BANKSETA AR 31 AUGUST

ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS for the year ended 31 March 2022

2.

INTANGIBLE ASSETS (CONTINUED)

The following useful lives are used in the calculation of amortisation. Category Useful lives

Depreciation rate

2 years (unless license period is different)

-

Application software

33 - 50% p.a.

3.

RECEIVABLES FROM NON-EXCHANGE TRANSACTIONS

2021/22

2020/21

Notes R’000

R’000

Employer receivables

3.1

717 717

3 570 3 570

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

3.1 Employer receivable Employer receivable

Overpayment to employers Allowance for impairment

1 251 (534)

4 105 (535)

Net effect of SARS retrospective adjustments on affected employers

717

3 570

3

R1 251 000 employer receivables (2020/21: R4 105 000) 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 251 000 employer receivables amount, R534 000 is impaired and R 717 000 is not impaired

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

(535)

(530)

Change In estimate

- 1 -

-

Addition

(5)

Recovered/reversed

-

(534)

(535)

Closing balance: impairment allowance on employer receivable

151

PART E: FINANCIAL INFORMATION | BANKSETA ANNUAL REPORT 2021/22