TAX2601 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 - DUE 2 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
TAX2601 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 - DUE 2 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
TAX2601 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 - DUE 2 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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TAX2601 Assignment
3 (COMPLETE
ANSWERS) Semester
2 2024 - DUE 2
September 2024
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Course
Principles of Taxation (TAX2601)
Institution
University Of South Africa (Unisa)
Book
Fundamentals of South African Income Tax
TAX2601 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 - DUE 2
September 2024 ; 100% TRUSTED Complete, trusted solutions and
explanation
QUESTION 1 (12 marks) Easy Elevators (Pty) Ltd’s (“EE”) core business is
the maintenance of elevators in residential and commercial buildings in the
Gauteng region. It has service agreements with each of its customers and in
terms of these, a monthly maintenance fee of R15 000 is payable on or before
the seventh (7th) day of each month before that month’s service occurs. EE is
a company incorporated in South Africa and its year of assessment ends on
31 March. One of EE’s customers paid an amount of R45 000 into EE’s bank
account on 7 March 2024. This amount is for the maintenance service fees in
respect of the following three months i.e. March 2024 to May 2024. EE was
informed by the customer that the building’s caretaker decided to pay three
months’ fee upfront as he would be out of the country for an extended period
and wanted to ensure the maintenance of the elevators would continue as
usual during this time. REQUIRED MARKS Discuss whether the receipt of the
R45 000 maintenance service fee would constitute gross income of Easy
Elevators (Pty) Ltd as defined in the Income Tax Act 58 of 1962 for the year of
assessment ending 31 March 2024. List all the gross income definition
requirements, discuss each one and briefly refer to case law to strengthen
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