Rangatira Investments Annual Report 2021 - Report - Page 43
Ra n g a t i ra An n u a l Re p ort 2021
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2021
Note 5 Tax Expense
Current and deferred tax for the period
Current and deferred tax is recognised as an expense or income in the Income Statement, except when it relates to items recognised
in other comprehensive income or directly to equity, in which case the deferred tax or current tax is also recognised in other
comprehensive income or directly in equity. Where it arises from the initial accounting for a business combination, it is taken into
account in the determination of goodwill or excess net assets over consideration paid.
Current Tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss
for the period.
Deferred Tax
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities in the financial
statements and the values used for taxation purposes.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. A deferred tax asset is recognised only to the
extent it is probable it will be utilised.
2021
2020
$000
$000
Income tax recognised in profit or loss:
(Loss)/profit before tax
15,830
(3,556)
Prima facie tax at 28%
4,433
(996)
Tax effects of different jurisdictions
169
68
Non deductible expenditure
621
3,237
Non assessable income
262
99
(1,481)
-
(383)
(600)
-
(5,408)
517
(53)
Tax (benefit)/expense
4,138
(3,653)
Current tax
2,606
3,191
Deferred tax
1,532
(6,844)
Imputation credit account balance at end of year
3,219
2,605
Unutilised tax losses
Imputation credits offset
Reversal of deferred tax liability from change in property tax rules
Prior period adjustment
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