Page 38 - 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
16. INCOME TAX (continued)
b) Reconciliation of income tax expense
Profit before income tax expense Tax expense at 17.5%
Non-deductible expenses
Non-deductible loss on sale of investment property Non-assessable income
Non-assessable investment property revaluation Non-assessable equity accounted earnings Dividend received from equity accounted investee Income taxed at different rates
Reduction in deferred tax liability from
Investment Property disposal
Prior period adjustments
Income tax losses not utilised
Ring-fenced residential losses
Total income tax expense
c) Current tax
Asset/(liability) at 1 April Current year tax expense Payments
Asset/(liability) at 31 March
d) Deferred tax
Balance at the beginning of the year Current year movement
Deferred tax asset/(liability)
Deferred tax assets/(liabilities) are attributable to the following:
Accrued Expenses
Investment Properties
Deferred tax asset/(liability)
e) Ma¯ori Authority Tax Credit Account
Balance at the beginning of the year Current year movement
Balance at 31 March
Palmerston North Ma¯ori Reserve Trust
ANNUAL REPORT 2020
2019 $
7,909,366 1,384,139
19,459 104,125
(62,002) (949,036) (65,135)
56,875 –
(92,189)
280 154 –
$396,670
(40,418) (489,822)
473,346
$(56,894)
(943,593) 93,152
$(850,441)
6,738 (857,179)
$(850,441)
4,234,220 464,382
$4,698,602
2020 $
5,267,857 921,875
10,953 –
(8,134) (312,988) (127,750)
21,875 2,414
(1,535)
2,944 – 24,759
$534,413
(56,894) (535,331)
339,492
$(252,733)
(850,441) 918
$(849,523)
6,121 (855,644)
$(849,523)
4,698,602 349,545
$5,048,147
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