Page 145 - DUT Annual Report 2020

DURBAN UNIVERSITY OF TECHNOLOGY
NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
9. RETIREMENT BENEFIT OBLIGATIONS (continued) 9.2 Post-retirement medical aid benefits (continued)
Sensitivity analysis on the defined benefit obligation/statement of profit or loss:
Health care inflation
Discount rate
Post-retirement mortality
Post-retirement mortality
Average retirement age
Continuation of membership at retirement
Based on present assumptions, the actuary’s best estimate of the University’s expected contribution to the defined benefit medical aid plan in 2021 approximates R 9.262 million (2019: 9.062m). This represents the best estimate of the short term portion in 2021.
10. DEFERRED TAX
Deferred tax asset Deferred tax liabilities
2020
Deferred tax is made up as follows:
Property, plant and equipment Rent expense accrual Assessed losses
2019
Deferred tax is made up as follows:
Property, plant and equipment Rent expense accrual Assessed losses
Balance 31/12/2019
23 (1 977) (1 954)
Charged through surplus or deficit
414 (2 579) (2 165)
Balance 31/12/2020
R’000
(1 988) 34 - (1 954)
Balance 31/12/2019
DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
2020 2019 Assumptions Decrease R’000 R’000
Increase/
1% 15 109 -1% (12 846) 1% (12 927) -1% 15 425 +1year (4 818) -1year 4 840 year 3 514 -10% 4 221
16 744 - 5 127 3 709 (4 838)
16 347 (13 812) (13 394)
2020 2019 R’000 R’000
R’000 R’000
(2 228) 240 19 15 44 (44)
(2 165) 211
Balance Charged 31/12/2018 through
surplus or deficit
R’000 R’000 R’000
(2 242) (3) 430
14 (2 228) 19 19
(1 812) (353)
386
44
(2 165)
A deferred tax asset has been raised on the assessed losses of DUT’s subsidiary based on the reasonable expectation that taxable profits will accrue from external parties rental income anticipated to increase in the near future.
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