Exam (elaborations)

Notes pack - Tax 2601

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Course
TAX 2601

Institution
University Of South Africa

Introduction Dear Student Welcome to TAX 2601 – Principles of Taxation. This will be the first time you encounter tax and this may be daunting at times. However, do not be alarmed, this topic can be mastered if you take the time to understand the principles and practice! This is not a module...

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Uploaded on April 29, 2023
Number of pages 133
Written in 2022/2023
Type Exam (elaborations)
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notes pack tax 2601

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Notes pack - Tax 2601

,Introduction
Dear Student

Welcome to TAX 2601 – Principles of Taxation. This will be the first time you encounter tax and
this may be daunting at times. However, do not be alarmed, this topic can be mastered if you
take the time to understand the principles and practice!

This is not a module to taken lightly and you should start studying immediately. The volume is
overwhelming and you need to plan accordingly to ensure that you cover each study unit before
the next one is covered in class. Each study unit builds on the one before so it is imperative that
you keep up to date.

What you will need to pass this module:

1) Ensure that you have received all your tutorial letters from UNISA for this module
2) Ensure that you have the prescribed textbook: Fundamentals of South African Income
Tax: 2016. Carpenter, R, Parsons, S & West, C. H & H Publications. ISBN 978 1 874
92978 9
3) Ensure that you come to class
4) Participate in class activities
5) Do your HOMEWORK!
6) Ask questions if there is something you don’t understand

I hope you will end up loving tax as much as I do. Tax is a very enjoyable subject and will not
just assist you in your career but in your personal life. I wish you the best of luck when studying
the module.

Warm Regards
Your Lecturing Team

2|Page

,Administration
Per Tutorial Letter: TAX 2601/101/03

There are three assignments per semester.

As a Unisa student, you do not write tests and, therefore, you need to use the assignments as a
substitute. It is part of your learning process to receive feedback in the form of an assignment
solution. The completion of your assignment will also help you, as you will only obtain a total
understanding of this module through practice by working through the questions.
Assignment 1 and 2 count 25% and 75% respectively of your year mark. Only Assignment 1 is
compulsory; this means that you have to do Assignment 1 and submit it if you would like
admission to the exam. Assignment 3 is a self-assessment assignment and does not count
towards your year mark.

The assignments do not cover ALL the essential work of the module – they are just a tool to
assist you to study the material in good time. Furthermore, just doing assignments is not
sufficient preparation for the examination. For your own good, and in preparation for the
examination, we recommend that over and above the assignments, you must also go through
the study material.

Compulsory assignment
Assignment 1 is a compulsory assignment. The submission of the compulsory assignment will
prove that you are an active student and will therefore earn you admission to the examination.
Admission to the examination will be obtained by submitting the compulsory assignment before
or on the due date and not by the marks obtained for it.
You will undoubtedly realise the importance of commencing your study programme in good time
so that you can obtain admission to the examination and earn a good year mark.

3|Page

, Course Structure
General Introduction

 TAX2601 deals exclusively with the taxation of business entities
 Taxation of individuals will only be covered in TAX 3702
 It is a new module that requires an in-depth knowledge of the different taxation concepts
covered, laying a strong foundation for any post graduate taxation studies.

Teaching Strategies

 The level of knowledge required for this module is high and the pace is fast. Students need
to leave each lecture with examples to attempt in order to drive principles home. There will
be limited time during lectures to attempt practical examples.
 Special Deductions and Capital Allowances require students to absorb a large amount of
information but application is not unusually challenging. CGT pose problems for the students
and should be taught with much emphasis on application in an examination setting.
 Special emphasis should be placed, at the end of the module, on integrated exam questions
and students should be aware that nothing is ever asked in isolation. A deep understanding,
of how each principle relates to the taxation of business entities as a whole, is imperative.

Module Material

 The prescribed textbook for this module is Fundamentals of South African Income Tax:
2016. Carpenter, R, Parsons, S & West, C. H & H Publications. ISBN 978 1 874 92972 7.
 The study guide leans heavily on the prescribed textbook and it is thus imperative that the
students buy the textbook as early as possible in the semester
 Study guides are presented in four tutorial letters and refer heavily to the textbook above.

Module Structure

 There are 44 sessions of 50 minutes each allocated to this module. The module is paced
based on 4 hours per week for 11 weeks and the pacing allows for one week of revision
once the syllabus is covered
 Please refer to the pacer below.
 While every effort has been made to allow for the correct amount of contact time per topic,
students may find some topics take longer to grasp. It is thus essential that students work on
concepts at home before lectures.

4|Page

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