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Deferred tax | 12 Months Ended
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Jun. 30, 2023
Deferred tax |
Deferred tax |
12 | Deferred tax
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2023 |  | 2022 |
for the year ended 30 June | ​ | Note | ​ | Rm | ​ | Rm |
Reconciliation |  |  |  | ​ |  |  |  | ​
Balance at beginning of year | ​ | ​ |  | ​ | (20 649) |  | (16 718) | ​
Current year charge | ​ | ​ |  | ​ | (7 624) |  | (1 572) | ​
per the income statement |  | 10 |  | ​ | (7 744) |  | (2 362) | ​
per the statement of comprehensive income | ​ | ​ |  | ​ | 120 |  | 790 | ​
Reclassification from held for sale1 | ​ | ​ |  | ​ | — |  | 665 | ​
Foreign exchange differences recognised in income statement | ​ | ​ |  | ​ | (19) |  | 23 | ​
Translation of foreign operations | ​ | ​ |  | ​ | (4 130) |  | (3 047) | ​
Balance at end of year | ​ | ​ |  | ​ | (32 422) |  | (20 649) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprising | ​ | ​ |  | ​ | ​ |  | ​ | ​
Deferred tax assets | ​ | ​ |  | ​ | (37 716) |  | (31 198) | ​
Deferred tax liabilities | ​ | ​ |  | ​ | 5 294 |  | 10 549 | ​
​ | ​ | ​ |  | ​ | (32 422) |  | (20 649) | ​
| 1 | 2022 relates to deferred tax of assets that were classified as held for sale and disposed of, namely our full shareholding in Central Térmica de Ressano Garcia S.A. (CTRG), our European wax business and 30% of our equity interest in the Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO).
​
12 | Deferred tax continued
​ Deferred tax assets and liabilities are determined based on the tax status and rates of the underlying entities. The increase in deferred tax assets relates mainly to our US operations which saw an increase as a result of the weakening exchange rate and loss carry-forwards. The deferred tax liability in South Africa decreased as a result of the Synref impairment. We anticipate sufficient profits to be generated in future to utilise the deferred tax asset against. These US and SA tax losses do not expire. ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022
for the year ended 30 June | ​ | Rm | ​ | Rm
Attributable to the following tax jurisdictions | ​ | ​ |  |
South Africa | ​ | (5 054) |  | 447
United States of America | ​ | (27 973) |  | (21 462)
Germany | ​ | 1 059 |  | 1 084
Mozambique | ​ | (679) |  | (400)
Other | ​ | 225 |  | (318)
​ | ​ | (32 422) |  | (20 649)
Deferred tax is attributable to temporary differences on the following: | ​ | ​ |  | ​
Net deferred tax assets: | ​ | ​ |  | ​
Property, plant and equipment | ​ | 25 974 |  | 13 047
Right of use assets | ​ | 1 697 |  | 587
Short- and long-term provisions | ​ | (4 566) |  | (811)
Calculated tax losses | ​ | (50 580) |  | (37 953)
Financial liabilities | ​ | (270) |  | (1 930)
Lease liabilities | ​ | (2 729) | ​ | (911)
Other | ​ | (7 242) |  | (3 227)
​ | ​ | (37 716) |  | (31 198)
Net deferred tax liabilities: | ​ | ​ |  | ​
Property, plant and equipment | ​ | 7 471 |  | 17 963
Right of use assets | ​ | 338 |  | 1 617
Current assets | ​ | (604) |  | (1 376)
Short- and long-term provisions | ​ | (1 877) |  | (5 676)
Calculated tax losses | ​ | (4) |  | (47)
Financial liabilities | ​ | 107 |  | 206
Lease liabilities | ​ | (481) | ​ | (2 197)
Other | ​ | 344 |  | 59
​ | ​ | 5 294 |  | 10 549
​ 12 Deferred tax continued Deferred tax assets have been recognised for the carry forward amount of unutilised tax losses relating to the Group’s operations where, among other things, some taxation losses can be carried forward indefinitely and there is compelling evidence that it is probable that sufficient taxable profits will be available in the future to utilise all tax losses carried forward. ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
for the year ended 30 June | ​ | Rm | ​ | Rm
Calculated tax losses |  |  |  |
(before applying the applicable tax rate) |  |  |  |
Available for offset against future taxable income |  | 256 462 |  | 164 474
Utilised against the deferred tax balance |  | (251 397) |  | (160 244)
Not recognised as a deferred tax asset |  | 5 065 |  | 4 230
Calculated tax losses carried forward that have not been recognised:* |  |  |  |
Expiry within 1 year | ​ | 207 | ​ | 167
Expiry between one and five years |  | — |  | 1 085
Expiry thereafter |  | 1 307 |  | 763
Indefinite life |  | 3 551 |  | 2 215
​ |  | 5 065 |  | 4 230
| * | Included in 2023 are tax losses of R2,8 billion (2022: R1,2 billion) relating to Sasol Investment Company (Pty) Ltd mainly due to intergroup exposure on foreign currency loans.
