Page 245 - Capricorn IAR 2020

Group
Company
2020 INTEGRATED ANNUAL REPORT
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
29. DEFERRED INCOME TAX (continued)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
2020 N$’000
2020 N$’000
24,345
81,439
28,890 89,215
–
–
105,784
147,087
118,105
141,085 84,522
8,974
–
13,443
1,743
160,530
225,607
10,717
2019 N$’000
2019 N$’000
– –
–
22,376 –
22,376
2019 N$’000
–
– – – – –
–
– – –
–
– – –
– –
– –
– –
Deferred tax liability
Current Non-current
Total
Deferred tax asset
Current Non-current
Total
30. POST-EMPLOYMENT BENEFITS
30.1 Severance pay liability
A valuation was performed for 30 June 2020 by an independent actuary on the Group’s liability with respect to severance pay. The benefit is not funded.
The amount recognised in the statement of financial position is determined as follows:
Present value of unfunded obligation (non-current)
The movement in the severance pay obligation over the year is as follows:
As at 1 July
Current service costs
Interest cost Past service cost Benefits paid
As at 30 June
The amounts recognised in the statement of comprehensive income are as follows: Current service costs
Past service cost
Interest cost
Group
2020 N$’000
14,929
12,232 1,044 1,095
558 –
14,929
1,044 558 1,095
2,697
Company
2019 N$’000
12,232
2020 N$’000
1,149
11,440 1,302 965 –
(1,475)
1,149
–
–
–
–
12,232
1,302 – 965
1,149
1,149
–
–
2,267
565 636
750 845
%
8.5 5.4 6.4
1,149
%
7.0
2.5
3.5
54
59
477 537
80
88
80
88
The principal actuarial assumptions used were as follows: %
Discount rate Inflation rate Salary increases
The following sensitivity of the overall liability to changes in principal assumption is:
Salary increase 1% lower per annum
Salary increase 1% higher per annum
Inflation increase 1% lower per annum Inflation increase 1% higher per annum
Discount increase 1% lower per annum Discount increase 1% higher per annum
7.0 2.5 3.5
622 686
676 745
676
745
243