Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 121 FINANCIAL INFORMATION PART Notes to the Financial Statements Figures in Rand 2023 2022  Taxation (continued) Tax effect of adjustments on taxable income Originating temporary difference 3 475 541 2 151 289 Non‑deductible difference 599 738 571 875 Prior year under‑/overprovision 3 994 2 400 Reduction in deferred tax due to rate change – 100 858 680 271 576 510  Employee benefit obligations Defined contribution plan It is the policy of the entity to provide retirement benefits to all its employees. Entitlement to retirement benefits is governed by the rules of the Allan Gray Retirement Annuity Fund, which is a defined contribution retirement annuity fund. The entity has no legal or constructive obligation to pay for future benefits. The responsibility vests with the Allan Gray Retirement Annuity Fund. The entity is under no obligation to cover any unfunded benefits. The total economic entity contribution to such schemes 8 333 385 6 138 371  Operating deficit Operating deficit for the year is stated after accounting for the following: Gain or (loss) on disposal of assets (3 461) 16 085 Amortisation on intangible assets 8 124 993 8 251 054 Depreciation on property, plant and equipment 2 267 428 888 012