Page 36 - PNMRT AnnRpt 2020

PALMERSTON NORTH MA¯ ORI RESERVE TRUST
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
15.
ADMINISTRATION EXPENSES
Accountancy Fees
Audit Fees
Bank Charges
Cleaning & Laundry Consultancy Fees
Executive Office (refer to note 20) General Expenses
Insurance
Koha
Legal Fees
Owners’ Meetings
Postage, Printing & Stationery Memberships & Subscriptions Tangi Contributions Telephone & Internet Trustees’ Fees (refer to note 20) Trustees’ Expenses
2020 $
50,275 31,782 8,878 3,833 – 472,701 5,876 27,164 1,093 39,055 40,130 1,293 11,007 1,000 3,104 188,000 58,664
$943,855
2019 $
42,799 40,760 10,029
2,790
9,637 473,615 11,112 25,323 750 75,683 50,655 975 – 1,400 2,971 188,000 71,672
$1,008,171
34
Tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income, when it will be recognised in equity or other comprehensive income respectively.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax also includes any tax liability arising from the declaration of dividends.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss,
Palmerston North Ma¯ori Reserve Trust
ANNUAL REPORT 2020
16. INCOME TAX