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Aantekeninge tot die finansiële state
Notes to the financial statements
2018
R
2017
R
12. Fair value adjustment
12. Billikewaarde-aanpassing
Sanlam – Grain SA
71 270
(1 207 834)
Sanlam – Graan SA
Sanlam – Farmer Development
101 274
70 990
Sanlam – Ontwikkelende landbou
172 544
(1 136 844)
13. Finance costs
13. Finansieringskoste
Interest paid
540
41
Rente betaal
540
41
14. Cash generated through operations
14. Kontant gegenereer deur
bedrywighede
Surplus before tax
3 710 340
1 018 508
Surplus voor belasting
Adjusted for:
Aanpassings vir:
Depreciation
2 342 571
2 120 306
Waardevermindering
Dividends received
(322 681)
(1 981 217)
Dividende ontvang
Interest received
(895 318)
(1 038 938)
Rente ontvang
Finance cost
540
41
Finansieringskoste
Fair value adjustment
(172 544)
1 136 844
Billikewaarde-aanpassing
Profit on exchange differences
(7 784)
-
Wins met valutaverskille
Profit on sale of asset
(12 789)
-
Wins met verkoop van bate
Non-cash items: Provision
4 000 000
-
Nie-kontantitems: Voorsienings
Change in operating capital
Veranderings in bedryfskapitaal
Inventory
55 262
260 663
Voorraad
Trade and other receivables
(1 944 425)
1 785 509
Handels- en ander debiteure
Trade and other payables
459 758
1 014 391
Handels- en ander krediteure
7 212 930
4 316 107
15. Contingent liability
No provision has been made for taxation, as Grain SA has acted in
terms of an South African Revenue Services (SARS)’ letter dated
18 September 2006, according to which Grain SA is exempt from
income tax in terms of Section 10(1)(d)(iv)(bb) of the Act. The
letter states, however, that the exemption will be reviewed when new
regulations and legislation regarding the exemption are implemented.
Section 10(1)(d)(iv)(bb) of the Income Tax Act with effect from
on 2 November 2010 and Section 30B was implemented. Grain SA’s
tax status has not been confirmed by SARS since the Section 30B
introduction.
A contingent liability exists for a possible under payment of income
tax, as well as possible fines and interest rates. At year-end, no
recording of the possible income tax, fines and interest rates was
made in the financial statements. Clarification of the possible income
tax, fines and interest will only be obtained after the application and
consideration by SARS.
An application to SARS by management is in process to obtain tax
exemption.
15. Voorwaardelike aanspreeklikheid
Geen voorsiening is vir belasting gemaak nie, aangesien Graan SA
opgetree het in terme van 'n Suid-Afrikaanse Inkomstediens (SAID)-
skrywe, gedateer 18 September 2006, waarvolgens Graan SA
vrygestel is van inkomstebelasting ingevolge van Artikel 10(1)(d)(iv)
(bb) van die Wet. Die skrywe meld egter dat die vrystelling hersien
sal word wanneer nuwe regulasies en wetgewing met betrekking tot
die vrystelling geimplementeer word. Artikel 10(1)(d)(iv)(bb) van die
Inkomstebelatingswet is gewysig effektiewelik 2 November 2010 en
Artikel 30B is geïmplementeer. Graan SA se belastingstatus is sedert
die wetswysiging vir Artikel 30B nie deur SAID bevestig nie.
'n Voorwaardelike aanspreeklikheid bestaan ten opsigte van 'n moont-
like onderbetaling van inkomstebelasting, asook moontlike boetes en
rentes. Op jaareinde is geen teboekstelling van die moontlike inkomste-
belasting, boetes en rentes in die finansiele state gemaak nie. Uitklaring
van die moontlike inkomstebelasting, boetes en rentes sal eers verkry
word na die aansoek en oorweging deur die SAID.
'n Aansoek aan die SAID deur bestuur is in proses om die belasting
vrystellingstatus te verkry.