City Care Performance report 2006 Page 45
4
2006
$000's
2005
$000's
5. Income tax
(a) Taxation expense
Surplus before taxation
3,854
2,32
Prima facie taxation at 33%
1,272
Plus/(less) taxation effect of:
Permanent difference
(7)
33
Capital gain on sale of business
(764)
-
Taxation expense
501
800
Comprising:
Current taxation
221
Deferred taxation
280
33
501
800
(b) Deferred taxation asset
Opening balance
1,215
1,20
Provided for in current year
(280)
(33)
Transfer from current taxation
(22)
(22)
Closing balance
913
1,21
(c) Current taxation liability
Opening balance
765
8
Transfer from deferred taxation
(22)
(22)
Current year income tax payable
221
Provisional tax paid
2
(2)
Subvention payment
(745)
(83)
Closing balance
221
The prior year taxation liability was extinguished through the offsetting of losses of $1,12,01 (200: $1,00,20)
from Christchurch City Holdings Limited and the making of a subvention payment of $44,2 (200: $83,4) to
Christchurch City Council.
(d) Imputation credit account
Opening balance
3
3
Income tax payments made
2
-
Closing balance
5
3
6. Receivables
Trade receivables
11,605
14,10
Contract retentions
1,274
1,121
Prepaid expenses
444
418
Allowance for doubtful debts
(70)
()
13,253
1,81
7. Inventories
Work in progress
2,368
1,31
Other supplies
966
0
3,334
2,224
