SAMPRAS LIMITED

EXTRACTS OF STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE

2012 2011 2010

R'000 R'000 R'000

Profit/(Loss) before Taxation (given) 35,200.00 (26,700.00) 25,000.00

Taxation 9,949.40 (6,538.00) 6,242.60

25,250.60 (20,162.00) 18,757.40

Profit/(Loss) is stated after taking into

account the following:-
- Dividend Received 600.00 500.00 800.00
- Depreciation (16,500.00) (18,200.00) (16,200.00)
- Profit on sale of land - - 3,000.00
- Profit on sale of plant 250.00
- Goodwill impaired - (5,000.00) -
- VAT penalty (800.00) - -
- Fair value adjustments to shares (150.00) 300.00 210.00

TAXATION
Current 10,470.60 3,963.40
Deferred iro temporary differences (3,658.20) (3,424.40) 2,279.20
Deferred iro assessed loss (created) reversed 3,113.60 (3,113.60)
Rate change on financial instruments 23.40 - -
9,949.40 (6,538.00) 6,242.60

TAX RECONCILIATION
28% 28% 28%

Statutory Charge/(Relief) 9,856.00 (7,476.00) 7,000.00

Exempt Income - Dividends (168.00) (140.00) (224.00)
Capital Gain - - (504.00)
Exempt portion of fair value gain/(loss) 14.00 (42.00) (29.40)
Goodwill written off - 1,120.00 -
VAT penalty 224.00 - -
Rate Change 23.40 -
Charge per Income Statement 9,949.40 (6,538.00) 6,242.60

Effective tax charge 28.26% (24.48%) 24.97%

SAMPRAS LIMITED
WORKINGS
TAX COMPUTATION
2012 2011 2010
Profit/(Loss) (given) 35,200 -26,700 25,000
Permanent Differences
Dividend receied (given) -600 -500 -800
Land profit -3,000
50% of land CGT 2400= [(3000+500)-1100] 1,200
Fair value gain portion perm difference **
33.4 or 50% fair value on shares 50 -150 -105
Goodwill 4,000
VAT penalty 800
Total Permanent 250 3,350 -2,705

Temporary differences
Depreciation 16,500 18,200 16,200
Wear and tear -3,625 -6,150 -24,250
Provision for doubtful debts (add back exp.) 120 40 20
Section 11(j) prior (add back prior yr) 90 80 75
Section 11(j) current -120 -90 -80
Fair value shares portion temp diff ** 100 -150 -105
Profit on sale of plant (given - remove) -250
Recoupment for tax purposes 550
Total Temporary 13,065 12,230 -8,140
TAXABLE INCOME 48,515 -11,120 14,155
Assessed Loss B/Fwd -11,120
37,395
At tax rate 0.28 0.28 0.28

10,470.6 3,963.4
** fair value gain taken out - not taxable but portion exempt because taxed at CGT rate

WORKING FINANCIAL INSTRUMENT C VALUE TAX BASE DIFFER TAX

2010 (950+210) 1160 950 210 29

2011 (1160+300) 1460 950 510 71

Rate change on opening value 18,6%-14% 23

510 95
-150 28
2012 (1460-150) 1310 950 360 67
SAMPRAS LIMITED

JOURNAL ENTRIES FOR DEFERRED TAX

2010
DR Deferred Tax Expense (P/L) 2,279.20
CR Deferred Tax BS 2,279.20
(8140 temporary differences at 28%)
DR Current Normal Tax (P/L) 3,963.40
CR SARS / Receiver of Revenue 3,963.40
(on taxable income of 14155 at 28%)

2011
DR Deferred Tax BS 3,424.40
CR Deferred tax expense (P/L) 3,424.40
(iro of temporary differences 12230)

DR Deferred tax BS 3,113.60

CR Deferred Tax Expense (P/L) 3,113.60
(iro of assessed loss 11120)

2012
DR Deferred Tax Expense (P/L) 3,113.60
CR Deferred Tax (BS) 3,113.60
(iro reversing assessed loss)

DR Deferred Tax BS 3,658.20

CR Deferred tax expense (P/L) 3,658.20
(iro of temporary differences 13065)

DR Deferred Tax Expense (PL) 23.40

CR Deferred Tax (BS) 23.40
(iro rate change for financial instruments)

DR Current Normal Tax 10,470.60

CR SARS / Receiver of Revenue 10,470.60
(on taxable income of 37 395 at 28%)