Other
TAX1501
- Course
- TAX1501 Assessment 3 2024
- Institution
- University Of South Africa (Unisa)
TAX1501 Assessment 3 2024 answers
[Show more]
Seller
Follow
Content preview
TAX1501 ASSESSMENT 3 SEM 1 OF2024 EXPECTED QUESTIONS AND
SOLUTIONS
written by
oscardiura
www.stuvia.com
Downloaded by: patiencenduna91 | patiencenduna91@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
Fred Stone is 65 years old and is a sole proprietor owning Landscape Gardening services.
During the current year of assessment he incurred the following expenses:
Interest on loan of R23 000 which was used to buy shares in a South African JSE listed
company and he receive dividends of R2 000 from the shares.
Cellphone cost of R12 000 which he uses for business as well as private calls.
His private calls do not relate to his work. He could establish that 20% of his calls are
private.
He received a traffic fine of R1 000 while travelling for work.
YOU ARE REQUIRED to calculate the amount which will be allowed as a deduction form Fred's
taxable income.
Select one:
0.8*12000
a. R33 600
b. R9 600
c. R2 400
d. Rnil
Clear my choice
oscar the tutor
oscardiura@gmail.com
+27737560989
for
FAC,MAC,ECS,DSC,TAX,FIN,INV,QMI,BNU,MNB,IOP ,tutoring
Downloaded by: patiencenduna91 | patiencenduna91@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
Gianna is 29 years old. She is employed as a registered nurse at a local hospital. She tutors nursing students and
prepares them for exams. She sells nurse training books and saves the money she makes from the sale of training
books into an investment earning dividend income.
YOU ARE REQUIRED to determine which income structure would not be considered to be trade as defined by the Income
Tax Act?
a. The work as a registered nurse at a local hospital
b. Selling of nurse training books
c. An investment earning dividend income
d. Tutoring nursing students
Downloaded by: patiencenduna91 | patiencenduna91@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
Elena is a dentist who runs a practice. During the current year, she purchased a new
appointment book for the year for R2 500. YOU ARE REQUIRED to identify the requirement of
the general deduction formula that is not met?
Select one:
a. The appointment book will not be used in the production of income.
b. All of the requirements of the general deduction formula are met and the R2 500 is
deductible.
c. The cost of the appointment book is capital in nature.
d. The cost of the appointment book was not actually incurred.
Clear my choice
Downloaded by: patiencenduna91 | patiencenduna91@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
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 patiencenduna91. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R70,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82185 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now