Quote Originally Posted by Southern Lad View Post
As at 30 September 2020 TWR had tax losses of circa $90m, which a tax benefit of $25.7m had been recognised in the financial statements (assuming all recognised tax losses are NZ tax losses rather than Pacific Islands, etc.). As future profits are earned, the income statement records a tax expenses as these losses are used up. That doesn't mean any tax will be paid to IRD and therefore there won't be any imputation credit available. If TWR made a taxable income in NZ of $30m per year (whick looks about right given the NZ segment profit disclosed for 2020, adjusted for the EQC settlement write off), then it will be three years before they need to pay any tax to IRD and three years before they can attach imputation credits to dividends.
Thanks for clarifying that so well. Will check the actual statements next time instead of their presso’s which show tax. Cheers