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AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued Group Company 2015 R’000 2014 R’000 AFRICAN DAWN 97 ANNUAL REPORT 2015 2015 R’000 2014 R’000 30. Taxation (continued) Deferred Temporary difference on Knife Capital assessed loss utilized 54 - - - Temporary difference on deferred income (77) - - - Temporary difference leave pay accrual (51) - - - Originating on amortisation of Knife Capital (339) - - - intangible assets (413) - - - 1,035 407 - - Reconciliation of the tax expense Reconciliation between accounting loss and tax expense. Accounting loss (31,977) (21,423) (39,552) (3,831) Tax at the applicable tax rate of 28% (2014: 28%) (8,954) (5,998) (11,075) (1,073) Tax effect of adjustments on taxable income Non-deductible amount- interest and penalties SARS 1,281 - 936 - Non-deductible amount - Nexus loan guarantee capital in nature 1,050 1,050 Non-deductible amount - donations not allowed 3 8 2 Non-deductible amount - fair value adjustment – Knife acquisition 560 560 Non-taxable amount - gain on disposal of subsidiary (905) Non-deductible amount – loss on non current asset held for sale 87 Non-deductible amount – fair value adjustment – Property Peranent 420 Non-deductible amount – fair value adjustment – investment in sub Scandlesubs 1,478 Deferred tax assets not recognised 7,580 6,310 7,048 1,073 1,035 407 - - 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 126,808,226 (2014: R 149,649,356). The Company estimated tax loss available for set off against future taxable income is R58,822,361 (2014: R51,960,289).


AFRICAN DAWN 2015 Annual Report
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