Summary
Summary Tax2601 Assignment 4 semester 1 2023,
- Institution
- University Of South Africa (Unisa)
Tax2601 Assignment 4 semester 1 2023 100% guaranteed solution with well articulated calculations
[Show more]
Content preview
TAX2601 Assignment 4 Semester 12023
100%
,
, 3
MENU
On 1 February 2023, Ubuntu (Pty) L td acquired a new machine for R800 000. The machine was brought into use the same day in a process of
Dashboard /Calculate
manufacture. Coursesthe
/ capital
UNISA allowance
/ 2023 /to Semester 1 by
be claimed / Ubuntu
TAX2601-23-S1
(Pty) L td/ onTAX2601 Homefor
this machine P aincome
ge / Assessment 4 for the 2023 year of
tax purposes
assessment ending 28 February. Assume Ubuntu (Pty) L td is not a Small Business Corporation, as defined in the Act.
a. R320 000
b. R800 000
c. R160 000
d. R26 667
Question 4
Complete
Mark 1.00 out of 1.00
The following are the transactions of Bhekisizwe for the current year of assessment ended 28 February 2023:
Gross income R945 764
Deductions and allowances R667 865
What is Bhekisizwe's normal tax liability for the 2023 year of assessment, assuming this is a normal company (not a micro business or small
business corporation as defined)?
a. R75 033
b. RNil
c. R13 065
d. R77 812
Question 5
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) L td has a gardening maintenance contract with Green Fingers C C to maintain its corporate headquarters yard. The terms of
the contract are that the contract is paid in advance on an annual basis. Ngwenya (Pty) L td made the payment of R140 000 on 1 January
2023 to cover the period 01 January to 31 December 2023. Determine the amount that is deductible by Ngwenya (Pty) L td for its year of
assessment ending 28 February 2023. Assume this is the only prepayment that was made by Ngwenya (Pty) L td for the 2023 year of
assessment.
a. R140 000
b. R116 667
c. R23 333
d. R nil
, 2/14
Stuvia.com - The study-notes marketplace
6
MENU
On 1 February 2023, Ubuntu (Pty) L td acquired a second-hand machine for R750 000. The machine was brought into use the same day in a
Dashboard
process / Courses Calculate
of manufacture. / UNISAthe / allowance
2023 / Semester 1 / Tby
to be claimed AX2601-23-S1
Ubuntu (Pty) L/ td
TAX2601
on this Home P afor
machine ge the
/ Assessment
2023 year of4assessment ending
28 February 2023. Assume Ubuntu (Pty) L td is not a Small Business Corporation, as defined in the Act.
a. R12 500
b. R300 000
c. R150 000
d. R Nil
Question 7
Complete
Mark 1.00 out of 1.00
Which one of the following is not true of a micro business?
a. A micro business is taxed at a very low rate.
b. A micro business is taxed on a turnover basis.
c. A micro business is not required to keep a record of expenses.
d. A micro business is taxed on a receipt basis and the accrual basis.
Question 8
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) L td purchased a trademark called Nix on 1 November 2022 and a patent called Tix on 1 December 2022. The trademark cost
was R700 000 and the cost of the patent was R650 000. Calculate the deduction or allowance available to Ngwenya (Pty) L td for the year of
assessment ending 28 February 2023.
a. Trademark R11 667 P atent R8 125
b. Trademark R0 P atent R32 500
c. Trademark R0 P atent R8 125
d. Trademark R35 000 P atent R32 500
The benefits of buying summaries with Stuvia:
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
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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 sfisomaseko. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R91,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73216 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now