THIS DOCUMENT CONTAINS TAX1501 ASSESSMENT 1 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY FOR PRACTICE AND AS A GUIDE WILL HELP YOU SCORE ABOVE 75%.
Select one:
a. South African Revenue Service Act 34 of 1997
b. The Income Tax Act 58 of 1962
c. Customs and Excise Act 91 of 1964
d. Estate Duty Act 45 of 1955
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,Emily is 50 years old and married to Daniel, who is 53 years old. They have one minor child. They are all
dependants on Emily’s medical aid fund. Emily and Daniel are nature enthusiasts who enjoy hiking and
camping trips. They have a goal of visiting all the national parks in their country and documenting their
adventures through photography. Emily earned a salary of R270,000 (excluding taxable benefits). None of the
dependents have disability as defined. Her employer contributes R10 800 to the medical aid fund for the full
year. During the current year, Emily’s medical aid contributions for the full year amounted to R20 800. Her
qualifying medical expenses paid and not refunded by the medical fund amounted to R10 200. Emily paid R28
800 in pay-as-you-earn tax on her salary received for the year of assessment. YOU ARE REQUIRED to
calculate the additional medical expense tax credit for the current year of assessment.
a. R2 243
b. R11 688
c. R0
d. R6 484
,Frank is 68 years old. Frank and his employer make equal contributions to a
registered medical aid fund of R2 000 per month. Frank paid qualifying medical
expenses of R25 333. Frank and his wife are the only members on Frank’s
registered medical aid fund. They have not been diagnosed as a person with
disability as defined by a registered medical practitioner in accordance with the
criteria prescribed by the Commissioner. Frank’s taxable income for the year was
R340 231. Frank did not earn or incur any other income or expenses other than this
remuneration during the current year of assessment. YOU ARE REQUIRED to
calculate the additional medical expense tax credit for the current year of
assessment. (Round your answer to the nearest rand)
Select one:
a. R8 736
b. R8 436
c. R7 701
d. R0
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, Transfer duty is?
Select one:
a. A tax levied on the value of services rendered by an individual for a
company.
b. A tax levied on the value of any property acquired by a company.
c. A tax levied on the value of any property acquired by an individual.
d. A tax levied on the value of any property acquired by an individual or a
company.
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