66 / 100
2 S umm a r y o f s i g n i f i c a n t a c c o u n t i n g p o l i c i e s ( c on t i n u e d )
2.24 Current and deferred income tax
The Inland Revenue Department approved the Trust as charitable for the purposes of the Income Tax Act 1994.
However some entities within the Group are taxable. In the instances where an entity is taxable, current tax is calculated by using
tax rates and tax laws that have been enacted or substantively enacted by the reporting date. Accordingly no tax is payable by the
Trust. See note 30 for details of entities that have charitable status.
Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries except for
deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax in respect of property, plant and equipment had been assessed in 2014 on the basis of the asset value being realised
through sale. This has been reversed in 2015 (see note 7)
2.25 Statement of cash flows
The statement of cash flows are prepared exclusive of GST. For the purposes of the statement of cash flows, cash and cash
equivalents include cash in banks and investments in money market instruments, net of outstanding bank overdrafts.
Operating activities include all transactions and other events that are not investing or financing activities.
Investing activities are those activities relating to the acquisition and disposal of current and non-current investments and any
other non-current assets.
Financing activities are those activities relating to changes in the equity and debt capital structure of the Trust and Group and
those activities relating to the cost of servicing the Trust’s and Group’s equity capital.
2.26 Goods and services tax (GST)
The profit and loss component of the statement of comprehensive income has been prepared so that all components are stated
exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and
payables, which include GST invoiced.
3 T o t a l i n c om e
Consolidated
Notes
2015
$’000
2014
$’000
Revenue
Rental income
35,247
35,469
Amortisation of capitalised lease incentives
(340)
(297)
Hotel income
37,928
27,946
Fishing income
1,611
1,241
Dairy income
889
1,408
Other revenue
7,104
3,941
Revenue from rendering of services
143
124
82,582
69,832
Other income
Dividends from listed investments
415
32
Dividends from unlisted investments
481
1
Other operating gains – livestock
12
539
545
Other gains
-
3,049
1,435
3,627
Total income
84,017
73,459
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 5
64