for the year ended 30 September

Notes to the annual financial statements

 
        Group   Company
    Notes     2011  
Rm  
  2010  
Rm  
  2011  
Rm  
  2010  
Rm  
6.   Taxation                    
  South African current taxation:                    
  – Current year       397,7     352,2     154,7     103,8  
  – Prior year       5,5     1,8     0,1     (0,9) 
  Deferred taxation:                    
  – Current year   16     (24,3)    (18,1)    (49,9)    2,1  
  – Prior year   16     (3,9)    (0,9)    (0,3)    0,3  
  Secondary tax on companies:                    
  – Current year       49,8     39,8     39,6     37,5  
        424,8     374,8     144,2     142,8  
  Foreign taxation:                    
  – Current year       3,8     2,1          
  – Deferred taxation       (2,7)    (0,3)         
        425,9     376,6     144,2     142,8  
  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       (6,2)    (2,5)    (22,2)    (17,4) 
  Disallowable expenses       0,5     1,5     0,2     0,1  
  Secondary tax on companies       2,8     3,1     2,1     3,9  
  Capital gains tax       2,1     0,1     1,9     0,3  
  Adjustments from prior year       0,1     0,1     –     –  
  Temporary differences not recognised       (2,8)    (0,2)    (2,5)    –  
  Foreign tax rate differential       (0,3)    (0,4)         
  Net tax loss utilised       (0,2)    (0,5)    –     –  
  Effective rate of taxation       24,0     29,2     7,5     14,9  
  The group has total estimated tax losses available to be offset against future taxable income of R24,3 million (2010: R64,3 million).
Deferred taxation assets have not been raised on R19,2 million as future taxable income is uncertain.

The group has capital gains tax losses of R18,1 million (2010: R18,1 million) which can be offset against future capital gains.
Deferred taxation assets have not been raised due to the uncertainty of any future capital gains.