NOTES TO THE FINANCIAL STATEMENTS – NOTE 27 27. Taxation     GROUP June 2015 R000   GROUP June 2014 R000   COMPANY June 2015 R000   COMPANY June 2014 R000     Major components of the taxation expense                   Current taxation – current year 12 353   1 896             Current taxation – prior year 33   86       62     Deferred taxation – current year 6 637   17 725   6 637   17 885     Deferred taxation – prior year     (1 988)       (1 988)     Taxation for the year 19 023   17 719   6 637   15 959     Reconciliation of taxation charge                   Net income before taxation at 28% 1 063 608   552 807   1 075 962   509 612     REIT dividend (369 493)       (369 493)         Permanent differences (675 445)   (562 173)   (705 134)   (514 721)     Prior year taxation adjustment                      Income taxation 33   86       62        Deferred taxation     (1 988)       (1 988)     Reversal of deferred taxation on investment property disposals (9 082)       (9 082)         Deferred taxation asset not recognised 14 384   30 166       19 280     Adjustment in respect of Hyprop Mauritius (4 982)   (4 893)             REIT reversal     3 714       3 714     Controlled foreign company income         14 384         Taxation expense recognised in statements of comprehensive income 19 023   17 719   6 637   15 959     The taxation rate applied in the reconciliations was 28%.                   Permanent differences comprise the following:                   Change in fair value of:                      Investment property (673 968)   (463 651)   (673 968)   (439 226)        Straight-line rental income accrual (16 824)   (12 616)   (16 824)   (12 616)        Derivative instruments (5 476)   (1 197)   (9 981)   (1 762)     Profit on disposal of assets (6 788)   (53 413)   (6 788)   (54 524)     Gain on bargain purchase     (28 810)             African Land restructure 24 119                 Other 3 492   (2 486)   2 427   (6 593)     Total permanent differences (675 445)   (562 173)   (705 134)   (514 721)