Annual Report 1989-1990 Legislative Assembly Members Superannuation Trust
Tabled Paper 94
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
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Note 6 Income Tax Expense / (Income Tax Benefit) (a) Income Tax Tax effect accounting procedures are followed whereby the income tax expense in the profit and loss account is matched with the accounting profit ( after allowing for permanent differences). The future tax benefit relating to tax losses is not carried forward as an asset unless the benefit can be regarded as being virtually certain of realisation. Income tax on net cumulative timing differences is set aside to the future income tax benefit accounts at the rates which are expected to apply when those timing differences reverse. The current rates have been used for this purpose. (b) The fund income tax expense and and income tax payable was calculated as follows: i22Q im s s Net Surplus in Accumulated Funds before Income Tax 1,376,516 1,822,638 Prima facie tax payable @ 15% 206,477 273,395 Tax effect of permanent differences: Management Fees 450 0 Pension Payments 3,311 2,820 Benefit Payments 50,045 7,165 Members Contributions (29,534) (26,129) Interest Capital Guaranteed Fund (2,580) 0 Appreciation Income Pooled Fund (225,721) (197,643) Exempt Pension Income (114) 0 Territory Contributions Paid Before 1/7/88 0 (4,790) Deduction for Future Service Element of Death & Disability Benefits Paid (34,422) 0 Tax overpaid 1988/89 (3,022) 0 Tax Losses not carried forward 31,492 0 Income Tax Expense / (Income Tax Benefit) (3,618) 54,818 Tax effect of Timing Differences Add : Interest accrued at 30 June 1989 633 0 Prepayment of Territory Contributions 0 37 Less: Accrued Interest at 30 June 1990 0 633 Repayment of Territory Contributions 37 0 Income Tax Liability (3,022) 54,222 Tax losses have not been carried forward in accordance with note 6(a) above. The estimated income tax loss for 1989/90 financial year is $209,184, however the Future Income Tax Benefit has not been brought to account as there is not virtual certainty that the fund will be able to utilise this loss in a future period.
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