Air New Zealand 2009 Annual Report Download - page 17

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4. TAXATION EXPENSE
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Current taxation expense
Current year (45) (1) 70 44
Adjustment for prior periods 4 5 10 10
(41) 4 80 54
Deferred taxation expense
Origination and reversal of temporary differences 55 (93) 7 (93)
Reduction in tax rate - 3 - 7
55 (90) 7 (86)
Total taxation credit/(expense) recognised in earnings 14 (86) 87 (32)
Reconciliation of effective tax rate
Profit before taxation 7 304 (205) 216
Taxation at income tax rate * (2) (100) 62 (71)
Adjustments
Non-deductible expenses (1) (1) (1) (31)
Non-taxable income 13 1 13 50
Impact of corporate tax rate change* - 3 - 7
Over provided in prior periods 4 5 10 10
Other - 6 3 3
Taxation credit/(expense) 14 (86) 87 (32)
* The New Zealand corporate income tax rate reduced from 33% to 30% from the commencement of the 2009 income year.
IMPUTATION CREDITS
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Balance at the beginning of the year 13 92 - 4
Taxation payments/(refunds) 74 (33) 74 (32)
Credits attached to distributions (32) (49) (32) 25
Other (8) 3 (3) 3
Balance at the end of the year 47 13 39 -
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR TO 30 JUNE 2009
15