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  3. University Of South Africa (Unisa)
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  5. TAX1501 - Taxation Of Salaried Persons

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tax 1501 assessment 6 expected questions and answers

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this document contains tax 1501 assessment 6 expected questions and answers compiled from over 6 assessments. using it will help you score above 75% in this decisive assessment

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  • June 23, 2022
  • June 23, 2022
  • 113
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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MENU 


Dashboard / My courses / TAX1501-22-S1 / Welcome Message / Assessment 6




Question 1
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Malusi sold his rental property for R1 500 000 during the current year of assessment. He purchased the property for R570 000 on 1 May
2000. On 1 October 2001 the property was valued at R680 000. The Time-apportionment base cost is R421 381. He made improvements of
R32 000 before selling the property in the current year of assessment. YOU ARE REQUIRED to calculate the taxable capital gain on the
property.



Select one:
a. R748 000
b. R680 000
c. R788 000
d. R299 200

Clear my choice




Question 2

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Larry King sold his home in Sandton for R5 million. The base cost of the asset was calculated at R1 750 000. He occupied 20% of his home to
run his business from the premise. Calculate Larry’s taxable gain for the current year of assessment.



Select one:
a. R 244 000
b. R 484 000
c. R 3 250 000
d. R 650 000

Clear my choice






,Question 3
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MENU 

Andrew is 48 years old. He is married out of community of property, and he does not have any children. He earned a salary of R380 000, a
Dashboard
bonus of R60/ 000,
My courses / TAX1501-22-S1
local interest of R25 000. He/contributes
Welcome 5%Message / Assessment
of his salary 6 to a retirement fund. His employer contributed an
and bonus
equal amount per month for the full year of assessment. He contributed R3 500 per month to a medical aid fund for the full tax year. His
employer made an equal amount of contributions to his medical aid for the for the full tax year. You may assume that his remuneration is
R504 000. YOU ARE REQUIRED to determine his taxable income for the current year of assessment.



Select one:
a. R461 200
b. R441 200
c. R419 200
d. R397 200
Clear my choice




Question 4

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During the current year of assessment, Ana sold her primary residence for R5 000 000. She originally purchased this residence after 1
October 2001 for R3 600 000. She did not use any portion of the house for trade purposes. You may assume that the original cost is the only
allowable cost. Which of the following statement is incorrect?



Select one:
a. The base cost from the sale of the primary residence is R3 600 000.
b. Ana can claim the R2000 000 primary residence exclusion in full.
c. The Proceeds from the sale of the primary residence are R5 000 000.
d. The capital gain before any exclusion attributed to the sale of the primary residence is R1 400 000.
Clear my choice






,Question 5
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MENU 

Alice Wonderboom made the following profits on sale of assets:
Dashboard / My courses / TAX1501-22-S1 / Welcome Message / Assessment 6
R2 100 000 on the sale of her primary residence.
R120 000 on the sale of all her jewellery. Her dermatologist advised her that her jewellery was irritating her skin. The doctor advised her to
stop wearing jewellery.
Time left 7:11:20
R260 000 on the sale of her micro-light aircraft (empty mass does not exceed 450kg). She sold it after her close friend had been killed in a
micro-light aircraft accident. She used to fly her micro-light aircraft as a sport.
R600 000 on the sale of her four-seater aircraft (empty mass exceeds 450kg). She sold it as a “trade in” for a newer model. She flies this
aircraft as a hobby.

YOU ARE REQUIRED to determine how much of Alice’s profits are subject to capital gains tax.



Select one:
a. R 700 000
b. R 3 080 000
c. R 1 080 000
d. R 960 000

Clear my choice




Question 6

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Morake is 27 and unmarried. He earned remuneration totaling R780,000 and made pension fund contributions totaling R355,000 during the
2022 year of assessment. Morake’s taxable income excluding CGT is R580,000. What is his percentage limit of taxable income?



Select one:
a. R159,500
b. R780,000
c. R214,500
d. R580,000
Clear my choice






, Question 7
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MENU 

Martha bought a holiday home on 21 March 1993 for R80 0000. During the 2006 year of assessment, she made improvements to the
Dashboard
property / My
worth courses
R800 / TAX1501-22-S1
000. During / Welcome
the current year Message
Martha sold / Assessment
the Property 6 555. The Time-apportionment base cost is R1 666
for R5 550
6667. The Market value of the property on 1 October 2001 is R2 400 000. You are required to calculate the capital gain on the property.



Select one:
a. R3 150 555
b. R4 670 555
c. R3 883 888
d. R2 350 555

Clear my choice




Question 8

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Fonda 62 years old. During the current year of assessment, he earned a salary R605 000. Her employer gave her a free interest loan. The
taxable fringe benefit was correctly calculated to be R60 000. She received fully exempt foreign dividends of R104 000 and foreign interest of
R34 500. She contributed R60 500 to a provident fund. Her employer contributed R60 500 to her pension fund. She contributed R2 200 per
month to a medical aid fund for the full tax year. Her employer made an equal amount of contributions to her medical aid for the for the full
tax year. She made an allowable donation of R80 000 to a PBO and received a section 18A receipt. You may assume that her remuneration is
R751 900. YOU ARE REQUIRED to determine her taxable income for the current year of assessment.



Select one:
a. R598 860
b. R585 400
c. R786 400
d. R665 400
Clear my choice

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