BANKSETA ANNUAL REPORT 2023

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

10. SKILLS DEVELOPMENT LEVY INCOME FROM NON-EXCHANGE TRANSACTIONS

2022/23

2021/22

Notes

R’000

R’000

The total levy income per the statement of financial performance is as follows: Levy income: Administration

122 884 122 884 122 884

105 723 105 674 105 674

Levies received

Levies received from SARS

10.1

InterSETA transfers in

- -

-

Levies accrued

49

234 024 234 024 234 024

199 053 198 960 198 960

Levy income: Employer (mandatory) grants

Levies received

10.1

Levies received from SARS

InterSETA transfers in

- -

-

Levies accrued

93

579 348 579 348 579 348

500 445 500 214 500 214

Levy income: Discretionary grants

Levies received from SARS

Levies received

10.1

InterSETA transfers in

- -

-

Levies accrued

230

936 256

805 221

Total levies income

10.1 Adjustments to levy revenue Prior year levy adjustments are reversals of levy income recognised in prior years. These adjustments may arise from SARS own internal review processes or objections/appeal processes and restatements made by the levy payer. SARS and DHET inform the SETA about levies received and any levy reversals through the levy download files. SARS reverses the levies sent to the SETA in prior years for the impacted levy payers, and pays the SETA current year levies net of all prior year reversals. Such levy reversals or adjustments are treated as changes in accounting estimates and adjusted prospectively.

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BANKSETA ANNUAL REPORT 2022/23