Notes to the annual financial statements

for the year ended 30 September

 
 
    Group   Company
    2010  
Rm  
  2009  
Rm  
  2010  
Rm  
  2009  
Rm  
6.   TAXATION                
  South African current taxation:                
  – Current year   352,2     333,6     103,8     74,1  
  – Prior year   1,8     13,4     (0,9)    (8,9) 
  Deferred taxation:                
  – Current year (refer to note 16 (18,1)    13,2     2,1     30,6  
  – Prior year (refer to note 16 (0,9)    (38,4)    0,3     (16,3) 
  Secondary tax on companies:                
  – Current year   39,8     48,3     37,5     34,5  
    374,8     370,1     142,8     114,0  
  Foreign taxation:                
  – Current year   2,1     4,2     —     —  
  – Deferred taxation   (0,3)    —     —     —  
    376,6     374,3     142,8     114,0  
                 
    Group   Company
    2010  
  2009  
  2010  
  2009  
  Tax rate reconciliation   %     %     %     %  
  South African normal tax rate   28,0     28,0     28,0     28,0  
  Movement in rate of taxation due to:                
  Dividends received and other exempt income   (2,5)    (7,8)    (17,4)    (22,1) 
  Disallowable expenses   1,5     0,5     0,1     0,2  
  Secondary tax on companies   3,1     3,1     3,9     3,2  
  Capital gains tax   0,1     2,2     0,3     3,5  
  Adjustments from prior year   0,1     (1,6)    —     (2,3) 
  Temporary differences not recognised   (0,2)    (0,2)    —     —  
  Foreign tax rate differential   (0,4)    (0,1)    —     —  
  Net tax loss (utilised)/arising   (0,5)    0,1     —     —  
  Effective rate of taxation   29,2     24,2     14,9     10,5  
  The group has total estimated tax losses available to be offset against future taxable income of R64,3 million (2009: R29,7 million). Deferred tax assets have not been raised unless future taxable income is probable.  
  The group has capital gains tax losses of R18,1 million (2009: R36,0 million) which can be offset against future capital gains.
Deferred tax assets have not been raised due to the uncertainty of any future capital gains.