About us
5. Dividends paid and proposed
|
Group |
Group |
Group |
Parent |
Parent |
Parent | |
|
Proposed |
2008 |
2007 |
Proposed |
2008 |
2007 | |
| Dividends | 6 | 13 | 20 | 6 | 13 | 20 |
| Total dividends | 6 | 13 | 20 | 6 | 13 | 20 |
The Corporation is required to return its surplus to the Crown as a dividend each year. In 2008 the surplus available for dividend has been calculated after the deduction of all tax payable, which is consistent with the pre NZ IFRS practice in 2007. In May 2008 the Crown also agreed to allow the Corporation to retain $10 million of its 2008 surplus to provide funding for the Rural Housing Programme in 2009. The proposed dividend therefore represents the surplus available for dividend from the 2008 financial year, after tax payable has been deducted and after retaining $10 million to fund the Rural Housing Programme in 2009.
|
Group |
Group |
Parent |
Parent | |
|
2008 |
2007 |
2008 |
2007 | |
| Imputation credit account | ||||
| Balance at beginning of the year | 164 | 120 | 164 | 120 |
| Imputation credits attached to dividends paid during the year | (6) | (10) | (6) | (10) |
| Income tax paid/(refunded) for the year | 64 | 54 | 64 | 54 |
| Balance at end of the year | 222 | 164 | 222 | 164 |
