Exam (elaborations)
TAX3702 ASSIGNMENT 5 OF 2021
- Institution
- University Of South Africa (Unisa)
Guaranteed distinction
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
8 reviews
By: giovannicastaidini • 3 year ago
Excludes important information and calculations.
By: farzanarahman • 3 year ago
By: nobesuthundamase • 2 year ago
By: 61036382 • 3 year ago
By: hravhuanzwo • 3 year ago
By: ValentiaMV • 3 year ago
By: sdlubuladleledlamini • 3 year ago
Content preview
Question1Basic Amount 476,916.00
Reason for selecting basic amount
# Latest (2020) amount was assessed after 31 August 2020
# Latest amount is therefore amount for 2019 (YOA) amount
# Tax affairs is in order since the from last year of assessment the period is exactly 2 years.
# Alternatively, from 28 Feb 2019 to 28 Feb 2020 = 18 months, (does not exceed 18 months)
# Therefore, the basic amount is not increased by 8%
Tax on basic amount 105429+36% (476916-445100) 116,883.00
Divide by 2 58,441.50
Less employee tax (11,262.00)
First provisional payment 47,179.50
, Question2
1 cash salary 55,000.00
right of use of car:
2 # Cash equivalent (290000*3,25%*1) *20% 1,885.00
^ business KM > 80% total KM of private use (4600/4500), therefore remuneration is 20% of remuneration
^ No deductions since are done on assessment
3 cellphone allowance - business use only hence not taxable -
4 use of parking bay - fringe benefit (300-80) 220.00
5 Company contribution to medical aid - fringe benefits 3,500.00
Balance of remuneration 60,605.00
The benefits of buying summaries with Stuvia:
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
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ian09. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R250,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now