Financial Accounting I (FAC4861/3) Rendani Muthelo 17 February 2015

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1 Financial Accounting I (FAC4861/3) Rendani Muthelo 17 February 2015

2 Income Taxes Part I

3 Objectives of the session After the session, candidates are expected to: Understand and explain the definitions relating to income taxes Discuss the current and deferred tax implications of assets and liabilities recognised on the statement of financial position Calculate the taxable income using the statement of financial position method Apply the principles relating to the measurement and recognition of taxes Prepare note disclosure relating to the income taxes 3

4 Objective and scope IAS12 prescribes the accounting treatment for income taxes The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: (a) (b) the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognised in an entity s statement of financial position; and transactions and other events of the current period that are recognised in an entity s financial statements (:0) Income taxes include all domestic and foreign taxes which are based on taxable profits (:2) IAS12 does not deal with investment tax credits (such as those provided by IDC). However, it does deal with the accounting for temporary differences that may arise from such credits (:4) 4

5 Definitions Taxable profit (tax loss) is the profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable (recoverable). In South Africa, the tax authority is SARS and taxable profit (tax loss) is the taxable income (assessed loss) Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base Taxable temporary differences result in taxable amounts in determining taxable income of future periods when the carrying amount of the asset or liability is recovered or settled Tax base of asset or liability is the amount attributed to that asset or liability for tax purposes. This is the carrying amount of the asset or liability in the financial records of the company prepared by SARS (:5) 5

6 Tax base of an asset Tax base of an asset is the amount that will be deductible for tax purposes against any taxable economic benefits that will flow to any entity when it recovers the carrying amount of the asset If those economic benefits will not be taxable, the tax base of the asset is equal to its carrying amount (:7) This is the carrying amount of the asset in the books of SARS 6

7 LE1: Tax base of an asset Consider each point independently On 1 January 2012, A Ltd acquired a new machine at a cost of R1,000. The useful life of the machine is five years. The machine is a qualifying asset in terms of S12C Credit sales during the year amount to R4,000, of which R2,800 was received during the year. The closing balance is therefore R1,200. Prepaid rental amounted to R2,000 as at the end of the year. Apply the definition of IAS12:7 to determine the tax base of the items listed above. Consider the determination of these balances in terms of Income Tax Act. 7

8 LE1SS: Tax base of an asset 8

9 Tax base of an liability Tax base of an liability is its carrying amount, less any amount that will be deductible for tax purposes in respect of that liability in future periods The tax base of revenue received in advance is its carrying amount, less any amount that will not be taxable in future periods (:8) This is the carrying amount of the liability in the books of SARS 9

10 LE2: Tax base of a liability Consider each point independently Trade payable amounted to R2,500 as at 31 December 2013 Customer paid R1,500 to the company for goods to be delivered in the following financial period. The invoice will only be issued to the customer on delivery Accrued rental amounted to R2,000 as at the end of the year Apply the definition of IAS12:8 to determine the tax base of the items listed above. Consider the determination of these balances in terms of Income Tax Act. 10

11 LE2SS: Tax base of a liability 11

12 Tax base: special cases There are some items that have a tax base but are not recognised as assets and liabilities in the statement of financial position (:9) e.g. CA Ltd spent R100,000 on research and development. R40,000 was attributable to research expenditure and the balance was in relation to the development of a prototype. All the development costs qualified for capitalisation in terms of IAS38 Intangibles. Amounts spent on research and development is capitalised for the purposes of SARS. Tax bases at a consolidated financial statements level. For our purposes, the tax bases of the individual entities incorporating the group are applicable (:10) 12

13 Temporary differences The difference between the carrying amount and tax base arising during the year will need to reverse in the future in order to be considered a temporary difference These differences may arise when income or expense is included in accounting profit in one period but is included in taxable profit in a different period and are often described as timing differences (:17) These differences may also arise when: the assets and liabilities in a business combination are recognised at their fair value but no equivalent adjustment is made by SARS assets are revalued and no equivalent adjustment is made by SARS goodwill arising in a business combination the tax base on initial recognition differs from initial carrying amount (:18 23) 13

