Note 11: Income Tax Expense
|
|
GROUP
|
PARENT
|
|
Note
|
2014
$000
|
2013
$000
|
2014
$000
|
2013
$000
|
|
|
|
|
|
|
|
Profit before income tax
|
|
152,887
|
160,429
|
149,905
|
167,630
|
|
Tax on profit @ 28%
|
|
42,808
|
44,920
|
41,973
|
46,936
|
|
Foreign tax rate adjustment
|
|
31
|
(301)
|
-
|
-
|
|
Tax effect of non-assessable revenue
|
|
(2,934)
|
(6,724)
|
(537)
|
678
|
|
Prior year tax losses not previously recognised
|
|
(3,017)
|
-
|
-
|
-
|
|
Income tax under/(over) provided in prior year
|
|
878
|
(817)
|
(215)
|
(809)
|
|
|
37,766
|
37,078
|
41,221
|
46,805
|
|
Represented by:
|
|
|
|
|
|
|
Current tax
|
|
32,017
|
39,464
|
36,967
|
44,321
|
|
Deferred tax
|
30
|
5,749
|
(2,386)
|
4,254
|
2,484
|
|
|
37,766
|
37,078
|
41,221
|
46,805
|
|
|
|
|
|
|
The 28% tax rate used above is the corporate tax rate payable by New Zealand corporate entities on taxable profit under New Zealand tax law.