100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
TAX2601 Assignment 4 Semester 1 2024 R50,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. Tax2601

Exam (elaborations)

TAX2601 Assignment 4 Semester 1 2024
 3 purchases

The document contains Assignment question Together with answers Distinction Guaranteed 100% multiple Attempts done Whtsapp

Preview 4 out of 135  pages

Document information

  • April 23, 2024
  • 135
  • 2023/2024
  • Exam (elaborations)
  • Unknown

Subjects

  • tax2601 assignment 4 semester 1 2024

Written for

All documents for this subject (42)

Seller

avatar-seller
ExpertAcademy

Reviews received

Content preview

4/23/24, 6:01 PM Assessment 4: Attempt review




UNISA  2024  TAX2601-24-S1  Assessment 4

QUIZ




Started on Tuesday, 23 April 2024, 5:01 PM
State Finished
Completed on Tuesday, 23 April 2024, 6:01 PM
Time taken
Marks
out of 100.00


Question 1
Complete

Mark 1.00 out of 1.00




Ngwenya (Pty) Ltd had the following expenses during the 2024 year of assessment:
Bad debts from customers = R66 000
Bad debts from a loan to a supplier = R90 000


Calculate the deduction available for tax purposes to Ngwenya (Pty) Ltd for the 2024 year of assessment ending 29 February
2024.


a. R66 000
b. Rnil
c. R90 000
d. R156 000




Question 2
Complete

Mark 1.00 out of 1.00




Which of the following is incorrect with regards to Micro businesses?


a. A micro business pays tax on its taxable turnover according to a speci c tax table
b. A micro business uses a tax system called Turnover Tax to pay its taxes in South Africa.
c. A micro business is a special type of business for tax purposes in South Africa
d. A micro business is a normal business that operates in South Africa and pays tax at 27%.




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18130605&cmid=845474 1/12

,4/23/24, 6:01 PM Assessment 4: Attempt review

Question 3

Complete

Mark 1.00 out of 1.00




On 1 February 2024, Ubuntu (Pty) Ltd acquired a new machine for R2 400 000. The machine was brought into use the same
day in a process of manufacture. Calculate the capital allowance to be claimed by Ubuntu (Pty) Ltd on this machine for the
2024 year of assessment ending 29 February. Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as de ned in the
Act.


a. R2 400 000
b. R1 200 000
c. R200 000
d. R Nil




Question 4
Complete

Mark 1.00 out of 1.00




Bhekisizwe CC (not a micro business or a small business corporation as de ned) distributed R63 750 of its pro ts to its
members. What is the income tax consequence for Bhekisizwe CC with respect to the distribution?


a. The close corporation will have to withhold provisional tax of R12 750 and pay it to SARS.

b. No dividends tax is applicable, as a distribution by a close corporation is not a dividend as de ned.

c. The members will have to pay dividends tax of R12 750 to SARS.

d. The close corporation will have to withhold dividends tax of R12 750 and pay it to SARS.




Question 5

Complete

Mark 1.00 out of 1.00




Which one of the following is not included in the de nition of a company?


a. Foreign companies
b. Close corporations
c. Partnership
d. South African charities




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18130605&cmid=845474 2/12

,4/23/24, 6:01 PM Assessment 4: Attempt review

Question 6

Complete

Mark 1.00 out of 1.00




Ubuntu (Pty) Ltd acquired a second-hand delivery vehicle at a cost of R60 000 on 1 September 2022 and immediately brought
it into use in its business, for the purpose of making deliveries. The delivery vehicle was used throughout the 2023 and 2024
year of assessment ended 28 February 2023 and 29 February 2024. In terms of Binding General Ruling No. 7, an acceptable
write-off period for this asset would be four (4) years. Calculate the tax value of the delivery vehicle as at 29 February 2024.
Assume Ubuntu (Pty) Ltd is not a Small Business Corporation, as de ned in the Act.


a. R37 500
b. R45 000
c. R30 000
d. R52 500




Question 7

Complete

Mark 1.00 out of 1.00




Ngwenya (Pty) Ltd incurred the following legal expense during the 2024 year of assessment ended 29 February 2024:
i) R10 000 legal costs for debt collection;
ii) R27 000 legal costs relating to the drawing up of an agreement to purchase a piece of land;
iii) R52 000 relating to a dispute with a client of Ngwenya (Pty) Ltd who sued the company for supplying incorrect goods.
Ngwenya (Pty) Ltd's lawyers were successful in defending the company on this matter.


Determine the amount that is deductible by Ngwenya (Pty) Ltd relating to legal fees.


a. R10 000
b. R62 000
c. R89 000
d. R37 000




Question 8
Complete

Mark 1.00 out of 1.00




Bhekisizwe (Pty) Ltd would like to know if they would qualify as a micro business. They received cash amounts relating to
catering services amounting to R445 000 for the period 1 March 2023 to 29 February 2024. Included in this amount is R37
000 received in cash from the sale of some catering equipment.

What is Bhekisizwe (Pty) Ltd’s qualifying turnover for the year ended 29 February 2024?


a. R408 000
b. R124 600
c. R445 000
d. R482 000




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18130605&cmid=845474 3/12

, 4/23/24, 6:01 PM Assessment 4: Attempt review

Question 9

Complete

Mark 1.00 out of 1.00




Ngwenya (Pty) Ltd has a gardening maintenance contract with Green Fingers CC 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) Ltd made the payment
of R200 000 on 1 January 2024 to cover the period 01 January to 31 December 2024.


Determine the amount that is deductible by Ngwenya (Pty) Ltd for its year of assessment ending 29 February 2024. Assume
this is the only prepayment that was made by Ngwenya (Pty) Ltd for the 2024 year of assessment.


a. R nil
b. R200 000
c. R166 667
d. R33 333




Question 10
Complete

Mark 1.00 out of 1.00




Which one of the following statements is true of a sole trader for income tax purposes?


a. A sole trader is not a separate legal entity.
b. A sole trader is not entitled to deductions and capital allowances.
c. A sole trader is regarded to be a company.
d. The pro ts from the business are not included in the sole trader’s taxable income.




Question 11

Complete

Mark 1.00 out of 1.00




Ngwenya (Pty) Ltd made a restraint of trade payment of R1 700 000 to a retiring employee, Mr Msomi, on 1 January 2024. Mr
Msomi was restrained from competing with the company for two years from the date of the payment. This payment will be
included in Mr Msomi's gross income for his 2024 year of assessment. Calculate how much will be deductible by Ngwenya
(Pty) Ltd for the year of assessment ending 29 February 2024.


a. R850 000
b. R94 444
c. R566 667
d. R141 667




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18130605&cmid=845474 4/12

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 ExpertAcademy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R50,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65040 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

NRS 451V Week 5 Discussion Question # 1

Package deal ·

(0)

Graduaat Orthopedagogie - semester 2

Summary ·

(0)

Casus 7: Erfelijke Afwijkingen of niet?

Exam (elaborations) ·

(3)

Ecs2601 Assignment 3 Semester 2 2024

Package deal ·

(0)

IB BUSINESS MANAGEMENT STUDY GUIDE

Summary ·

(1)

volledige samenvatting van Recht HW1

Exam (elaborations) ·

(1)

GCSE AQA June 2023 Geography Paper 2

Other ·

(0)

Muscles of the Palm - Labeling Diagram

Exam (elaborations) ·

(1)

RRLLB81 Assignment 2 Semester 2 2024
R50,00  3x  sold
  • (0)
Add to cart
Added