| NOTES TO THE FINANCIAL STATEMENTS l NOTE 27 |
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27. |
TAXATION
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GROUP
JUNE 2013
R000 |
|
GROUP
DECEMBER 2012
R000 |
|
COMPANY
JUNE 2013
R000 |
|
COMPANY
DECEMBER 2012
R000 |
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| Major components of the taxation expense: |
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|
|
|
|
|
|
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| Current taxation |
(1 927) |
|
(601) |
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|
|
|
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| Deferred taxation |
2 240 935 |
|
(751 125) |
|
2 240 894 |
|
(750 709) |
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| Capital gains taxation |
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|
(1 443) |
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|
|
|
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| Tax for the period |
2 239 008 |
|
(753 169) |
|
2 240 894 |
|
(750 709) |
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| No provision has been made for current taxation since the company has an assessed loss for taxation purposes. |
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| Reconciliation of taxation charge |
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|
|
|
|
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| Net profit before taxation |
419 115 |
|
491 933 |
|
417 719 |
|
472 340 |
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| Permanent differences: |
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|
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| Amortisation of debenture premium |
(13 753) |
|
(136 619) |
|
(13 753) |
|
(136 619) |
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| Fair value adjustment to: |
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|
|
|
|
|
|
|
|
(331 023) |
|
(105 557) |
|
(331 023) |
|
(105 557) |
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| |
Listed property securities |
|
796 |
|
(29 483) |
|
796 |
|
(29 483) |
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|
(62 814) |
|
47 620 |
|
(62 814) |
|
47 620 |
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| Capital (loss)/profit on disposal of: |
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|
|
|
|
|
|
|
|
(25) |
|
3 328 |
|
(25) |
|
3 328 |
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| |
Listed property securities |
|
(7 832) |
|
934 |
|
(7 832) |
|
934 |
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| Impairment of subsidiary loan |
|
|
|
|
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|
18 839 |
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| Straight-lining |
(4 446) |
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|
|
(4 446) |
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| Other permanent differences |
(20 008) |
|
1 073 |
|
(20 008) |
|
1 073 |
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| Prior year income tax adjustment |
1 552 |
|
256 |
|
|
|
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| Distribution accrual - Listed property securities |
|
|
(2 142) |
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|
|
(2 142) |
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| Adjustment to assessed loss |
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|
(2 574) |
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|
|
(2 574) |
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| Capital gains taxation rate adjustment(1) |
(2 147 936) |
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|
|
(2 147 936) |
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|
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| Straight-line rental income adjustment |
(81 986) |
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|
|
(81 986) |
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|
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| Change in taxation rate |
|
|
470 604 |
|
|
|
470 604 |
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| Capital gains taxation |
10 414 |
|
13 789 |
|
10 414 |
|
12 346 |
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| Adjustment in respect of Hyprop Investments (Mauritius) |
(1 062) |
|
7 |
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| Taxation expense recognised in statements of comprehensive income |
(2 239 008) |
|
753 169 |
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(2 240 894) |
|
750 709 |
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The taxation rate applied in the reconciliations above was 28%.
(1) Hyprop converted to a REIT from 1 July 2013. Refer to . South African REITs are not subject to capital gains taxation therefore, 100% of deferred capital
gains taxation was eliminated through the statement of comprehensive income at year-end.
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| NOTES TO THE FINANCIAL STATEMENTS l NOTE 27 |
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