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Tax2601 assignment 6 semester 2 Due 13 November 2023
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Tax2601 assignment 6 semester 2 Due 13 November 2023
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TAX2601 Assignment 6 Semester 22023
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11/8/23, 12:47 PM Assessment 6: Attempt review
UNISA 2023 TAX2601-23-S2 Assessment 6
QUIZ
Started on .2142 1/9 ,582302
State Finished
Completed on .2142 1/9 ,582302
Time taken 1 hour
Marks
out of 100.00
Question 1
Complete
Mark 3.00 out of 3.00
Assume the following taxpayer information: The taxpayer is a South African
manufacturing company (not a small business corporation as de ned) with a
31 March 2023 year of assessment. Calculate the "20% rule" with regards to
establishing a valuation date value as at 1 October 2001 for purposes of capital
gains tax for the factory BELOW.
a. R585 060
b. R160 800
c. R182 400
d. R204 000
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Question 2
Complete
Mark 3.00 out of 3.00
Assume the following taxpayer information: The taxpayer is a South African
manufacturing company (not a small business corporation as de ned) with a
31 March 2023 year of assessment. Calculate the base cost for purposes of
capital gains tax for the o ce building BELOW. Assume paragraph 26 of the 8th
Schedule applies.
a. R1 535 000
b. R1 585 000
c. R1 500 000
d. R1 550 000
Question 3
Complete
Mark 2.00 out of 2.00
Ngwenya (Pty) Ltd experienced a couple of breakins at the shop. The company
acquired a watchdog for R8 000. The dog food expense for the watchdog of
R14 200 were incurred for the 28 February 2023 year of assessment. The
watchdog had to visit the vet during the 2023 year of assessment at a cost of
R2 100. What amount can Ngwenya (Pty) Ltd deduct for tax purposes with
regards to the above costs incurred for the 2023 year of assessment?
a. R nil
b. R22 200
c. R24 300
d. R16 300
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11/8/23, 12:47 PM Assessment 6: Attempt review
Question 4
Complete
Mark 2.00 out of 2.00
On 1 February 2020, Ubuntu (Pty) Ltd acquired a new non-manufacturing asset
for R300 000. The asset was brought into use immediately. On 30 April 2022 the
asset was sold for R50 000 cash. Calculate any recoupment or scrapping
allowance for Ubuntu (Pty) Ltd on this machine for the 2023 year of
assessment ending 28 February. Assume Ubuntu (Pty) Ltd is not a Small
Business Corporation, as de ned in the Act. In terms of Binding General Ruling
No. 7, an acceptable write-off period for this asset would be three (3) years.
a. R50 000 recoupment
b. R25 000 recoupment
c. R(25 000) scrapping allowance
d. R(125 000) scrapping allowance
Question 5
Complete
Mark 3.00 out of 3.00
Assume the following taxpayer information: The taxpayer is a South African
manufacturing company (not a small business corporation as de ned) with a
31 March 2023 year of assessment. Calculate the taxable capital gain/(loss) for
the current year of assessment taking the BELOW information into account.
a. R76 000
b. R38 000
c. R30 400
d. R12 400
Question 6
Complete
Mark 1.00 out of 1.00
Which of the following is incorrect with regards to Provisional Tax?
a. Certain individuals who have income other than remuneration above a
certain amount are subject to provisional tax
b. Provisional tax is a mechanism for the advanced collection of normal
tax from taxpayers
c. Certain companies are provisional taxpayers
d. Provisional tax is not a separate tax, but a method of tax collection.
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