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AFRICAN DAWN Annual Report 2016

continued Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 28. Taxation Reconciliation between accounting loss and tax expense. Group Company 2016 R’000 2015 R’000 2016 R’000 2015 R’000 Accounting loss (6,944) (31,977) (4,249) (39,551) Tax at the applicable tax rate of 28% (2015: (1,944) (8,954) (1,190) (11,075) 28%) Tax effect of adjustments on taxable income Permanent difference interest and penalties SARS 317 1,281 73 936 Permanent difference Nexus loan guarantee capital in nature - 1,050 - 1,050 Permanent difference donations not allowed 2 3 - 2 Permanent difference fair value adjustment (560) 560 (560) 560 – Knife acquisition Permanent difference gain in disposal of subsidiary - (905) - - Permanent difference deemed interest 129 - - - Permanent difference fair value adjustment - - - 1,478 – investment in subs Permanent difference fair value adjustment – property in possession 920 420 - - Deferred tax assets not raised 1,170 7,580 1,677 7,049 34 1,035 - - No tax loss has been recognised as at year end as the final SARS assessments are still pending. The estimated tax loss available for set off against future taxable income is R 152,383,520 (2015: R 126,808,226). The company estimated tax loss available for set off against future taxable income is R65,450,643(2015: R58,822,361). 29. Auditors’ remuneration Fees 1,721 861 1,660 596 Tax and secretarial services - 36 - - 1,721 897 1,660 596 86 AFRICAN DAWN ANNUAL REPORT 2016


AFRICAN DAWN Annual Report 2016
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