BANKSETA ANNUAL REPORT 2023

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2023

3. RECEIVABLES FROM NON-EXCHANGE TRANSACTIONS (continued)

2022/23

2021/22

Notes

R’000

R’000

3.1

Employer receivables Employer receivables Overpayment to employers Allowance for impairment

1 120 (519)

1 251 (534)

Net effect of SARS retrospective adjustments on affected employers

601

717

3

R1 120 000 employer receivables (2021/22: R1 251 000) was recognised as a receivable relating to the overpayment to the employers in earlier periods, and is based on the amount of such grant over payments. Of the R1 120 000 employer receivables amount, R519 000 is impaired and R601 000 is not impaired.

Reconciliation of impairment allowance on employer receivable Opening balance: Impairment of employer receivable

(534)

(535)

Change in estimate

- -

-

Addition

1

Recovered/reversed

15

-

(519)

(534)

Closing balance: Impairment allowance on employer receivable

4. RECEIVABLES FROM EXCHANGE TRANSACTIONS

2022/23

2021/22

R’000

R’000

Deposits

389

367

Staff advances and payroll receivables

91

42

Interest receivables Prepaid expenses Net other receivables

7 276 1 182

142

-

650 658

771 771

Other receivables

Allowance for impairment

(8)

-

9 588

1 321

The effect of discounting was considered and found to be immaterial.

154

PART F: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2022/23