THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT TAX1501 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT AS A GUIDE AND FOR PREP PURPOSES TO HELP YOU SCORE ABOVE 75%
Tshidi has been working for Windy Limited for two years. During the current year of assessment Windy Limited gave Tshidi the right of use of one of
the vehicles it owns. Windy Limited acquired this car two years ago for R554 000 including VAT. The purchase price included the maintenance plan.
The vehicle was previously used by an ex-employee for the full two years and thereafter it was given to Tshidi. Tshidi had free use of the vehicle from
the beginning of the current year, and she used it for the full year of assessment. Windy Limited is responsible for the services of the motor vehicle
and any other wear and tear cost. YOU ARE REQUIRED to determine the taxable benefit from the private use of the motor vehicle that needs to be
included in Tshidi’s gross income for the current.
a. R232 680
b. R216 060
c. R168 111
d. R156 103 554000*0.85*0.85*0.0325
Clear my choice
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0737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU
STA
tutorials
,Angel Khuzwayo has been employed for the current year of assessment by Team Traders (Pty) Ltd. Her employer pays two-thirds of her pension
contributions per month, and she pays the remaining one third. The total monthly contributions are R4 500. YOU ARE REQUIRED to calculate the
taxable fringe benefit for the current year of assessment.
a. R54 000
b. R36 000
c. R18 000
d. Rnil
Clear my choice
2/3*4500*12
OSCAR THE TUTOR
oscardiura@gmail.com
0737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU
STA
tutorials
,Where a donation was made to a Public Benefit Organisation (PBO) and a valid section 18A certificate was obtained, 10% of the taxable income before the
donation is deductible unless the actual donation is lesser?Indicate whether the above statement is True or False.
a. False
b. True
, Rosalind Close is a managing director of a private game farm. She received the right of use of a company owned vehicle from 1 September 2023.
Rosalind's employer purchased the motor vehicle new on 1 September 2023 for R895 000 (excluding VAT of R134 250). The motor vehicle was
purchased without a maintenance plan. Rosalind is not responsible for any cost relating to the motor vehicle. YOU ARE REQUIRED to calculate the
taxable benefit that needs to be included in Rosalind's gross income for the current year of assessment. (Rounded to the nearest Rand).
a. R187 950
b. R174 525
c. R216 143
d. R200 704 6*(895000+134250)*0.035
Clear my choice
OSCAR THE TUTOR
oscardiura@gmail.com
0737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU
STA
tutorials
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