Note 6
Income tax
Model Financial Statements: Te Motu Regional Economic Development Trust 2010/11
| NZ IAS 1.112(c) | Actual 2011 |
Actual 2010 |
|
|---|---|---|---|
| NZ IAS 12.79 | Components of income tax expense | ||
| Current tax | 0 | 0 | |
| Adjustments to current tax in prior years | 0 | 0 | |
| Deferred tax | 0 | 0 | |
| Income tax expense | 0 | 0 | |
| NZ IAS 12.81(c) | Relationship between income tax expense and accounting profit | ||
| Net surplus/(deficit)before tax | 20,681 | 16,528 | |
| Tax at 33% | 6,825 | 5,454 | |
| Plus/(less) tax effects of: | |||
| Non-taxable income | (621,720) | (546,480) | |
| Non-deductible expenditure | 607,187 | 535,826 | |
| Tax losses not recognised | 7,708 | 5,200 | |
| Income tax expense | 0 | 0 | |
| NZ IAS 12.81(e) | The Trust has not recognised a deferred tax asset in relation to tax losses of $45,060 (2010 $21,700) and temporary differences of $37,100 (2010 $48,900). | ||
