6 3
Tainui Group Holdings
Annual Report
2012
6 3
Tainui Group Holdings
Annual Report
2012
2.22 Dividends
Dividend distribution to the Company Shareholder is recognised as a liability in the Company’s and the Group’s
fnancial statements in the period in which the dividends are approved by the Directors and notifed to the Company’s
Shareholder.
Provision is made for the amount of any dividend declared on or before the end of the fnancial year but not distributed at
balance date.
2.23 Current income tax
The Inland Revenue Department approved the Company as charitable for the purposes of the Income Tax Act 1994.
Accordingly, no income tax is payable. See note 3 for details of entities that have charitable status.
However some subsidiary and associate entities are taxable. In the instances where an entity is taxable, current tax is
calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable proft or loss for
the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by the reporting
date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or
refundable).
The Group is not liable for tax on profts or losses from joint ventures as all entities within the Group that are partners of a
joint venture through a joint venture agreement have charitable tax status.
2.24 Statement of cash fows
The statement of cash fows are prepared exclusive of GST. For the purposes of the statement of cash fows, 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 fnancing 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 Company and
Group and those activities relating to the cost of servicing the Company’s and Group’s equity capital.
2.25 Goods and services tax (GST)
The proft 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 fnancial position are stated net of GST, with the exception of
receivables and payables, which include GST invoiced.
3 Consolidation
Subsidiaries:
Charitable Operating Ownership and voting interest
Balance
Status
division
2012
2011
date
Raukura Moana Seafoods Limited
Yes Fisheries
100%
100%
31‑Mar
Ruakura Fee Simple Limited
Yes Property
100%
‑
31‑Mar
Ruakura Limited
Yes Property
100%
‑
31‑Mar
Tainui Auckland Airport Hotel LP
No Investment
70%
70%
31‑Mar
Tainui Auckland Airport Hotel GP Limited
No Investment
70%
70%
31‑Mar
Tainui Corporation Limited
Yes Property
100%
100%
31‑Mar
Tainui Development Limited
Yes Property
100%
100%
31‑Mar
TDL No. 1 Limited
Yes Investment
100%
100%
31‑Mar
Te Rapa 2002 Limited
Yes Property
100%
100%
31‑Mar
TGH No. 1 Limited
No Investment
100%
100%
31‑Mar
The Base Limited
Yes Property
100%
100%
31‑Mar