Exam (elaborations)
TAX3702 ASSIGNMENT 5 OF 2021
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- University Of South Africa (Unisa)
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By: giovannicastaidini • 3 year ago
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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
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