INCOME TAX (Tables)

12 Months Ended

Jun. 30, 2023

Major components of tax expense (income) [abstract]

Components of tax expense or income including tax reconciliation and unrecognised tax


Amounts in R million	2023	2022	2021

Current tax	(286.3)	(261.6)	(423.7)
Mining tax	(253.0)	(250.2)	(423.7)
Non-Mining, company and capital gains tax	(33.3)	(11.4)	—
Deferred tax	(118.7)	(72.7)	(100.0)
Deferred tax charge - Mining tax	(121.6)	(119.9)	(104.0)
Deferred tax charge - Non-mining, company and capital gains tax	2.9	1.6	(19.1)
Deferred tax rate adjustment	—	45.6	—
Recognition of previously unrecognised income losses	—	0.4	7.8
Recognition of previously unrecognised capital losses	—	—	(1.2)
Recognition of previously unrecognised temporary differences	—	(0.4)	16.5

	(405.0)	(334.3)	(523.7)

Tax reconciliation
Major items causing the Group's income tax expense to differ from the statutory rate were:
Tax on net profit before tax at the South African corporate tax rate of 27% (2022 and 2021: 28%)	(455.3)	(408.3)	(549.9)
Rate adjustment to reflect the actual realised company tax rates applying the gold mining formula	47.6	36.4	3.7
Deferred tax rate adjustment (a)	—	45.6	—
Depreciation of property, plant and equipment exempt from deferred tax on initial recognition (b)	(16.3)	(22.2)	(21.2)
Non-deductible expenses (c)	(7.0)	(7.3)	(6.2)
Exempt income and other non-taxable income (d)	21.8	19.0	22.8
(Derecognition of previously recognised)/Recognition of previously unrecognised deductible temporary differences	—	(0.4)	16.5
(Derecognition of previously recognised)/Recognition of previously unrecognised tax losses of a capital nature	—	—	(1.2)
Utilisation of tax losses for which deferred tax assets were previously unrecognised	—	0.4	7.8
Over provided in prior periods	2.0	—	—
Current year losses for which no deferred tax asset was recognised	0.4	(1.4)	(0.1)
Other	(0.1)	3.6	3.3
Tax incentives	1.9	0.3	0.8







Income tax
Income tax	(405.0)	(334.3)	(523.7)

Deferred tax assets and liabilities


Amounts in R million	2023	2022

Included in the statement of financial position as follows:
Deferred tax assets	32.8	14.5
Deferred tax liabilities	(560.7)	(451.9)

Net deferred tax liabilities	(527.9)	(437.4)

Reconciliation of the deferred tax balance:
Balance at the beginning of the year	(437.4)	(371.3)
Recognised in profit or loss	(118.7)	(72.7)
Recognised in other comprehensive income	0.7	6.6
Recognised in equity	27.5	—

Balance at the end of the year	(527.9)	(437.4)

The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities recognised for financial reporting and tax purposes are:
Amounts in R million	2023	2022

Deferred tax liabilities
Property, plant and equipment (excluding unredeemed capital allowances)	(659.7)	(537.6)
Environmental rehabilitation obligation and other funds	(76.3)	(63.3)
Other investments	(0.6)	(0.9)

Gross deferred tax liabilities	(736.6)	(601.8)

Deferred tax assets
Environmental rehabilitation obligation	113.9	105.6
Other provisions1	81.0	49.3
Other temporary differences2	9.0	4.6
Estimated tax losses	4.8	4.1
Estimated unredeemed capital allowances	—	0.8

Gross deferred tax assets	208.7	164.4

Net deferred tax liabilities	(527.9)	(437.4)
1 Includes the temporary differences on the equity settled share-based payment
2 Includes the temporary differences on the lease liability


Deferred tax assets have not been recognised in respect of the following:

Amounts in R million	2023	2022

Estimated tax losses	17.2	18.1
Estimated tax losses - Capital nature	313.6	313.6
Unredeemed capital expenditure	252.0	252.0

Deferred tax assets for tax losses, unredeemed capital expenditure and capital losses have not been recognised where future taxable profits against which these can be utilised are not anticipated. These do not have an expiry date. A maximum of R1 million or 80% of assessed losses (whichever is greater) is permitted to be set-off per year against taxable income from fiscal year 2023 onwards.