Areas of judgement: Sasol companies are involved in tax litigation and tax disputes with various tax authorities in the normal course of business. A detailed assessment is performed regularly on each matter and a provision is recognised where appropriate. Although the outcome of these claims and disputes cannot be predicted with certainty, Sasol believes that open engagement and transparency will enable appropriate resolution thereof. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax asset can be utilised. This includes the significant tax losses incurred at our US operations and Sasol Financing International Limited where we anticipate sufficient profits to be generated in future to utilise the deferred tax asset against. These losses do not expire. The assumptions used in estimating future taxable profits are consistent with the main assumptions disclosed in note 8. Where appropriate, the expected impact of climate change was considered in estimating the future taxable profits. The provision of deferred tax assets and liabilities reflects the tax consequences that would follow from the expected recovery or settlement of the carrying amount of its assets and liabilities. ​ 12Deferred tax continued Unremitted earnings at end of year that would be subject to foreign dividend withholding tax and after tax effect if remitted Deferred tax liabilities are not recognised for the income tax effect that may arise on the remittance of unremitted earnings by foreign subsidiaries, joint operations and incorporated joint ventures. It is management’s intention that, where there is no double taxation relief, these earnings will be permanently re-invested in the Group. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
for the year ended 30 June | ​ | Rm | ​ | Rm |
Unremitted earnings at end of year that would be subject to dividend withholding tax |  | ​ | 38 910 |  | 32 268 | ​
Europe |  | ​ | 26 123 |  | 22 788 | ​
Rest of Africa |  | ​ | 4 984 |  | 2 580 | ​
Other |  | ​ | 7 803 |  | 6 900 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Tax effect if remitted |  | ​ | 1 012 |  | 724 | ​
Europe |  | ​ | 587 |  | 489 | ​
Rest of Africa |  | ​ | 399 |  | 206 | ​
Other |  | ​ | 26 |  | 29 | ​
​ Dividend withholding tax Dividend withholding tax is payable at a rate of 20% on dividends distributed to shareholders. Dividends paid to companies and certain other institutions and certain individuals are not subject to this withholding tax. This tax is not attributable to the company paying the dividend but is collected by the company and paid to the tax authorities on behalf of the shareholder. On receipt of a dividend, the company includes the dividend withholding tax in its computation of the income tax expense. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022 |
for the year ended 30 June | ​ | Rm | ​ | Rm | ​
Undistributed earnings at end of year that would be subjected to dividend withholding tax withheld by the company on behalf of Sasol Limited shareholders | ​ | 134 442 |  | 138 275 |
Maximum withholding tax payable by shareholders if distributed to individuals | ​ | 26 889 |  | 27 655 |
​ Accounting policies: The income tax charge is determined based on net income before tax for the year and includes current tax, deferred tax and dividend withholding tax. The current tax charge is the tax payable on the taxable income for the financial year applying enacted or substantively enacted tax rates and includes any adjustments to tax payable in respect of prior years. Deferred tax is provided for using the liability method, on all temporary differences between the carrying amount of assets and liabilities for accounting purposes and the amounts used for tax purposes and on any tax losses using enacted or substantively enacted tax rates at the reporting date that are expected to apply when the asset is realised or liability settled. The decrease in the South African corporate tax rate is considered substantively enacted and is effective from 1 July 2022. Deferred tax assets and liabilities are offset when the related income taxes are levied by the same taxation authority, there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis.

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