Territory Stories

Annual Report 2021–2022, Power and Water Corporation

Details:

Title

Annual Report 2021–2022, Power and Water Corporation

Other title

Tabled Paper 708

Collection

Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT

Date

2022-11-23

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Legislative Assembly of the Northern Territory

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

Legislative Assembly of the Northern Territory

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/893266

Citation address

https://hdl.handle.net/10070/893267

Page content

Annual Report 2021-2022 89 Page 38 of 60 Power and Water Corporation Notes to the financial statements for the year ended 30 June 2022 June 2022 June 2021 June 2022 June 2021 $'000 $'000 $'000 $'000 5 Income tax equivalent expense The major components of income tax expense are: (a) Income tax recognised in profit or loss Current income tax Current income tax charge 6,317 1,360 6,317 1,360 Deferred income tax Under/(over) from prior years 4,785 (1) 4,785 (1) Relating to origination and reversal of temporary differences 20,995 (1,990) 20,995 (1,990) Income tax (refund) / expense reported in profit or loss 32,097 (631) 32,097 (631) Numerical reconciliation between tax expense and pre-tax net profit Profit/(loss) before income tax 79,709 (28,928) 91,470 (7,786) At the consolidated entities' statutory income tax rate of 30% (2021: 30%) 23,913 (8,678) 27,441 (2,336) Under/(over) provision from prior years 4,785 (1) 4,785 (1) Expenditure not allowable for income tax purposes 3,558 6,369 30 27 Tax effect on reversal of impairment of loan to subsidiary (2,123) - (2,123) Tax effect of transfer pricing adjustment 1,964 1,679 1,964 1,679 Income tax (refund) / expense on pre-tax profit 32,097 (631) 32,097 (631) (b) Deferred income tax Deferred income tax at 30 June relates to the following: Deferred tax liabilities (DTL) Property, plant and equipment 109,406 121,517 109,406 121,517 Prepayments 54 54 54 54 Gross deferred income tax liabilities 109,460 121,571 109,460 121,571 Movements: Opening balance at 1 July 121,571 104,041 121,571 104,041 (Under) provision from prior years (479) - (479) Credited/(charged) to profit or loss 20,926 (2,795) 20,926 (2,795) DTL on revaluation recognised directly against ARR (32,558) 20,325 (32,558) 20,325 Closing balance at 30 June 109,460 121,571 109,460 121,571 Deferred tax assets (DTA) Employee provisions 14,580 15,440 14,580 15,440 Allowance for doubtful debts 2,599 2,989 2,599 2,989 Obsolete stock provision 645 620 645 620 Provision for contract costs - - - Renewable energy provision 5 3 5 3 Make up gas impairment 2,607 2,085 2,607 2,085 Accrued expenses (82) 66 (82) 66 Board approved write-offs 1,810 3,362 1,810 3,362 Lease repayments 4,100 1,997 4,100 1,997 Gross deferred income tax assets 26,264 26,562 26,264 26,562 Movements: Opening balance at 1 July 26,562 26,837 26,562 26,837 (Over)/under provision from prior years (228) 530 (228) 530 (Charged) to profit or loss (70) (805) (70) (805) Closing balance at 30 June 26,264 26,562 26,264 26,562 Net deferred tax liabilities (83,196) (95,009) (83,196) (95,009) Deferred tax expense 20,996 (1,990) 20,996 (1,990) Consolidated Corporation


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.