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TAX2601_Assignment_4__COMPLETE_ANSWERS__Semester_2_2023
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Exam of 95 pages for the course TAX2601 at University of South Africa (100% SURE)
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TAX2601Assignment 4 semester 2 2023
(complete answers)due to 9
octomber 2023
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4/26/23, 10:29 PM Assessment 4: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
MENU
On 1 February 2023, Ubuntu (Pty) Ltd acquired a new machine for R800 000. The machine was brought into use the same day in a process of
Dashboard / Calculate
manufacture. Coursesthe
/ capital
UNISA /allowance
2023 / toSemester 1 /byTAX2601-23-S1
be claimed Ubuntu (Pty) Ltd/ on
TAX2601 Homefor
this machine Page / Assessment
income 4 for the 2023 year of
tax purposes
assessment ending 28 February. Assume Ubuntu (Pty) Ltd is not a Small Business Corporation, as defined in the Act.
a. R320 000
b. R800 000
c. R160 000
d. R26 667
Question 4
Complete
Mark 1.00 out of 1.00
The following are the transactions of Bhekisizwe for the current year of assessment ended 28 February 2023:
Gross income R945 764
Deductions and allowances R667 865
What is Bhekisizwe's normal tax liability for the 2023 year of assessment, assuming this is a normal company (not a micro business or small
business corporation as defined)?
a. R75 033
b. RNil
c. R13 065
d. R77 812
Question 5
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd has a gardening maintenance contract with Green Fingers CC to maintain its corporate headquarters yard. The terms of
the contract are that the contract is paid in advance on an annual basis. Ngwenya (Pty) Ltd made the payment of R140 000 on 1 January
2023 to cover the period 01 January to 31 December 2023. Determine the amount that is deductible by Ngwenya (Pty) Ltd for its year of
assessment ending 28 February 2023. Assume this is the only prepayment that was made by Ngwenya (Pty) Ltd for the 2023 year of
assessment.
a. R140 000
b. R116 667
c. R23 333
d. R nil
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4/26/23, 10:29 PM Assessment 4: Attempt review
Question 6
Complete
Mark 1.00 out of 1.00
MENU
On 1 February 2023, Ubuntu (Pty) Ltd acquired a second-hand machine for R750 000. The machine was brought into use the same day in a
Dashboard
process / Courses /Calculate
of manufacture. UNISA the
/ 2023 / Semester
allowance 1 / TAX2601-23-S1
to be claimed by Ubuntu (Pty)/ Ltd
TAX2601
on this Home Page
machine for /theAssessment 4 assessment ending
2023 year of
28 February 2023. Assume Ubuntu (Pty) Ltd is not a Small Business Corporation, as defined in the Act.
a. R12 500
b. R300 000
c. R150 000
d. R Nil
Question 7
Complete
Mark 1.00 out of 1.00
Which one of the following is not true of a micro business?
a. A micro business is taxed at a very low rate.
b. A micro business is taxed on a turnover basis.
c. A micro business is not required to keep a record of expenses.
d. A micro business is taxed on a receipt basis and the accrual basis.
Question 8
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd purchased a trademark called Nix on 1 November 2022 and a patent called Tix on 1 December 2022. The trademark cost
was R700 000 and the cost of the patent was R650 000. Calculate the deduction or allowance available to Ngwenya (Pty) Ltd for the year of
assessment ending 28 February 2023.
a. Trademark R11 667 Patent R8 125
b. Trademark R0 Patent R32 500
c. Trademark R0 Patent R8 125
d. Trademark R35 000 Patent R32 500
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