BANKSETA AR 31 AUGUST

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

10. SKILLS DEVELOPMENT LEVY INCOME FROM NON-EXCHANGE TRANSACTIONS

2021/22

2020/21

Notes

R’000

R’000

The total levy income per the Statement of Financial Performance is as follows:

72 410 72 449 72 449

Levy income: Administration

105 723

Levies received

105 674 105 674

Levies received from SARS

10.1

InterSETA transfers in

-

-

Levies accrued

49

(39)

136 775 136 849 136 849

Levy income: Employer (Mandatory) Grants

199 053

Levies received

10.1

198 960 198 960

Levies received from SARS

InterSETA transfers in

- 93

-

Levies accrued

(74)

342 373 342 556 342 556

Levy income: Discretionary Grants

500 445

Levies received from SARS

500 214 500 214

Levies received

10.1

InterSETA transfers in

- 230

-

Levies accrued

(183)

805 221

551 558

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

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