14 LE3: Calculation of taxable income CA Ltd has a year end of 31 December. The company was incorporated on 1 January 2013 and the following information pertains to the company since its incorporation: All amounts are in Rands 31/12/ /12/2014 Revenue 800, ,000 Operating expenses (350,000) (550,000) Profit before tax 450, ,000 Notes 1) Revenue included the following: On 1 December 2013, CA Ltd delivered goods to the value of R150,000. The goods were only paid for in January On 1 November 2014, goods to the value of R200,000 were delivered to a client who indicated that he will pay for the goods on 31 March ) Operating expenses included: Annual depreciation on manufacturing machine. The cost of the machine was R500,000 when it was acquired new and unused on 1 January The useful life of machine was 4 years with a residual value of Rnil. The machine qualifies for S12C allowances in terms of the Income Tax Act. Development costs amounting to R80,000 were capitalised on 31 December 2014 as an intangible with a useful life of 2 years. SARS granted the full amount as a deduction in the year in which the costs were incurred. Calculate the taxable income of CA Ltd in 2013 and 2014 years of assessment using the statement of financial position method. 14

15 LE3SS: Calculation of taxable income 15

16 IAS12.15 exemption principle A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from: (a) (b) the initial recognition of goodwill; or the initial recognition of an asset or liability in a transaction in which: is not a business combination; and at the time of the transaction, affects neither accounting profit nor taxable income (assessed loss) (:15) Examination note: All items falling the IAS12.15 exemption shall be included as part of the tax reconciliation note 16

17 LE4: IAS12.15 exemption Consider each point independently The entity acquired a new asset at an amount of R120,000. The useful life of the asset is 3 years. SARS has indicated that it will not grant the entity any tax allowances on the asset R50,000 was on spent on the development of an intangible asset. The intangible asset has a useful life of 2 years while SARS grants a 100% deduction in the year that the cost is incurred R80,000 was on spent on the development of an intangible asset qualifying for S11D special allowances. The intangible asset has a useful life of 2 years while SARS grants a 150% deduction over a period of 3 years Assuming a tax rate of 30% is applicable, calculate the deferred tax liability or asset for each of the items above ASSUME: The date of initial recognition (i.e. the date on which the above transactions are entered into is the last date of the year of assessment / financial year end) 17

18 LE4SS: IAS12.15 exemption 18

19 Measurement of deferred tax Current tax for the current and prior periods shall be measured using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period (:46) Deferred tax assets and liabilities shall be measured at the tax rates expected to apply on date of recovery of the asset or settlement of the liability (:47) The measurement shall reflect the tax consequences that reflect the manner of recovery or settlement (:51) Special cases The measurement of deferred tax for a non-depreciable asset (e.g. land) measured using the revaluation model shall reflect the tax consequences of recovering the carrying amount through sale, regardless of the basis of measuring the carrying amount (:51B) Investment property measured at fair value will be recovered through sale (:51C) Deferred tax assets and liabilities shall not be discounted (i.e. no present value of deferred tax) (:53 54) 19

20 LE5: Measurement of deferred tax Consider each scenario independently The current tax rate is 30%. The Minister of Finance recently announced that the tax rate will reduce from 30% to 28%. Scenario A B Year end date 31 March March 2014 Announcement date 14 February February 2014 Effective date 31 March April 2014 Discuss the appropriate tax rate for the calculation of the deferred tax balance and the current tax expense. Assume that the announcement date is the date when the tax rates are substantively enacted for the purpose of this question. No future tax rate changes are expected. 20

