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
TAX3702 - Taxation of Individuals - Complete Notes R100,00   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. Accounting (TAX3702)

Other

TAX3702 - Taxation of Individuals - Complete Notes
 64 views  6 purchases

TAX3702 - Taxation of Individuals - Complete Notes The aim of this module is to provide students studying towards an accounting degree with a well-rounded and systematic knowledge of the relevant sections of the Income Tax Act, the Administration of Estates Act and other relevant sections of legis...

[Show more]

Preview 2 out of 67  pages

Document information

  • April 22, 2022
  • 67
  • 2021/2022
  • Other
  • Unknown

Subjects

Written for

All documents for this subject (9)

Seller

avatar-seller
cactii

Reviews received

Content preview

TAX3702

, TAX3702 PRE-EXAM QUICK NOTES

1. Net normal tax liability
a. Draw a timeline of how long the taxpayer was employed for
b. Blue highlight = remuneration

Salary Full
Commission Full
Travel allowance:
Travel allowance received (Amount x
number of months)
Compare deemed and actual expenses to
determine which is higher: XXX
Deemed:
Fixed cost/total km
Fuel per table
Maintenance per table
Total deemed expenditure/km

Actual:
Depreciation: Cost of vehicle/7
Running costs
Other costs
Total actual expenditure/total
km travelled = Total actual
expenditure/km
Multiply highest of deemed and actual
expenditure by business km (XXX)
Subtract private costs covered by the
employee (XXX)
Cash equivalent of fringe benefit XXX
Right of use of motor vehicle:
Cost of motor vehicle(excl VAT) x 1.14 x
85% (if purchased more than 12 months
ago) x 3.25% (if there is a maintenance
plan) or 3.5% (no maintenance plan) x n
months XXX
(Less) Business portion (RXXX x
business km/total km) (XXX)
(Less) Private costs covered by the
employee (wrt fuel, even if they give us
an amount, it is irrelevant. ALWAYS USE
THE AMOUNT IN THE TABLE) (XXX)
Cash equivalent of benefit XXX
Insurance policy:
-Not employer owned policy (Full)
-Employer owned policy
-Pure risk policy
*Amounts received from any of these

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 EFT, 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 this summary from?

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

Will I be stuck with a subscription?

No, you only buy this summary for R100,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

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

Start selling
R100,00  6x  sold
  • (0)
  Buy now