| |
June 2017
R000 |
|
June 2016
R000 |
|
| Major components of the taxation expense |
|
|
|
|
| Current taxation – current year |
2 714 |
|
7 891 |
|
| – prior year |
|
|
(520) |
|
| Deferred taxation – current year |
2 538 |
|
43 636 |
|
| – prior year |
(912) |
|
(77) |
|
| Taxation for the year |
4 340 |
|
50 930 |
|
| Reconciliation of taxation charge |
|
|
|
|
| Net income before taxation at 28% |
770 357 |
|
789 065 |
|
| REIT dividend |
(455 872) |
|
(422 919) |
|
| Income exempt from tax and non-tax deductible expenses |
(322 158) |
|
(327 005) |
|
| Prior year tax adjustment |
|
|
|
|
| Income taxation |
|
|
3 657 |
|
| Deferred taxation |
(912) |
|
6 099 |
|
| Deferred taxation asset not recognised |
26 587 |
|
40 848 |
|
| Adjustment in respect of foreign tax rates |
(13 662) |
|
(38 563) |
|
| Security transfer tax |
|
|
(252) |
|
| Taxation expense recognised in statements of profit or loss and other comprehensive income |
4 340 |
|
50 930 |
|
| The taxation rate applied in the reconciliation is 28%. |
|
|
|
|
| Income exempt from tax and non-tax deductible expenses comprise the following: |
|
|
|
|
| Change in fair value: |
|
|
|
|
| Investment property |
(344 327) |
|
(353 398) |
|
| Derivative instruments |
1 421 |
|
14 891 |
|
| Financial guarantee |
45 879 |
|
|
|
| Convertible loan |
(998) |
|
3 865 |
|
| Straight-line rental income accrual |
(9 551) |
|
(24 381) |
|
| Profit on disposal of assets |
477 |
|
|
|
| Write-off of goodwill |
5 078 |
|
|
|
| Reversal of wear and tear allowances on asset sales |
(14 297) |
|
|
|
| Other |
(5 840) |
|
32 018 |
|
| Total income exempt from tax and non-tax deductible expenses |
(322 158) |
|
(327 00 |
|