21 LE5SS: Measurement of deferred tax 21

22 Recognition of deferred tax Accounting for the current and deferred tax effects of a transaction or other event is consistent with the accounting for the transaction of event itself (:57) Items recognised in profit and loss Income tax shall be recognised as income or an expense and included in profit or loss for the period, except to the extent that it arises from: a transaction or event recognised either in OCI or equity; e.g. a change in carrying arising from the revaluation of property (OCI); exchange differences arising on the translation of the financial statements of a foreign operation; an adjustment to the opening balance of retained earnings resulting from either a change in accounting policy or correction of error that is applied retrospectively; and amounts arising on initial recognition of the equity component of a compound financial instrument (:62 62A) a business combination (:58) The carrying amount of deferred tax assets and liabilities may change even when there is no change in the amount of the related temporary difference as a result of a change in the tax rates or tax laws, a reassessment of the recoverability of deferred tax assets or a change in the expected manner of recovery (:60) 22

23 LE6: Recognition of deferred tax CA Ltd has a factory building situated at Midrand. The building was acquired at a cost of R1 million on 1 January The useful life of the factory building is 20 years. SARS grants allowances over a period of 10 years. The cost model is applied to the factory building. The land on which the building is situated was also acquired on the date that the factory building was acquired. The cost of the land was R400,000 on the acquisition date. Land is carried on the revaluation model and on 31 December 2013 the land was revalued for the first time to its fair value by R150,000. SARS does not grant any wear and tear allowances on the land. On 1 April 2014, the income tax rate decreased from 30% to 28% for companies with a year of assessment ending on or after 1 April A CGT rate of 66.6% has always been applied. Calculate the income tax movement for the year ended 31 December 2014, clearly indicating where the movement would be recognised in. 23

24 LE6SS: Recognition of deferred tax 24

25 Disclosure requirements The major components of tax expense (income) shall be disclosed separately (:79) These components may include: (a) (b) (c) (d) (e) (f) (g) (h) Current tax expense (based on the Income Tax Act) Under- or over-provision of current tax Deferred tax resulting from originating and reversal of temporary differences Deferred tax resulting from the change in the tax rate Deferred tax resulting from unrecognised assessed loss credits that is used to reduce current tax expense Deferred tax resulting from unrecognised assessed loss credits that is used to reduce deferred tax expense Deferred tax resulting from a write-down, or reversal of previously write-down of deferred tax asset The tax expense relating to a change in accounting or correction of prior period error that could be accounted for retrospectively (:80) 25

26 Disclosure requirements (2) The following shall also be disclosed separately: (a) The aggregate current and deferred tax relating to items that are charged or credited directly to equity (b) The amount of income tax relating to each component of other comprehensive income (c) A tax reconciliation note (i) in numerical form or (ii) in percentage form (d) An explanation of the change in tax rates and also the tax that applied in the prior period (e) The amount of deductible temporary differences and assessed losses for which no deferred tax asset is recognised in the statement of financial position (f) Not part of our CTA syllabus (g) In respect of each type of temporary difference: (i) the amount of deferred tax assets and liabilities recognised in the statement of financial position; and (ii) the amount of the deferred tax income or expense in profit or loss, if this is not apparent from the changes in the amount recognised in the statement of financial position (:81) 26

27 LE7: Deferred tax disclosure CA Ltd has a year end of 31 December. The financial accountant is in the process of finalising the taxation disclosure note for the year ended 31 December During the most recent year ended 31 December 2014 CA Ltd generated a profit before tax of R8 million. The profit before tax include the following items: Dividend income of R300,000 (exempt from SA Income Tax) Donations amounting to R60,000 (non-deductible expense for SA Income Tax) Foreign income before tax of R200,000. The foreign income is taxed at 35% and this income is then exempt from income tax in South Africa Depreciation on a S12C machine of R500,000 Depreciation on non-manufacturing building of R120,000 (non-deductible for tax purposes) The taxable temporary difference on 31 December 2014 was R3 million (2013: R2.8 million). There were no items that were recognised outside profit or loss in 2013 and On 1 April 2014, the income tax rate decreased from 30% to 29% for companies with a year of assessment ending on or after 1 April A CGT rate of 66.6% has always been applied. Prepare a tax note disclosure of CA Ltd for the year ended 31 December Use the statement of financial position method to calculate the taxable income. 27

