENCES 13,676 48,054 17,267
Timing adjustments:
2011
Holiday Pay Accrual 79,433 - 79,432
Less: Holidays taken within 63 days of balance date (19,368) - (19,368)
Bonus Accrual 29,400 - 29,400
Less: Bonus accruals paid within 63 days of balance date
2010
(29,400) - (29,400)
Holiday Pay Accrual (85,375) 85,375 (85,375)
Less: Holidays taken within 63 days of balance date 39,100 (39,100) 39,100
Bonus Accrual (53,170) 53,170
Less: Bonus accruals paid within 63 days of balance date
2009
53,170 (53,170) 53,170
Holiday pay accrual - (81,804) -
Less: Holidays taken within 63 days of balance date - 13,839 -
Bonus Accrual - (24,170) -
Less: Bonus accruals paid within 63 days of balance date - 24,170 -
13,791 (21,690) 66,959
Taxable Income 27,465 26,363 31,056
Tax Loss Utilised - (2,882) -
Group Tax Loss Utilised (27,465) (23,481) (31,056)
TAXABLE INCOME (LOSS) - - -
The Group has no imputation credits at balance date (2010: $0).