Notes to the annual financial statements
for the year ended 31 December 2008
| 20. | Deferred taxation | ||||||
| Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The amounts are as follows: | |||||||
| Group | Company | ||||||
| 2008 | 2007 | 2008 | 2007 | ||||
| R’000 | R’000 | R’000 | R’000 | ||||
| Deferred income tax assets | (21,682) | (14,302) | (21,052) | (14,302) | |||
| Deferred income tax liabilities | 46,592 | 91,958 | 46,327 | 91,690 | |||
| 24,910 | 77,656 | 25,275 | 77,388 | ||||
| At beginning of the year | 77,656 | 99,451 | 77,388 | 66,328 | |||
| Movement during the year attributable to temporary differences | (52,746) | (21,795) | (52,113) | 11,060 | |||
| Credited to income statement | (13,019) | (533) | (13,030) | (531) | |||
| Credited to equity on unrealised investment revaluations | (39,727) | (21,262) | (39,083) | 11,591 | |||
| At end of the year | 24,910 | 77,656 | 25,275 | 77,388 | |||
| The movement in deferred tax assets and liabilities without taking into consideration the offsetting of balances within the same tax jurisdiction is as follows: | |||||||
| At start | Charged/ (credited) to |
At end | |||
| of year | income | equity | of year | ||
| R‘000 | R‘000 | R‘000 | R‘000 | ||
| Group | |||||
| Year ended 31 December 2008 | |||||
| Property and equipment: | |||||
| Accelerated tax | (647) | (1,446) | – | (2,093) | |
| Fair value movements on: | |||||
| Available-for-sale investments | (63,413) | – | 39,087 | (24,326) | |
| Investments at fair value through income | 750 | (753) | – | (3) | |
| Other provisions | – | 9,597 | – | 9,597 | |
| Employee benefits: | |||||
| Surplus plans | (27,897) | 7,726 | – | (20,171) | |
| Post-retirement health benefit | 5,043 | 15 | – | 5,058 | |
| Leave pay and bonus accrual | 6,623 | (2,021) | – | 4,602 | |
| Others | – | – | 640 | 640 | |
| Deferred lease | 1,885 | (99) | – | 1,786 | |
| Deferred income tax (liability)/asset in balance sheet | (77,656) | 13,019 | 39,727 | (24,910) | |
| Year ended 31 December 2007 | |||||
| Property and equipment: | |||||
| Accelerated tax | (2,479) | 5 | 1,827 | (647) | |
| Fair value movements on: | |||||
| Available-for-sale investments | (82,848) | – | 19,435 | (63,413) | |
| Investments at fair value through income | (2,714) | 3,464 | – | 750 | |
| Employee benefits: | |||||
| Surplus plans | (28,485) | 589 | – | (27,896) | |
| Post-retirement health benefit | 10,336 | (5,294) | – | 5,042 | |
| Leave pay and bonus accrual | 4,854 | 1,769 | – | 6,623 | |
| Deferred lease | 1,885 | – | – | 1,885 | |
| Deferred income tax (liability)/asset in balance sheet | (99,451) | 533 | 21,262 | (77,656) | |
| Company | |||||
| Year ended 31 December 2008 | |||||
| Property and equipment: | |||||
| Accelerated tax | (647) | (1,446) | – | (2,093) | |
| Fair value movements on: | |||||
| Available-for-sale investments | (63,146) | – | 39,083 | (24,063) | |
| Investments at fair value through income | 751 | (751) | – | – | |
| Other provisions | – | 9,597 | – | 9,597 | |
| Employee benefits: | |||||
| Surplus plans | (27,897) | 7,726 | – | (20,171) | |
| Post-retirement health benefit | 5,043 | 14 | – | 5,057 | |
| Leave pay and bonus accrual | 6,623 | (2,021) | – | 4,602 | |
| Deferred lease | 1,885 | (89) | – | 1,796 | |
| Deferred income tax (liability)/asset in balance sheet | (77,388) | 13,030 | 39,083 | (25,275) | |
| Year ended 31 December 2007 | |||||
| Property and equipment: | |||||
| Accelerated tax | (652) | 5 | – | (647) | |
| Fair value movements on: | |||||
| Available-for-sale investments | (51,553) | – | (11,591) | (63,144) | |
| Investments at fair value through income | (2,714) | 3,465 | – | 751 | |
| Employee benefits: | |||||
| Surplus plans | (28,485) | 589 | – | (27,896) | |
| Post-retirement health benefit | 10,337 | (5,295) | – | 5,042 | |
| Leave pay and bonus accrual | 4,854 | 1,767 | – | 6,621 | |
| Deferred lease | 1,885 | – | – | 1,885 | |
| Deferred income tax (liability)/asset in balance sheet | (66,328) | 531 | (11,591) | (77,388) | |
