Summary
Summary TAX NOV SOLUTION
- Institution
- University Of South Africa (Unisa)
UNISA TAX3702 QUESTION AND ANSWERS BASED ON THE 2020 SARS TAX CHANGES. UNDERSTAND, PASS, EXCEL WITH THESE PRACTICE QUESTIONS AND ANSWERS.
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By: jdayal • 4 year ago
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Nov-16(a) SOLUTION TO QUESTION 1 PART A
SHUAIB
NET NORMAL TAX
Salary (R) 643 000
Travel allowance
Allowance 192 900
Less reduction 207 561
Limited to zero (14 661) -
Reduction is greater of:
Actual 167 731
Deemed 207 561
Business kms 39 000
Private kms 15 000
Total kms 54 000
Deemed cost/km
Determined value (cost plus VAT) 575 700
Fixed cost 153 850
Total km/s 54 000
Total days 365
Fixed cost/km(153 850/54000)x365/365 2.849
Fuel cost/km 1.584
Maintenance cost/km 0.889
Total cost/km 5.322
Total deemed travel cost (Bus kms x rate) 207 561
Actual cost/km
Wear and tear (575700/7)x365/365 82 243
Finance charges 90 000
Running costs 60 000
Total cost 232 243
Total cost/km (232 243/54000) 4.301
Total actual cost (Bus kms x rate) 167 731
Professional membership fee - condition of work nil Fringe benefit -
Tax 3702 Nov
2016
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