This document serves as a guide to help reflect on my review of Assessment 2 for TAX2601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Dashboard / My courses / TAX2601-23-S1 / TAX2601 Home Page / Assessment 2
Started on Monday, 6 March 2023, 7:48 PM
State Finished
Completed on Monday, 6 March 2023, 9:42 PM
Time taken 1 hour 54 mins
Marks 47.00/50.00
Grade 94.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
According to the ITA34 issued by SARS for the current year of assessment, Bhekisizwe (Pty) Ltd owes SARS R30 000. The company does not
agree and has lodged an objection which is ongoing. The amount reflected in the assessment is now due for payment. What should the
company do?
a. Pay the R30 000 which is reflected on the assessment.
b. Pay SARS half of the R30 000 and wait for the objection process to be finalised.
c. Wait for SARS to finalise the objection process before paying anything.
d. Pay the amount that the company believes is the correct one.
The correct answer is: Pay the R30 000 which is reflected on the assessment.
Question 2
Correct
Mark 1.00 out of 1.00
The basic framework for calculating taxable income is as follows:
a. Income less deductions and allowances
b. Income less deductions and allowances plus taxable capital gain
c. Income plus deductions and allowances less taxable capital gain
d. Income plus taxable capital gain
The correct answer is: Income less deductions and allowances plus taxable capital gain
,Question 3
Correct
Mark 1.00 out of 1.00
MENU
The case New State Areas Ltd v Commissioner for Inland Revenue 1946 AD 610 at 627 was handed down in which court?
Dashboard / My courses / TAX2601-23-S1 / TAX2601 Home Page / Assessment 2
a. Tax Court
b. Constitutional Court
c. Supreme Court of Appeal (previously known as the Appellate Division)
d. Tax Board
The correct answer is: Supreme Court of Appeal (previously known as the Appellate Division)
Question 4
Correct
Mark 1.00 out of 1.00
How long, after becoming obliged to register, does a person have to register for tax?
a. 21 days
b. 14 business days
c. 14 days
d. 21 business days
The correct answer is: 21 business days
Question 5
Correct
Mark 1.00 out of 1.00
When calculating taxable income, the basic framework that must be followed is________________
a. Income, minus deductions and allowances.
b. income, plus capital gains tax, minus deductions and allowances.
c. income, minus deductions and allowances, plus taxable capital gain.
d. gross income, minus deductions and allowance, plus taxable capital gain.
The correct answer is: income, minus deductions and allowances, plus taxable capital gain.
, Question 6
Correct
Mark 1.00 out of 1.00
MENU
How long does a taxpayer have to claim a refund from SARS?
Dashboard / My courses / TAX2601-23-S1 / TAX2601 Home Page / Assessment 2
a. Three years.
b. One year.
c. Depends on whether it is a SARS assessment or a self assessment.
d. Five years.
The correct answer is: Depends on whether it is a SARS assessment or a self assessment.
Question 7
Correct
Mark 1.00 out of 1.00
Any aggrieved taxpayer can lodge a complaint against SARS at any of the following institutions. Which one is incorrect?
a. Tax Ombud
b. Public Protector
c. SARS Service Ombud (SSO)
d. SARS Complaints Management Office (CMO)
The correct answer is: SARS Service Ombud (SSO)
Question 8
Correct
Mark 1.00 out of 1.00
Which of the following is true with regards to progressive taxes:
a. Tax rate increases with the amount of income earned
b. Tax rate is at a fixed rate
c. Tax rate decreases with the amount of income earned
d. Taxes are specific transactions
The correct answer is: Tax rate increases with the amount of income earned
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