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AFRICAN DAWN ANNUAL REPORT 14

Notes to the Financial Statements continued Group Company 2014 2013 2014 2013 R '000 R '000 R '000 R '000 26. Taxation Major components of the tax expense Current Local income tax - current period 407 166 - - Reconciliation of the tax expense Reconciliation between accounting profit and tax expense. Accounting loss (16,719) (4,107) (3,831) (5,386) Tax at the applicable tax rate of 28% (2013: 28%) (4,681) (1,150) (1,073) (1,508) Tax effect of adjustments on taxable income Tax losses carried forward 5,088 1,316 1,073 1,508 407 166 - - No tax loss is being recognised at year end as final assessments are still pending. The estimated tax loss available for set off against future taxable income is R 119,952,871 (2013:R 142,857,224). 27. Auditors' remuneration Fees 486 544 349 448 28. Operating lease For the current financial period and future periods there are no contingent rents or sublease agreements. All the leases relate to premises in Gauteng and Kwazulu Natal including Micro Finance front offices. Future minimum operating lease payments are as follows: The group’s future minimum operating lease payments are as follows: - Within one year 2,088 3,074 1,862 1,712 - Second to fifth year - 2,874 - 1,862 2,088 5,948 1,862 3,574 AFRICAN DAWN 6 2 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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