Exam (elaborations)
Tax3761 Assignment 1 of 2021
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- University Of South Africa (Unisa)
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For any academic needs contact 065 160 9781/info@unitutorials.co.zaTAX3761 Assignment 01
Question 1 PART A
Part (i)
Transpaco would have had the option to apply to the Commissioner for voluntary registration as their total
turnover of R920 000 exceeds the R50 000.
If Transpaco turnover exceeded or was expected to exceed R 1 million, in the preceding 12 months, it would have then qualified for
compulsory registration.
Part (ii)
VAT payable(refundable) for two-months ending 30 April 2021
Output tax Input tax
R R
1 Sales ( R220 000*15%) 33,000
2 Export of 10 roller coaster carts (zero rated supply) -
3 Purchase of a motor vehicle - input tax is denied as
this is a motor car as defined
Fringe benefit- managing director
[((340 000*100/115) *0.3%) -R85] *15/115*2 209
4 Fuel cost (zero-rated supply) -
Accomodation (R15 500*15%) 2,325
Gautrain tickets - exempt supply transaport of fare -
paying passenger by rail -
5 Purchase of second-hand printer
Claim notional input tax on the lesser of:
Consideration in money : R13500 or
Open market value R 12 000
Therefore, use R 12 000 (lesser) limited to actual amount paid R3500
R3500 *15/115 457
6 Change in use: Claim input tax on the lesser of:
Cost including vat = R15 000*1.15 =R17 250 or
Open market value R R6 700
Therefore, input tax R6700*15/115 874
Electricity costs (R1800 *15%) 270
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, For any academic needs contact 065 160 9781/info@unitutorials.co.za
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