28 LE7SS: Deferred tax disclosure 28

29 LE7SS: Deferred tax disclosure 29

30 Income Taxes Part II

31 Definitions Deferred tax assets are the amounts of income taxes recoverable in future periods as a result of: a) deductible temporary differences; b) the carryforward of unused tax losses; and c) the carryforward of unused tax credits Deductible temporary differences result in amounts that are deductible in determining taxable income of future periods when the carrying amount of the asset or liability is recovered or settled Tax base of asset or liability is the amount attributed to that asset or liability for tax purposes. This is the carrying amount of the asset or liability in the financial records of the company prepared by SARS (:5) 31

32 LE8: Deductible temporary differences Consider each point independently C Ltd sold goods amounting to R10,000. On the date of sale, C Ltd recognised a liability of R2,000 for accrued product warranty costs. Accrued rental amounting to R1,500 was recognised as at the reporting date. An entity incurred research costs of R3,000. SARS capitalises research costs and grants allowances equivalent to the cost of the asset over a two year period. C Ltd acquired a machine costing R20,000. C Ltd depreciates the asset over a period of five years. SARS grants allowances equivalent to 150% over a period of four years. Assuming a tax rate of 30% is applicable, calculate the deferred tax liability or asset for each of the items above 32

33 LE8SS: Deductible temporary differences 33

34 Exemption principle revisited A deferred tax asset shall be recognised for all deductible temporary differences to the extent that it is probable that taxable income will be available against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial recognition of an asset and liability in a transaction that: a) is not a business combination; and b) at the time of the transaction, affects neither accounting profit nor taxable income (assessed loss) (:24) 34

35 IAS12:24 - Sufficient taxable income The reversal of deductible temporary differences results in deductions in determining taxable income of future periods However, economic benefits in the form of reductions in tax payments will flow to the entity only if it earns sufficient taxable income against which the deductions can be offset Therefore, an entity recognises deferred tax assets only when it is probable that taxable income will be available against which the deductible temporary difference can be utilised (:27) 35

36 IAS12:24 - Sufficient taxable temporary difference It is probable that taxable income will be available against which a deductible temporary difference can be utilised when there are sufficient taxable temporary differences In such circumstances, the deferred tax asset is recognised in the period in which the deductible temporary differences arise (:28) 36

37 Limitation on the deferred tax asset When there are insufficient taxable temporary differences, the deferred tax asset is recognised to the extent that: It is probable that the entity will have sufficient taxable income in the same period as the reversal of the deductible temporary difference (:29) 37

38 LE9: Sufficient taxable income CA Ltd incurred rental expenses of R100,000 during the most recent financial year ended 31 December CA Ltd agreed with the landlord that it would pay the rental on 15 January SARS has indicated that it will only grant CA Ltd the deduction when CA Ltd pays the rental owing to the landlord. There are no taxable temporary differences that are expected to reverse in the future. Income tax rate is 30%. Calculate the deferred tax asset for each of the following scenario: a) CA Ltd expects to generate taxable income of R250,000 in the foreseeable future b) CA Ltd expects to generate taxable income of R70,000 in the foreseeable future 38

39 LE9SS: Sufficient taxable income 39

40 LE10: Sufficient taxable temporary difference CA Ltd incurred rental expenses of R100,000 during the most recent financial year ended 31 December CA Ltd agreed with the landlord that it would pay the rental on 15 January SARS has indicated that it will only grant CA Ltd the deduction when CA Ltd pays the rental owing to the landlord. CA Ltd expects to generate taxable income of R70,000 in the foreseeable future. The carrying amount of the manufacturing machine is R150,000. Income tax rate is 30%. Calculate the deferred tax asset for each of the following scenario: a) The tax base of the machine is R150,000 b) The tax base of the machine is R140,000 c) The tax base of the machine is R60,000 40

