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  3. University Of South Africa (Unisa)
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  5. TAX3701 - Taxation Of Business Activities

Exam (elaborations)

TAX3701 _Assignment 2_S1 - 2023 Answers Guides

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TAX3701_Assignment2_S1 - 2023 Answers Guides is a comprehensive guide that provides step-by-step solutions to the second assignment of the Taxation 3701 module offered at a university. The guide is designed to assist students in understanding and applying the concepts and principles of income tax c...

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  • April 10, 2023
  • 6
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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VAAL REEFS TECHNICAL HIGH
[COMPANY NAME] [Company address]

, 1. Carefully read and understand the question before With reference to the
attempting to answer it.
2. Follow the given information and formulas to calculate the information above, calculate the
taxable income.
3. Use a calculator or pen and paper to perform the necessary taxable income of Lebelok (Pty)
calculations.
4. Ensure that you understand each transaction and how it Ltd for the 2023 year of
affects the taxable income calculation.
5. Do not simply copy and paste the answer provided by assessment. Start your answer
someone else, as this will not help you to understand the
concepts or improve your skills. with the profit before tax of R1
6. Double-check your calculations and answer to ensure that
you have not made any errors. 067 800. Provide brief reasons

for transactions that have a nil

effect on the taxable income calculation. Note: Lebelok (Pty) Ltd will always elect any option

available to legally minimise its normal tax liability.

Here are the steps to calculate taxable income, while also considering tax planning

strategies:

1. Determine the company's gross income: This includes all revenue earned by the company,

including sales, interest income, rental income, and any other sources of income.

2. Subtract allowable deductions: Deductions are expenses that are incurred to generate the

company's income, such as the cost of goods sold, wages and salaries, rent, utilities, and

depreciation. The company should take advantage of all available deductions to minimize

its taxable income.




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