Question
Smile Limited is a manufacturing company with a 28 February year-end. The following relates to the companys tax matters: 2022: Estimated taxable income R878 700
Smile Limited is a manufacturing company with a 28 February year-end.
The following relates to the companys tax matters:
2022:
Estimated taxable income R878 700
Actual taxable income per SARS assessment: R870 200
Deffered Tax Asset 1 March: R125 200
Deferred Tax Asset 28 Feb: R155 400
2023:
Estimated taxable income R995 200
Actual taxable income per SARS assessment: n/a
Deferred Tax Asset 1 March: R155 400
Deferred Tax Asset 28 Feb: R147 800
On 28 August Smile Limited received a tax refund from SARS of R2380. Required:
Prepare the income tax expense note to the financial statements per the ifrs standards, including comparative figures, of Smile Limited for the year ended 28 February 2023.
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