41 LE10SS: Sufficient taxable temporary difference 41

42 LE10SS: Sufficient taxable temporary difference 42

43 Unused tax losses and unused tax credits A deferred tax asset shall be recognised for the carryforward of unused tax losses and unused tax credits to the extent that it is probable that future taxable income will be available against which the unused tax losses and unused tax credits can be utilised (:34) The criteria for recognising deferred tax assets arising from the carryforward of unused tax losses and tax credits are the same as the criteria for recognising deferred tax assets arising from deductible temporary differences However, the existence of unused tax losses is strong evidence that future taxable income may be not available (:35) 43

44 LE11: Unused and assessed tax losses CA Ltd acquired a new machine on 1 January 2011 at a total cost of R100,000. The machine is depreciated over a period of five years while SARS grants allowances as follows: 50%, 25% and 25% over a three year period. CA Ltd does not have other assets or liabilities. On 31 December 2011, CA Ltd has unused tax losses of R40,000. This was the first time that CA Ltd filed for a tax loss. The profit and loss generated by CA Ltd over the three year period follows: 31 December 2011 Loss: R10, December 2012 Profit: R35, December 2013 Profit: R55,000 As at 31 December 2011, there were uncertainty around CA Ltd s ability to generate future taxable income. On 31 December 2012 and 2013, it was probable that future taxable income would be generated 44

45 LE11SS: Unused and assessed tax losses 45

46 LE11SS: Unused and assessed tax losses 46

47 Reassessment of unrecognised deferred tax assets At the end of each reporting period, an entity reassess unrecognised deferred tax assets The entity recognises a previously unrecognised deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered (:37) 47

48 Disclosure relating to deductible temporary difference The major components of tax expense (income) shall be disclosed separately (:79) These components may include: (a) (b) (c) (d) Current tax expense (based on the Income Tax Act) Under- or over-provision of current tax Deferred tax resulting from originating and reversal of temporary differences Deferred tax resulting from the change in the tax rate (e) Deferred tax resulting from unrecognised assessed loss credits that is used to reduce current tax expense (f) Deferred tax resulting from unrecognised assessed loss credits that is used to reduce deferred tax expense (g) Deferred tax resulting from a write-down, or reversal of previously (h) write-down of deferred tax asset The tax expense relating to a change in accounting or correction of prior period error that could be accounted for retrospectively (:80) 48

49 Disclosure relating to deductible temporary difference The following shall also be disclosed separately: (a) (b) (c) (d) The aggregate current and deferred tax relating to items that are charged or credited directly to equity The amount of income tax relating to each component of other comprehensive income A tax reconciliation note (i) in numerical form or (ii) in percentage form An explanation of the change in tax rates and also the tax that applied in the prior period (e) The amount of deductible temporary differences and assessed losses for which no deferred tax asset is recognised in the statement of financial position (f) Not part of our CTA syllabus (:81) 49

50 Disclosure relating to deductible temporary difference The following shall also be disclosed separately: (g) In respect of each type of temporary difference: (h) (i) the amount of deferred tax assets and liabilities recognised in the statement of financial position; and (ii) the amount of the deferred tax income or expense in profit or loss, if this is not apparent from the changes in the amount recognised in the statement of financial position In respect of discontinued operations, the tax expense relating to: (i) the gain or loss on discontinuance; and (ii) the profit or loss from the ordinary activities of the discontinued operation for the period, together with corresponding amounts for each period presented (:81) 50

51 Other issues Dividends tax Circular 3/2011 Impact of the dividends tax on deferred tax assets arising from unutilised STC Dividends Tax will have the effect that STC credits no longer serve to reduce a company s tax obligation and therefore will be held solely for the benefit of the company s shareholders This implies that a deferred tax asset will not be recognised in respect of the carryforward of STC credits as it no longer provides a benefit to the company AC502 substantively enacted tax rates and tax laws 51

52 Thank you Presenter s details

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