Summary
Summary TAX NOV SOLUTION
- Course
- Institution
TAX3702 QUESTION AND ANSWERS BASED ON THE 2020 SARS TAX CHANGES. UNDERSTAND, PASS, EXCEL WITH THESE PRACTICE QUESTIONS AND ANSWERS.
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By: lucashlongoana • 4 year ago
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LILSAINT
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(a) SOLUTION TO QUESTION 1 PART ARICHARD - 56 years
NET NORMAL TAX FOR THE 2014 YEAR OF ASSESSMENT
Salary ( R) 205 000
Travel allowance ( R)
Allowance 60 000
Less reduction 68 022
Limited to zero (8 022) -
Reduction is greater of:
Actual 46 609
Deemed 68 022
Total kms 9 800
Private kms 1 400
Business kms 8 400
Deemed cost/km
Determined value (cost plus VAT) 260 000
Fixed cost 92 683
Total km/s 9 800
Total days travel allowance was used 245
Fixed cost/km(92 683/9 800)x245/366 6.331
Fuel cost/km 1.248
Maintenance cost/km 0.519
Total cost/km 8.098
Total deemed travel cost (rate x bus kms) 68 022
Actual cost/km
Wear and tear (260000/7)x245/366 24 863
Finance charges (88 000/5)x245/365) 11 814
Insurance premiums 8 200
Fuel costs 9 500
Total cost 54 377
Total cost/km (59 240/9800) 5.549
Total actual cost(rate x bus km) 46 609
Tax 3702 Oct/Nov 2014
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