100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CAS3701 Assignment 11 2024 | Due 13 Sept 2024 CA$4.22   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. Capstone in Accounting Sciences (CAS3701)

Exam (elaborations)

CAS3701 Assignment 11 2024 | Due 13 Sept 2024

1 review
 101 views  6 purchases
  • Course
  • Capstone in Accounting Sciences (CAS3701)
  • Institution
  • University Of South Africa (Unisa)

CAS3701 ASSIGNMENT 11 2024 QUESTION 1 1. BACKGROUND LearnCo. Limited (LearnCo.) is a top training provider that offers skills development training solutions to businesses and government institutions in South Africa. The company is based in Gauteng, South Africa and has a 30 June 202...

[Show more]

Preview 2 out of 12  pages

Document information

  • September 8, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • cas3701 assignment 11 2024

Written for

  • University of South Africa (Unisa)
  • Capstone in Accounting Sciences (CAS3701)
All documents for this subject (113)

1  review

review-writer-avatar

By: leyabenita985 • 2 months ago

Seller

avatar-seller
MiMemo

Reviews received

Content preview

CAS3701
ASSIGNMENT 11
DUE 13 SEPT 2024

, CAS3701
ASSIGNMENT 11 2024


QUESTION 1

1. BACKGROUND
LearnCo. Limited (LearnCo.) is a top training provider that offers skills
development training solutions to businesses and government institutions in
South Africa. The company is based in Gauteng, South Africa and has a 30 June
2024 year-end.

LearnCo. offers a wide variety of courses in health and safety, leadership and
managerial skills, occupational health and even on emerging technologies like
machine learning, robotics, coding and artificial intelligence. The company
conducts the training at the client’s workplace premises. LearnCo. Employs 250
facilitators permanently. The facilitators come from a diverse range of fields in
line with the courses offered by the company. The facilitators spend majority of
their time travelling to clients throughout the country and consequently,
LearnCo. incurs a high amount of expenditure related to travel claims.

You have recently been appointed as the Financial Manager (FM) of LearnCo.
The Chief Financial Officer
(CFO) is orientating you about the company and its payroll system. The payroll
system is outlined below.



a) Discuss, with reference to the Income Tax Act and Tax Administration Act,
whether the five non-facilitator employees must be registered as taxpayers.



In line with the provisions of the Income Tax Act, 58 of 1962, and the Tax Administration
Act, 28 of 2011, all employees earning taxable income in South Africa must be
registered for tax purposes. According to the Income Tax Act, a taxpayer is defined as
any individual who earns income classified as taxable, including wages and salaries.
While Section 10 of the Income Tax Act allows for certain tax exemptions, salaries
exceeding specific thresholds are subject to taxation. The five non-facilitator
employees of LearnCo., earning R15,000 per month, have an annual gross income of
R180,000, which surpasses the tax threshold for individuals under 65, set at R95,750
for the 2024 tax year. As a result, these employees are required to pay tax on this
income.


The Tax Administration Act, under Section 67, stipulates that all individuals earning
taxable income must be registered as taxpayers. Furthermore, Section 69 of the Act
obliges employers to submit accurate payroll information to the South African Revenue

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MiMemo. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$4.22. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$4.22  6x  sold
  • (1)
  Add to cart