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Introduction to taxation
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- University Of South Africa (Unisa)
This document will enable you to pass TAX1501 assignment 3 with distinction
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6/18/24, 4:52 PM Assessment 3: Attempt reviewUNISA 2024 TAX1501-24-S1 Assessment 3
QUIZ
Started on Tuesday, 16 April 2024, 3:43 PM
State Finished
Completed on Tuesday, 16 April 2024, 3:53 PM
Time taken 10 mins 17 secs
Grade 14.00 out of 15.00 (93.33%)
Question 1
Correct
Mark 1.00 out of 1.00
Section 1 of the Income Tax Act gives the definition of trade. Trade includes:
a. Foreign interest
b. Income from a venture
c. Dividend income from a JSE listed entity
d. Local interest
Question 2
Correct
Mark 1.00 out of 1.00
Lily is 37 years old and married in community of property with Leo, who is 39
years old. During the current year of assessment, Lily earned interest from a
South African bank of R65,000, interest from a tax-free savings account of
R49,200, and interest from a foreign bank account of R70,000. Leo received
local dividends of R12,000. YOU ARE REQUIRED to calculate how much will be
exempt (including tax-free investment) from Lily’s taxable income.
a. R54 400
b. R126 200
c. R98 100
d. R73 000
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=17717515&cmid=845466 1/7
, 6/18/24, 4:52 PM Assessment 3: Attempt review
Question 3
Incorrect
Mark 0.00 out of 1.00
Bosi Moyes is 79 years old. He is married in community of property to Beauty
Moyes. Beauty is 69 years old. Bosi received the following investment income
during the current year of assessment:
Interest received from South African bank of R48 000
Interest received from a South African’s tax-free savings account of R22 000
Interest received from a foreign bank account of R5 800
YOU ARE REQUIRED to determine the total amount that will be exempt from
Beatuy's taxable income during the current year of assessment. You can
assume that Beauty did not earn any income during the current year of
assessment.
Select one:
a. R56 500
b. R34 800
c. R35 000
d. R0
Question 4
Correct
Mark 1.00 out of 1.00
Ava is 22 years old. She received the following interest income during the
current year of assessment: interest received from South African bank of R13
000, interest received from a Tax-free savings account of R12 100, and interest
received from a foreign bank account of R18 800. YOU ARE REQUIRED to
determine the total amount which will be exempt when determining Ava’s
taxable income for the current year of assessment.
Select one:
a. R20 100
b. R30 900
c. R43 900
d. R25 100
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=17717515&cmid=845466 2/7
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